SWEET SORGHUM ETHANOL MARKET REPORT OVERVIEW
-
Request a Free Sample to learn more about this report
The global sweet sorghum ethanol market size was USD 3068.82 million in 2021. As per our research, the market is expected to reach USD 4840.52 million by 2032, exhibiting a CAGR of 4.23% during the forecast period. The COVID-19 pandemic has been unprecedented and staggering, with the sweet sorghum ethanol market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Sweet sorghum is a variety of sorghum developed primarily for sugarcane harvesting. Due to the high sugar content and preservation during drought. Ethanol feed stocks are plant materials that can be converted into ethanol. In this case, the sugar syrup from sweet sorghum stalks is fermented to produce ethanol.
Sectors using sorghum seeds such as alcohol distilleries, food manufacturers, and starch industry are expected to lead the market in terms of seed sales and adoption of sorghum seeds in daily diet over the forecast years. The increasing consumption of alcoholic beverages and the spread of alcohol-based hand sanitizers are the most important growth factors for the market.
COVID-19 Impact: Pandemic Halted Production And Supply Chain Hence Reduce Market Growth
COVID-19 has seriously affected the global economy and had a devastating impact on global business, affecting households, businesses, financial institutions, industrial companies and infrastructure companies at the same time. The shutdown of the industrial producer caused a decrease in demand for vehicles used for transportation, and the shutdown of the transportation sector in most countries of the world caused a decrease in demand for the market.
Latest Trends
"Rising Technological Advancements Foster Market Expansion"
Expansion of technology to extract ethanol fuel from sorghum plants at low cost, government policies and initiatives to support a green industry that can bring additional income to farmers and also reduce carbon dioxide emissions associated with improper management of agricultural waste. Apart from global fuel giants like Shell, Hindustan Petroleum Corporation Limited has entered into various partnerships, collaborations and acquisitions with biofuel companies to commercialize biofuels thereby creating opportunities for the market growth.
SWEET SORGHUM ETHANOL MARKET SEGMENTATION
-
Request a Free Sample to learn more about this report
- By Type Analysis
According to type, the market can be segmented into grain, sugar juice.
Grain anticipated being the leading segment.
- By Application Analysis
Based on application, the market can be divided into automative & jet fuel, others.
Automative & Jet Fuel will be dominating segment.
Driving Factors
"Rapid Use Of Ethanol to Fuel Boost Market Growth"
Increasing demand for biofuels and rising prices for oil and fossil fuels are driving the industry forward. Biofuel is produced from sweet and biomass sorghum and is being researched with biomass that can be used to produce coal, syngas and bio-oil. Use of sorghum seeds in industries such as alcohol distilleries, food manufacturers and starch industries is expected to lead the market in the forecast years. The addition of sorghum seeds to the daily food menu and higher yields from seed sales should also boost the sweet sorghum ethanol market growth in the coming years. In addition to this, increasing investments by various countries in developing sorghum seeds for utilization of water desert lands is projected to fuel the market during the forecast period. Increased investment by major oil producers to purchase fuel ethanol from fuel ethanol producers to improve gasoline octane levels, reduce carbon soot production, and push back on government regulations to reduce carbon dioxide emissions are key growth drivers of the market.
"Rapid Innovation And Investment for Production Plant to Propel the Market Growth"
The increasing investments of market participants in ethanol market production facilities continue to offer many growth opportunities in the market. Investments in the last decade and the recent prominence of the environmental impact of the transport sector and the policies of major developing countries to meet the climate goals of 2030 are some of the key factors driving the growth of the market during forecast period. Technological advancements and increasing research and development activities are likely to provide several opportunities for the growth of the global market during the forecast year.
Restraining Factor
"Presence Of Alternatives Changing Customer Preferences to Hamper Market Growth"
There are some limitations and challenges that can hinder the growth of the market. The market is likely to be constrained by factors such as changing consumer preferences and availability of substitutes. However, the expansion of the market may be hindered by the growing number of alternatives and changing customer preferences. In addition, the market has been hampered by constraints due to insufficient availability of raw materials, declining efficiency of biomass conversion and lack of refineries.
SWEET SORGHUM ETHANOL MARKET REGIONAL INSIGHTS
-
Request a Free Sample to learn more about this report
"North America to Dominate Market Due To The Government's Favorable Policy On The Production "
Geographically, the sweet sorghum ethanol market share conquered by North America due to the government's favorable policy on the production and use of ethanol as a biofuel, and due to the growing awareness of the countries to curb environmental pollution caused by the use of traditional fuels of the area. The growth of the North American market is driven by subsidy policies, well-established ethanol production and a large automotive market.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios. Key industry players in the antacid tablet market have a significant impact on market dynamics. These companies are at the forefront of research and development, consistently introducing innovative formulations and product variations. Their focus on convenience and effectiveness sets industry standards and influences market growth.
List of Market Players Profiled
- Poet (U.S.)
- Beijing Sangliang Technology Development Centre (STDC) (China)
- Green Plains Renewable Energy (U.S.)
- Flint Hills Resources (U.S.)
- Anchor Ethanol (U.S.)
- Chemguide (U.K.)
- LSU AgCenter (U.S.)
- Valero Energy Corporation (U.S.)
- Institute of Agricultural Research (IAR) (India)
Report Coverage
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 3068.82 Million in 2021 |
Market Size Value By |
US$ 4840.52 Million by 2032 |
Growth Rate |
CAGR of 4.23% from 2021 to 2032 |
Forecast Period |
2024-2032 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
-
What value is the sweet sorghum ethanol market expected to touch by 2032?
Based on our research the sweet sorghum ethanol market is expected to reach USD 4840.52 million by 2032.
-
What CAGR is the sweet sorghum ethanol market expected to exhibit by 2032?
The sweet sorghum ethanol market is expected to exhibit a CAGR of 4.23 % by 2032.
-
Which are the driving factors of the Sweet Sorghum Ethanol market?
Rapid use of ethanol as a fuel and rapid innovation and investment for production plant are two main driving factors of the Sweet Sorghum Ethanol market.
-
Which are the top companies operating in the Sweet Sorghum Ethanol market?
The top key players in the Sweet Sorghum Ethanol market are Poet, Beijing Sangliang Technology Development Centre (STDC), Green Plains Renewable Energy, Flint Hills Resources, Shrijee Group, Anchor Ethanol, Chemguide, LSU AgCenter, Valero Energy Corporation, Institute of Agricultural Research (IAR), Ceres Inc.