San Francisco, California, October 25, 2018 – The worldwide drive for bioalcohol stems from the need for sustainable fuel for vehicular engines that can reduce the carbon footprint of the transportation industry. The growing demand for better biofuels has generated massive interest in the potential of bioalcohol. The marked fluctuation in the prices of crude oil in various parts of the world has led end-user industries to look for promising alternatives in bioalcohol.
A report by TMR Research takes a closer look at such trends and assesses their role in shaping the current outlook and the evolution trajectories of the bioalcohol market. The study is titled “Bio-alcohol Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018–2028”. The growing shortage of fossil-based resources is a significant factor behind the evolution of the global bioalcohol market.
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The rising use of cellulosic biomass in the commercial production of bioethanol is a notable factor aiding in the rapid expansion of the bioalcohol market. The rising demand for energy security in emerging nations has imparted a big, sustained impetus to the demand for biofuels, which in turn in robustly catalyzing the growth of the market. However, the extensive use of agricultural feedstocks in conventional bioalcohols proved to be setback. Nevertheless, the advent of second generation bioalcohols that focus on judicious use of feedstocks has opened large promising prospects in the market.
Constant advances in production technologies are paving way to new avenues in the bioalcohol market. The rapid strides taken by key end-use industries such as transportation and electronics in developing regions, particularly Asia Pacific, is bolstering the expansion of the global bioalcohol market. The rising governmental focus on ethanol production programs in numerous countries over the past few decades has imparted a robust thrust to the bioalcohol market growth.
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Several prominent players are focusing on consolidating supply of bio-based synthetic substances, especially in the Middle East. They are also focusing on procuring raw materials effectively. Top players operating in the bioalcohol market include Fulcrum BioEnergy Inc., Genomatica Inc., BASF SE, Mitsubishi Chemical Corp, and Fulcrum BioEnergy Inc.