Fuel ethanol market is expected to grow owing to increasing use as motor fuel in the automobile industry. Growing use of fuel ethanol as a bio fuel additive to gasoline owing to improved emission standards is expected to augment market growth over the forecast period. In addition, mixing fuel ethanol to motor fuel improves fuel efficiency which is anticipated to propel fuel ethanol market growth over the next seven years. Raw materials used in manufacturing fuel ethanol include corn, sugarcane, potato crops and biomass. Fuel ethanol finds its major application in end use industries including automotive, industrial, aviation and agriculture. Automobile market accounted for the largest market for fuel ethanol and this trend is expected to continue over the forecast period.
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Furthermore, stringent regulations imposed by regulatory bodies to use ethanol as an additive to automobile fuel is expected to augment the increase in production and consumption of fuel ethanol in automobiles Growth in automobile industry as well as rising demand from aviation industry for fuel ethanol in order to improve fuel efficiency and reduce environmental hazards is expected to propel the market growth Lower retail cost of fuel ethanol as compared to fuel oil is expected to augment market growth.
Key market players include Archer Daniels Midland Company, New Energy Corporation Inc., Cargill, Inc., Aventine Renewable Energy Inc., VeraSun Energy Corporation. Archer Daniels Midland Company is exclusively involved in the production of bio diesel and fuel ethanol. Cargill Inc. is actively involved in the production of ethanol for industrial applications for use in products including solvents, antifreeze and intermediates in the synthesis of various organic chemicals. Aventine Renewable Energy Inc is involved in production of ethanol and related by- products. VeraSun Energy Corporation is also involved in production of fuel ethanol.
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