Flexfuel Market Growth Accelerated by High Demand for Alternative Fuel

 

The global flexfuel market involves production and distribution of automotive fuels such as ethanol and methanol blends that can be used in standard vehicle engines equipped with flexible-fuel technology. Flexfuel vehicles have a unique engine technology that allows use of gasoline or mixtures of gasoline and methanol or ethanol in any proportion. Flexfuel is increasingly being used as an alternative to conventional petrol owing to its lower emissions and price.

The global Flexfuel Market is estimated to be valued at US$ 93.57 Bn in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The high demand for alternative fuels is one of the key trends driving growth in the Global Flexfuel Market Size. Stringent regulations regarding vehicular emissions are compelling automakers to focus on developing eco-friendly vehicle technologies. Flexfuel vehicles emit 20-30% lower emissions as compared to gasoline vehicles. Furthermore, flexfuel technology allows drivers to choose between petrol or biofuel based on fuel prices, thereby offering flexibility and cost savings. Flexfuel also helps reduce dependence on imported oil. Supported by favorable government policies promoting biofuels, flexfuel is increasingly becoming the preferred choice for sustainable mobility.

Segment Analysis

The global flexfuel market is dominated by the E85 segment, which holds around 85% of the total market share. E85 fuel comprises around 85% ethanol and 15% gasoline. It provides better fuel efficiency and performance as compared to pure gasoline. The high percentage of ethanol in E85 allows it to be used in flex-fuel vehicles, thereby providing an alternative to pure gasoline.

Key Takeaways

The global flexfuel market is expected to witness high growth over the forecast period.

Regional analysis: North America currently dominates the global flexfuel market owing to supportive government policies and the presence of a large number of flex-fuel vehicle fleets. The U.S. accounts for around 90% of the North American flexfuel market. The Asia Pacific region is expected to witness the fastest growth over the forecast period due to rising sales of flex-fuel vehicles and increasing production of bioethanol in countries like Brazil, China and India.

Key players operating in the global flexfuel market are Poet LLC, Cargill, Pure Energy, and PBF Energy. Poet LLC is one of the largest producers of biofuels in the world. It specializes in products from corn including ethanol and flexfuel. Cargill is another major player focusing on supplying ethanol for flexfuel production. Pure Energy and PBF Energy are prominent petroleum product suppliers engaged in the distribution of flexfuel to gas stations.

Get More Insights On This Topic: https://www.newsstatix.com/flexfuel-market-size-share-analysis-2023-2030/


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