Market Is Estimated To Witness High Growth Owing To Rising Usage in Gasoline Blending And Chemical Industry
The ethanol market is estimated to be valued at US$ 2,773.5 Mn in 2023 and is expected to exhibit a CAGR of 8.25% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ethanol is a clear, colorless, flammable alcohol produced by the natural fermentation of sugars. It is primarily used as a gasoline additive to increase octane rating and reduce vehicle emissions. It is also utilized as an industrial solvent and chemical intermediate in the production of products such as plastic, paints, adhesives and cleaners. The US leads the global consumption of ethanol, majorly fueled by the federal Renewable Fuel Standard program that mandates a certain volume of renewable fuels, including ethanol, to be blended into gasoline.
Market Dynamics:
Rising usage of ethanol as a gasoline additive is expected to drive the market growth over the forecast period. The blending of ethanol with gasoline improves engine performance, reduces toxic tailpipe emissions and dependence on imported petroleum. Moreover, ethanol is also gaining traction as a renewable chemical feedstock and fuel. The chemical industry extensively utilizes ethanol in producing products like polyethylene terephthalate (PET), polystyrene, polyvinyl chloride (PVC) and solvents. Increasing demand from end-use chemical applications will further support the ethanol market expansion through 2030. \
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