The coronavirus or COVID-19 (formerly 2019-nCoV) broke out in December 2019, which has been imposed as a medical emergency worldwide. More than 183 countries and territories have reported cases of coronavirus to date. This is the latest report, covering the current coronavirus impact on the Ethanol market .
Market Overview
According to a new report published by FastMR titled, “Ethanol Market by Grade, Purity, and Application : Global Opportunity Analysis and Industry Forecast, 2016–2027,” the global ethanol market was estimated at around USD 2,721.2 million in 2019 and is expected to grow with the CAGR of 6% during forecast period 2024-2027. Increasing popularity of ethanol to produce eco-friendly fuel is anticipated to drive market growth.
Rising awareness related to environmental impact of hydrocarbon fuels is prompting the regulatories around the globe to explore more eco-friendly solution. Among these gasoline blended with ethanol has widely gained popularity across American continent. Brazil and the U.S. are the front runners in this race by adopting gasoline blended with ethanol. In addition, both countries account for more than two third of the global ethanol production. Owing to such strong manufacturing base for the product, North America region is projected to dominate the global market.
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North America region is projected to observe strong growth over the forecast period as the rules related to usage of fossil fuels in the region become more stringent. Key countries of the region including the U.S., Canada, and Mexico are working towards reducing their dependence from fossil fuels and promote cleaner source of energy. For instance, gasoline produced in the U.S. carry around 10-15% of ethanol.
Another key factor driving the growth of the product over the short term period is the impact of coronavirus. The outbreak iof the global pandemic has created strong demand for santizers and disinfectants. As the demand for the disinfectants rises, demand for ethanol is also likely to grow.
The current situation offers huge opportunity for market vendors. Key participants of the industry are AB Miller, Diego, Cargill, Tereos, United Breweries, Archer Daniels Midland, Aventine Renewable Energy, Pure Energy, The Anderson Inc., Alternative Energy Sources, and Advanced Bioenergy LLC. The vendors of the industry are focused on creating effective medium to enhance their production capacities and gain greater market share.
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