A recent report published by Infinium Global Research on bio alcohol market provides in-depth analysis of segments and sub-segments in the global as well as regional bio alcohol market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bio alcohol market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global bio alcohol market. According to the report, the global bio alcohol market is projected to grow at a CAGR of 6.5% over the forecast period of 2021-2027. The market growing from USD 155.3 billion in 2021 to USD 226.8 billion in 2027.
Bioalcohols are simply alcohols derived from biological resources or biomass. The most well-known and widely produced bioalcohol is bioethanol, which is the primary alternative fuel for spark ignition engines. Bioalcohols can be made from a variety of biomass sources, including lignocellulosic crops, crops, food waste and residues. Bioalcohols are gaining demand from a range of industries such as pharmaceutical, construction, Oil and gas others. The production of bioalcohol is further increasing due to development of suitable machinery and production of bioalcohols from waste material such as industrial waste, agriculture waste and industrial waste. Other types of bioalcohol other than bioethanol include bio-butanol, bio-methanol, bio-propanol, bio-BDO and others. The applications of bioalcohols are growing as R&D on use of bioalcohols in different industries is growing. Many companies are keen on producing bioalcohols as their demand from a braod range of industries is growing.
The demand for bio-fuels is growing rapidly as the prices of conventional fuels are also rising rapidly, which is why they shoot up during scenarios such as wars, supply shortages, and others. Bioalcohols are viewed as a renewable and environmentally friendly alternative fuel for future generations all over the world. Bio-ethanol and bio-butanol are the most well-known bio-fuels in the world. Also, the environmental concerns over the use of conventional fuels have prompted the use of bio-fuels as an alternative, as biofuels have low carbon emissions and are environmentally sustainable. The bio-fuels are also made from agricultural waste, municipal waste, and industrial waste, which is expected to solve the problem of waste treatment. Thus, the sharp rise in demand for bio-fuel is propelling the market. Governments and authorities around the world are adopting favourable regulations and policies for the bioalcohol market. These regulations and policies are aimed at boosting the production of bioalochols and promoting their applications in suitable industries. The growth of the market may be restrained as the requirement for arable land is high for the production of raw materials required for the production of bioalcohols. Nevertheless, developing countries dependent upon imported oil offer growth opportunities.
The Bioalcohol market is segmented region-wise into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the market over the forecast period. Most of the countries in the Asia-Pacific are dependent upon oil imports for fulfilling their energy needs. The rising uncertainty of crude oil prices, along with the gloomy future of crude oil for power generation, has prompted many developing countries in the Asia-Pacific to turn to bio-alcohols as a bio-fuel alternative to conventional fuel sources such as crude oil. Asia-Pacific has all the pre-requisites such as high availability of raw materials, high level of production technology, favourable government policies, and end-user industries for the development of the market. The adoption of bio-alcohols in Asia-Pacific is led by developing countries such as India and China, which are also majorly dependent on imported crude oil. India and China are focusing on increasing their energy security with the adoption of bio-alcohol-based biofuels, which also have a minimum impact on the environment. Besides biofuels, the application of bio-alcohol is also growing in the pharmaceutical industry for the production of drugs and medicines. North America is also one of the leading producers of bio-ethanol, a type of bio-alcohol which is mostly used as a biofuel.
The report on global bio alcohol market covers segments such as type, application, and raw material. On the basis of type, the sub-markets include bio-butanol, bio-ethanol, bio-methanol, bio-propanol, bdo, and others. On the basis of application, the sub-markets include power generation, medical, transportation, infrastructure, and others. On the basis of raw material, the sub-markets include grains, sugarcane, biowaste, industrial beets, corns, and others.
The report provides profiles of the companies in the market such as BioAmber Inc., Cargill Inc., BP biofuels, Braskem, Harvest Power Inc., Raizen S.A., Mitsubishi Chemical Holdings Corporation, Genomatica Inc., Butamax Advanced Biofuels LLC, and BASF SE.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of bio alcohol market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.