Global Bioethanol Market Generated Around $38 Billion Revenue in 2020: P&S Intelligence
NEW YORK, July 29, 2021 /PRNewswire/ -- According to the market research firm P&S Intelligence, the global bioethanol market generated around $38 billion revenue in 2020 and is predicted to exhibit huge expansion during 2021-2030. The rapid depletion of natural resources, because of their large-scale usage for energy generation, increasing demand for sustainable fuels, and soaring concerns being raised over the escalating greenhouse gas emissions are the major factors driving the growth of the market.
In order to mitigate the spread of the COVID-19 virus, the governments of several countries imposed lockdowns, which massively hampered the advancement of the bioethanol market. Moreover, these lockdowns caused a sharp reduction in the demand for bioethanol, as people were told to stay inside their homes. This significantly reduced the demand for automobiles, which, in turn, caused a massive decline in the worldwide demand for automotive fuel.