Frequently asked questions
The transportation grade bioethanol market also suffered from the COVID-19 pandemic. As governments urge people to stay home to combat COVID-19, fuel requirements have been reduced. Globally, several ethanol plants have reduced or ceased production due to the pandemic, reducing gasoline consumption and pushing corn-based fuels to the sidelines.
North America accounted for the highest share in the global transportation grade bioethanol market. The increasing use of bioethanol due to the growing preferences for renewable resources and environmentally friendly fuel drives the demand for bioethanol in this region.
There are various reasons for this market’s growth, including the potential to reduce greenhouse gas emissions, the adoption of bioethanol as a fuel, the fact that bioethanol is a safer alternative to fossil fuels and the increasing demand from a variety of industries for bioethanol.
Passenger vehicles had a major share in 2021, with around 50% of the market revenue share. Besides, it is also projected to witness the fastest growth. It is growing due to increased environmental concerns combined with tightening GHG policies. It will drive the demand for bioethanol in passenger vehicles in the next few years.
The sugarcane segment had a major share in the global market in 2021 and is projected to continue its dominance over the forecast period. This is due to the large use of sugarcane to produce transportation-grade bioethanol.