Global Flexfuel Market Growth Accelerated by Rising Demand for Alternative Fuels


Global Flexfuel Market Size
Global Flexfuel Market Size 

Flexfuel provides an alternative fuel option that can function with gasoline, ethanol, or any combination of both. It offers benefits like reducing emissions, supporting renewable fuels and energy independence and security. Flexfuel vehicles can adapt to the fuel that is most available and affordable.

 

The global flexfuel market is estimated to be valued at US$ 93.57 Billion in 2023 and is expected to exhibit a CAGR of 9.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Governm
ent initiatives promoting the use of flexfuel vehicles is significantly driving the growth of global flexfuel market. Many governments around the world offer incentives for flexfuel vehicles adoption to reduce dependence on imported oil. For instance, the Brazilian government introduced its first incentive program for flexfuel vehicles in 2003 which provided tax exemptions and subsidies to domestic flexfuel vehicles and the infrastructure supporting alternative fuels like ethanol. This boosted sales of flexfuel vehicles in the country. Similarly, various U.S. states also provide tax credits and other benefits to promote flexfuel vehicles. Rising oil prices and increasing awareness about ecological benefits of alternative fuels are further encouraging more consumers opt for flexfuel vehicles. Consumers are attracted to flexfuel vehicles as it provides fuel-flexibility and helps cutting down fuel costs. With supportive governmental policies and growing environmental consciousness, the demand for flexfuel vehicles is expected to rise significantly over the forecast period.
Segment Analysis
The global flexfuel market is dominated by the E85 segment, which accounts for over 60% of the market share. E85 is a gasoline-ethanol fuel blend, containing up to 85% denatured ethanol and 15% unleaded gasoline. It has been one of the most popular flexfuel alternatives in the United States and Brazil over the years due to their widespread availability at service stations and government incentives for use. The high percentage of ethanol in E85 makes it more environmentally friendly with lower greenhouse gas emissions compared to regular gasoline. Flexible-fuel vehicles that can operate on E85 tend to be more fuel-efficient as well. Other emerging segments in the flexfuel market include E75, E100 and blends containing methanol.

Key Takeaways
Global Flexfuel Market Size  is expected to witness high growth over the forecast period driven by policies promoting cleaner fuels and fuel security. Government initiatives and mandates to increase ethanol blending rates and production of flex-fuel vehicles have boosted adoption across several countries.

Regional Analysis
North America currently dominates the flexfuel market with the United States leading consumption. The U.S. has a well-established infrastructure for ethanol fuels like E85 with around 3,300 fuel stations supplying E85 nationwide. Brazil has emerged as another major regional market for flexfuels. Favourable policies and widespread flexfuel vehicle production in Brazil have made it the global leader in utilizing fuel ethanol. Continued investments into expanding dispensing infrastructure and flex-fuel vehicles are likely to help retain market share.

Key players
Key players operating in the flexfuel market include Takara Bio Inc., PromoCell GmbH, Merck KgaA, PeproTech Inc., Astellas Pharma Inc., Thermo Fisher Scientific, Lineage Cell Therapeutics Inc., and STEMCELL Technologies Inc. Flexible-fuel vehicles that can operate on E85 tend to be more fuel-efficient as well.

Takara Bio Inc. is a global leader in bio-therapeutics, stem cell research, and regenerative medicine and provides human pluripotent stem cell culture and differentiation products. PromoCell GmbH is a leading provider of human stem cell culture systems, media and supplements for cell science including cardiomyocyte cells. Merck KgaA offers bioRxiv, a platform for scientists to share unpublished preprints in life sciences and has strong presence in culture media and reagents segment.

 

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