Industrial Alcohol Market Trends, Latest News, and Consumption by Forecast to 2027
Author : ankita Belsare | Published On : 03 May 2021
The high purity grade refined ethyl alcohol used for other than manufacturing of liquor purposes. It is colorless, volatile, and flammable and is commonly used as a biofuel. It is found in various applications such as cosmetics, pharmaceuticals, and others. The industrial alcohol can be produced by sugar & molasses, corn, grains, fossil fuel, and others.
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The global industrial alcohol market is segmented on the basis of its type as ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others. Among these, the ethanol (grain alcohol) is the leading segment due to its wide application in the blending of gasoline, which enhances the fuel efficiency and reduces emission. Owing to its anti-bacterial properties, it is also used across the pharmaceutical and personal care industry. The methanol is the second largest segment and can be used as an antifreeze, solvent, rocket fuel, and as a denaturant for ethanol. The chemical is also used to produce biodiesel via transesterification reaction. The above-mentioned factors are expected to drive the market growth during the review period further. However, the volatility in the raw material prices and the approval from various regulatory bodies may prove to be a challenging for the market growth in the coming years.
Some of the manufacturers operating in the global industrial alcohol market are Cargill, Incorporated (U.S.), BASF SE (Germany), Raizen (Brazil), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Eastman Chemical Company (U.S.), Greenfield Global, Inc. (Canada), MGP (U.S.), Green Plains Inc. (U.S.), and Cristalco (France).
The global industrial alcohol market is segmented on the basis of the source, type, application, and region.
On the basis of the source, the market is segmented into sugar & molasses, corn, grains, fossil fuels, and others.
Based on the type, the global industrial alcohol market is segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others.
The application segment of the global industrial alcohol market is further segmented into fuel, pharmaceuticals, personal care products, food ingredients, chemical intermediate & solvent, and others.
The global industrial alcohol market is segmented into five regions of North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
North America is the leading region in the global industrial alcohol market due to the high demand for high octane fuel from aerospace and transportation sector in the region.
Asia Pacific is expected to grow at a higher CAGR on account of the rising demand from growing chemical industries in countries such as China and India.
Europe is projected to witness a considerable growth in the global industrial alcohol market owing to the growing demand from various industries such as automotive, pharmaceuticals, chemicals, and others.
The untapped yet growing industrial sectors such as automotive and chemicals in GCC countries may drive the market growth during the assessment period.
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