The Philippines, along with China and India, is tipped to drive the global ethanol fuel market growth of 7 percent yearly to reach $115.7 billion by 2025, according to Grand View Research Inc.
The United States-based firm said in a report the Asia-Pacific region was expected to see a “fast-paced growth” during the forecast period.
“China, India and the Philippines are the key countries that are considered to positively impact the industry growth in the future,” the company said.
“Significant blending mandates in Australia, China, and Philippines are considered to drive the market demand during the forecast period,” Grand View added.
In terms of volume, Grand View said the sugar-based segment of the global ethanol fuel market was expected to rise at a mean rate of 5.4 percent yearly from 2017 to 2025.
In terms of revenue, the product demand was expected to reach $24.4 billion by the end of 2025, the firm added.
“Technological advancement in the production of ethyl alcohol … is expected to propel the industry growth during the forecast period,” Grand View added.