The global bioethanol market is estimated at USD 53.19 Billion in 2017 and is projected to reach USD 68.95 Billion by 2022, at a CAGR of 5.3% from 2017 to 2022. The market is driven by the increased demand for bioethanol from various end-use industry segments, such as transportation, pharmaceuticals, cosmetics, alcoholic beverages, and others. The transportation end-use industry segment led the global bioethanol market, in terms of volume, in 2016.
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Starch-based feedstock is estimated to be the largest feedstock type in the global bioethanol market.
The starch-based segment is estimated to be the largest feedstock segment of the global bioethanol market. This feedstock type uses corn, barley, wheat, and other starch raw materials as feedstocks to produce bioethanol. Corn has the highest percentage of starch, about 70-72%. The growth in this segment is attributed to the rising demand from Asia Pacific and South America and the wide variety of feedstocks that can be used to produce starch-based bioethanol. The feedstocks used are available in almost all over the world.
Alcoholic beverages segment is estimated to be the fastest growing end-use industry segment of the global bioethanol market.
Among end-use industries, the alcoholic beverages segment is estimated to be the fastest growing end-use segment of the global bioethanol market. The growth of this segment is attributed to the increasing purchasing power in developing countries and the growing acceptance of drinking alcoholic beverages in some cultures.
North America contributes as the largest market of bioethanol
In 2016, North America accounted for largest share of the bioethanol market. Currently, the US is the largest market for bioethanol in North America, and is expected to continue to be the largest market till 2022. In the US, the demand for bioethanol is expected to increase due to the increasing government and environment regulations in the country. Regulations such as the Federal Reformulated Gasoline (RFG) and E15 regulations contribute to the growing use of bioethanol in fuels. The other driving factor for the bioethanol market is the low price of corn, which is a prime feedstock used in the production of bioethanol in the country. Many bioethanol manufacturers are based in this region.
Key companies profiled in the global bioethanol market research report include Archer Daniels Midland Company (US), POET LLC (US), Green Plains (US), Valero Energy Corporation (US), Flint Hills Resource (US), Abengoa Bioenergy SA (Spain), Royal Dutch Shell plc (Netherlands), Pacific Ethanol, Inc. (US), Petrobras (Brazil), and The Andersons (US).
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In its latest Short-Term Energy Outlook (STEO), released on January 14, the U.S. Energy Information Administration (EIA) forecasts year-over-year decreases in energy-related carbon dioxide (CO2) emissions through 2021. After decreasing by 2.1% in 2019, energy-related CO2 emissions will decrease by 2.0% in 2020 and again by 1.5% in 2021 for a third consecutive year of declines.
These declines come after an increase in 2018 when weather-related factors caused energy-related CO2 emissions to rise by 2.9%. If this forecast holds, energy-related CO2 emissions will have declined in 7 of the 10 years from 2012 to 2021. With the forecast declines, the 2021 level of fewer than 5 billion metric tons would be the first time emissions have been at that level since 1991.
After a slight decline in 2019, EIA expects petroleum-related CO2 emissions to be flat in 2020 and decline slightly in 2021. The transportation sector uses more than two-thirds of total U.S. petroleum consumption. Vehicle miles traveled (VMT) grow nearly 1% annually during the forecast period. In the short term, increases in VMT are largely offset by increases in vehicle efficiency.
Winter temperatures in New England, which were colder than normal in 2019, led to increased petroleum consumption for heating. New England uses more petroleum as a heating fuel than other parts of the United States. EIA expects winter temperatures will revert to normal, contributing to a flattening in overall petroleum demand.
Natural gas-related CO2 increased by 4.2% in 2019, and EIA expects that it will rise by 1.4% in 2020. However, EIA expects a 1.7% decline in natural gas-related CO2 in 2021 because of warmer winter weather and less demand for natural gas for heating.
Changes in the relative prices of coal and natural gas can cause fuel switching in the electric power sector. Small price changes can yield relatively large shifts in generation shares between coal and natural gas. EIA expects coal-related CO2 will decline by 10.8% in 2020 after declining by 12.7% in 2019 because of low natural gas prices. EIA expects the rate of coal-related CO2 to decline to be less in 2021 at 2.7%.
The declines in CO2 emissions are driven by two factors that continue from recent historical trends. EIA expects that less carbon-intensive and more efficient natural gas-fired generation will replace coal-fired generation and that generation from renewable energy—especially wind and solar—will increase.
As total generation declines during the forecast period, increases in renewable generation decrease the share of fossil-fueled generation. EIA estimates that coal and natural gas electric generation combined, which had a 63% share of generation in 2018, fell to 62% in 2019 and will drop to 59% in 2020 and 58% in 2021.
Coal-fired generation alone has fallen from 28% in 2018 to 24% in 2019 and will fall further to 21% in 2020 and 2021. The natural gas-fired generation share rises from 37% in 2019 to 38% in 2020, but it declines to 37% in 2021. In general, when the share of natural gas increases relative to coal, the carbon intensity of the electricity supply decreases. Increasing the share of renewable generation further decreases the carbon intensity.
Source: U.S. Energy Information Administration, Short-Term Energy Outlook, January 2020
Note: CO2 is carbon dioxide.
GEO ExPro Vol. 16, No. 6 was published on 9th December 2019 bringing light to the latest science and technology activity in the global geoscience community within the oil, gas and energy sector.
This issue focusses on oil and gas exploration in frontier regions within Europe, with stories and articles discussing new modelling and mapping technologies available to the industry. This issue also presents several articles discussing the discipline of geochemistry and how it can be used to further enhance hydrocarbon exploration.
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Headline crude prices for the week beginning 13 January 2020 – Brent: US$64/b; WTI: US$59/b
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