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US President Bush recently signed a new energy bill. An important part of this is the Renewable Fuel Standard (RFS), which requires the addition of a certain amount of renewable fuels such as ethanol to gasoline, and it will increase every year. The introduction of this standard means that the composition of gasoline in the United States and the mode of ethanol supply will undergo great changes. Nearly 50% of the gasoline needs to be blended with ethanol, and the general amount of blended is 10%.
Canada has formulated a tax-free ethanol policy to support the development of biofuels as an important measure for greenhouse gas emission reduction plans. In the next 10 years, about 100 million gallons of ethanol will be blended each year in gasoline. In order to meet the fast-growing demand, Canada will start a new round of ethanol plant construction or expansion. The energy expansion investment is about 1 billion Canadian dollars, and it is expected that by the end of 2007 fuel ethanol production will reach 1.2 billion liters/year.
Brazil in Latin America is one of the countries with few oil resources, and it is also the largest energy consumer and carbon dioxide emitter in South America. The government is very active in the application of renewable fuels, mainly to promote ethanol fuel. Last year, ethanol production in Brazil reached 14.6 billion liters, with consumption exceeding 12.2 billion litres; ethanol in automotive fuels accounted for 15.42%, the highest proportion in the world. In the next 10 years, ethanol consumption in Brazil will increase to 22.7 billion liters per year.
The European Biofuels Directive requires that biofuels account for 2% of transport fuels in 2005, and this ratio will increase to 5.75% in 2010. Therefore, there will be great demand for biodiesel, and the amount of ethanol will also greatly increase. In the next 10 years, ethanol consumption in Europe will reach about 1 billion gallons per year. In view of the succession of European countries to the European Union, the use of ethanol in Europe will increase further in order to achieve a consistent biofuel target.
The market potential of fuel ethanol in the Asia-Pacific region is very large. China has promoted ethanol gasoline since 2001 and has produced 1.22 million tons of fuel ethanol. By the end of this year, 9 provinces will promote ethanol gasoline in whole or in part. Experts predict that China's fuel ethanol demand will be conservatively estimated to reach 5 million tons/year after 10 years.
Countries have successively introduced the development of alternative energy initiatives fuel ethanol will have an impact on the gasoline market
With the continuous rise of international crude oil prices, the importance of alternative energy R&D has become increasingly evident, among which ethanol fuel has obvious advantages. According to the latest prediction by industry experts, the global consumption of fuel ethanol will reach 16 billion to 18 billion gallons (1 liter is about 0.22 gallons) in 10 years. Although the total amount is less than 5% of the global gasoline demand, ethanol production The growth will have a significant impact on the gasoline market.