The ethanol market is likely to grow at a CAGR of 4.20% from 2023 to 2030 as per the latest research report published by USD Analytics, reports Digital Journal.
Bioethanol is ecologically friendly and has the potential to replace petroleum-based goods due to its potential to become carbon-neutral fuel. Several countries are using ethanol-blended gasoline and this is expected to boost the growth of the ethanol market over the projected period. It is used as an octane booster to reduce engine knocking in the automotive industry.
An increase in raw material prices may affect the growth of the ethanol market.
Several nations are increasing the use of ethanol fuel in an attempt to reduce global carbon emissions. Sugarcane, maize and grains are used to produce ethanol. These factors would drive the growth of the ethanol industry in the future.
