North America Bio-Alcohols Market - Segmented by Product Type, Application and Geography - Growth, Trends and Forecasts (2018 - 2023)
The North America bio-alcohols market is estimated to register a moderate CAGR during the forecast period 2018-2023. United States is estimated to be the largest consumer in the region supported by the growing usage of biofuels in transportation sector. By product type, bio--ethanol is estimated to continue to lead the market.
Environmental Effects and Shortage of Fossil Fuels Driving the Market
The demand for fossil fuels increased substantially in the last decades. These are considered to be more expensive and are claimed to be the main reason for global warming. Bio-alcohols are considered to be an alternative for fossil fuels. The exhaust gases of bio alcohols are much cleaner and their usage decrease the net emissions of greenhouse gases by more than 37.1%. The amount of CO2 released is equal to the amount of CO2 consumed by the crops during photosynthesis. All these eco-friendly factors are driving the market for bio-alcohols in the region during the forecast period.
Bio-Ethanol to Lead the Market
Bio-ethanol offers higher-octane fuel alternative and is also used for energy oriented applications, such as power generation. Its applications in trucks, buses, airplanes, medical industry, and fuel cells is to lift the growth in the market. The blending of bio-ethanol with petrol can increase the life span of diminishing oil supplies and ensure greater fuel security globally. Bio-ethanol is also considered due to its biodegradability and low toxicity than fossil fuels.
United States to Lead the Region
The transportation sector in the country is adopting to use bio-fuels for road and rail transport. Some vehicles, called flexible fuel vehicles, are designed to run on E85 (a gasoline-ethanol blend containing 51% to 83% ethanol, depending on geography and season), an alternative fuel with much higher ethanol content than regular gasoline. Roughly 97% of gasoline in the United States contains some ethanol. The growing pharmaceutical sector is the other major driving factor for increasing demand for bio-alcohols in the country during forecast period.
Major Key Players include BASF, BioAmber, Cargill, Cobalt, Royal DSM, Fulcrum, etc., amongst others.
Reasons to Purchase this Report
To understand the impact of increasing stringent regulations on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the trend of end-user industries with application of bio-alcohols
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimation sheet in excel
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