Vietnam Ethanol Market is Anticipated to Grow with Impressive CAGR until 2027 | TechSci Research

Vietnam Ethanol Market is anticipated to grow with increasing imports, in the forecast period, 2023-2027F.

According to TechSci report on, “Vietnam Ethanol Market - By Region, Competition Forecast & Opportunities, 2027” Vietnam ethanol market might register an impressive CAGR during the forecast period, 2023-2027, to establish growth due to factors like surge in the demand for ethanol for the production of bio-fuels. Also, rising consumption of alcoholic beverages and surging demands for beverages with higher concentration of alcohol is further driving the growth of the Vietnam ethanol market in the upcoming five years. Vietnam’s gasoline consumption has grown steadily at approx. 5% per annum as of 2020 owing to the rising automobile use and sales. Blending ethanol with gasoline to make it more economical and ecological, the demand for ethanol has increased in the recent years. Moreover, the import of crude oil, petroleum products, and ethanol have gradually increased since 2017. The Vietnam government has spent approximately USD2.5 billion on these imports in the first three months of 2020, and the further demand for the biofuel is further supporting the imports and thus the growth of the Vietnam ethanol market in the next five years. Commercialization of 5% ethanol blend with gasoline (E5) started since 2018. The government is further exploring the possibilities of E10 blend to make the fuel consumption more environment friendly.

Current local production of ethanol is limited to Tung Lam Company. With its two factories the company produces 200,000 cubic meters/year designed capacity that produces ethanol from locally grown cassava feedstock. Growing awareness among the population and rising concerns toward environment depletion due to gasoline use for fuel is facilitating the growing demands for ethanol and ethanol blended gasoline as bio-fuels for the automobiles and substantiating the growth of the Vietnam ethanol market in the forecast years through 2027.

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The Vietnam ethanol market is segmented by type, raw material, purity, grade, application, competitional landscape, and regional distribution. Based on type, the market is differentiated between synthetic and bioethanol. Bioethanol is anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on account of rising imports of the ethanol and the inclination of the consumption of bioethanol. Rising concerns among the population regarding environmental degradation and demands for economical and eco-friendly fuels is further driving the demands of bioethanol and thus the growth of the Vietnam ethanol market in the next five years.

By raw material, the market is further segmented into sugar & molasses, cassava, rice, algal biomass, and lignocellulosic biomass. Cassava may hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the grounds of increasing production of ethanol by sole producer in the country. Although the market may soon be led by sugar & molasses and imported corn for the production of ethanol. Moreover, ethanol manufactured from molasses are rapidly adopted by many countries and the production is led by the emerging countries like Vietnam and thus aiding the growth of the Vietnam ethanol market in the next five years. Also, properties of ethanol like disinfectant and coalescing properties are some of the major factors driving the market growth.

Based on purity, the market is distinguished between denatured and un-denatured. By grade, the market is fragmented into food, industrial, biofuel, and others. Based on application, the market is bifurcated into fuel & fuel additives, industrial solvents, disinfectant, personal care, beverages, and others.

A partial list of major market players of the Vietnam ethanol market includes:

Tung Lam Company

Thinh Cuong Co. Ltd.

Dai Viet CEP Co Ltd

Fleming International Vietnam Ltd

SI Flex Vina

PetroVietnam Oil Corp (PV Oil)

Petrolimex

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“Importing ethanol is the major source of ethanol in the country. Through its free trade agreement, the government imports ethanol and the recent reports state that Vietnam imported 3.5 million gallons of U.S. ethanol. Local production of ethanol is restricted and only one company is producing ethanol that solely is not able to satisfy the growing demands of ethanol in the country. The government has further decreased tariffs over the imports of pure ethanol. Surging demand for biofuel, rising concerns toward environment depletion and rising demand for economical and eco-friendly automotives are aiding the growth of the Vietnam ethanol market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Vietnam Ethanol Market By Type (Synthetic v/s Bioethanol), By Raw Material (Sugar & Molasses, Cassava, Rice, Algal Biomass, Lignocellulosic Biomass), By Purity (Denatured v/s Undenatured), By Grade (Food, Industrial, Biofuel, Others), By Application (Fuel & Fuel Additives, Industrial Solvents, Disinfectant, Personal Care, Beverages, Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of Vietnam ethanol market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Vietnam ethanol market.

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