The ethanol fuel market is likely to witness tremendous growth as the International Energy Agency (IEA) has predicted growth in output to 19% during the 2019-2024 period. The energy estimates that the renewable energy met nearly 3.7% of transport fuel demand in 2018, which accounted for a total of 4 extra joules (EJ) of consumption. Among this, biofuels accounted for close to 93% of all renewable energy, while the rest being renewable electricity. The energy estimates that the biofuel output will expand at 24% CAGR during the 2019-2024 period, while demand for renewable energy in transport will increase by 70%, as demand for renewable energy in electrified rail, electric vehicle, and greater increase in share of biofuel in production of electricity.
The Impact of Covid-19 on the Ethanol Fuel Market
Despite a robust, and promising forecast, the players in the ethanol fuel market have not been shielded from the impact of covid-19 like many other industries. According to the IEA, the global transport biofuel production in 2020 will likely reach 144 billion litres, or equivalent of 2480 thousand barrels per day. This was a 11.6% drop from the previous year, while 2019 remained a record year for production in two decades. The greatest impact of Covid-19 was visible on players in the US, Europe, and Brazil region. Despite the negative impact, the IEA remains optimistic about the future of biofuels in the near future. The agency attributed the fall in demand to lower gasoline prices, and lower international travel, due to worldwide restrictions. The impact of worldwide restrictions remained a major driver of reduction in personal travel, leading to lower demand for gasoline, and the IEA predicts that with the crisis under control, the biofuel industry will likely bounce back in the near future.
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Key players in the global Ethanol Fuel market covered in Chapter 13:
VeraSun Renewable Energy
Panda Energy International
In Chapter 6, on the basis of types, the Ethanol Fuel market from 2015 to 2025 is primarily split into:
E10 or less
In Chapter 7, on the basis of applications, the Ethanol Fuel market from 2015 to 2025 covers:
Market segment by Region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The players in the ethanol fuel market can benefit from strong innovation in areas like high-ethanol blends. Currently, despite the strong incentive program such as Higher Blends Infrastructure Incentive Program, these blends have failed to take off like the 10% ethanol blend. Hence, scaling these high-blends, and making them available remains the key need of the hour for future growth of the ethanol fuel market. Despite the promise these hold, the IEA forecast is a promising sign for players in the ethanol fuel market to invest in innovation, and growth during the 2021-2028 period. Some key players in the ethanol fuel market are Aventine Renewable Energy, AB Miller, Kirin, United Breweries, and Archer Daniels Midland Company.
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