The global Ethanol market is estimated to be valued at US$ 10.2 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ethanol derivatives have wide applications in industries like food & beverages, pharmaceutical, chemical etc. They are commonly used as solvents and intermediates in chemical reactions due to advantages like less toxicity. Growing demand for green alternatives is fueling the growth of ethanol market.
Market key trends:
One of the major trends driving the growth of ethanol derivatives market is increasing usage of ethanol as biofuel. Many countries have implemented policies to promote use of biofuels due to their environmental benefits over fossil fuels. Ethanol is widely used as gasoline additive which increases engine efficiency and reduces carbon emissions. Growing concerns regarding greenhouse gas emissions and decreasing fossil fuel reserves are compelling industries and governments to adopt more eco-friendly ethanol fuels.
Segment Analysis
The global ethanol derivatives market is segmented on the basis of type and application. Based on type, the market is segmented into ethyl acetate, ethanolamine, and other types. The ethyl acetate segment is expected to dominate the market during the forecast period. Ethyl acetate is widely used as a solvent in the production of cosmetics, fragrances, paints, pharmaceuticals, and photographic films. Its ability to quickly dissolve and evaporate makes it ideal for various industrial and consumer applications.
Key Takeaways
The Global Ethanol Derivatives Market Size was valued at US$ 10.2 billion in 2023. The market is expected to witness high growth, exhibiting a CAGR of 5.5% over the forecast period, due to growing demand from end-use industries such as food and beverages, pharmaceuticals, paints and coatings, among others.
Regional analysis
North America accounted for the largest share of the global ethanol derivatives market in 2023. The strong presence of ethanol production facilities in the US and growing consumption in end-use industries are driving the market in the region. Asia Pacific is expected to be the fastest-growing market during the forecast period due to rapid industrialization and growth of end-use industries in emerging economies such as China and India.
Key players
Key players operating in the ethanol derivatives market are Archer Daniels Midland Company, Green Plains Inc., POET LLC, Valero Energy Corporation, Cargill, Incorporated, Pacific Ethanol Inc., Flint Hills Resources, The Andersons, Inc., Greenfield Global, and LyondellBasell Industries N.V. Archer Daniels Midland Company is one of the largest producers of ethanol and ethanol derivatives globally. Green Plains Inc. specializes in ethanol production and has a robust distribution network across North America.
Read more: https://www.ukwebwire.com/ethanol-derivatives-market-size-insights/
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