Industrial Alcohol Market is Estimated to Witness High Growth Owing to Rising Applications in Various Industries
The industrial alcohol market involves manufacturing and distribution of various types of alcohol including ethyl alcohol, methyl alcohol, isopropyl alcohol, and others that find extensive usage across pharmaceuticals, personal care, food ingredients & additives, chemical intermediates & solvents, and other industrial applications. The wide range of applications and advantages of industrial alcohol including cost-effectiveness, purity levels, and solvent properties have led to significant growth of the market globally. The rising demand for industrial alcohol from the chemicals & pharmaceuticals industry is one of the major drivers of the market.
The global industrial alcohols market size was valued at US$ 180.75 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 10.2% from 2023 to 2030.
Key Takeaways
Key players operating in the industrial alcohol market are BASF SE, BIRLA SUGAR, CARGILL INCORPORATED., CRISTALCO, FLINT HILLS RESOURCES, GREEN PLAINS INC., GREENFIELD SPECIALTY, MGP INGREDIENTS INC., SIGMA ALDRICH, and THE ANDERSONS INC. These players account for a substantial share of the market. BASF SE is one of the largest players globally.
There are significant opportunities for Industrial Alcohol Market Demand players in the food & beverage processing applications. The increasing demand for industrial alcohol as a food additive & preservative is projected to open lucrative growth opportunities.
Advancements in industrial fermentation technologies have led to improved yields and cost-effectiveness of industrial alcohol production. New methods of alcohol extraction using membranes and hybrid technologies are gaining traction.
Market drivers
Growing demand from the chemicals industry is a key driver for the industrial alcohol market. Industrial alcohol is widely used as a solvent and precursor to manufacture chemicals including glycols, esters, acetone, and others. The market for chemical intermediates has been growing substantially creating high demand for industrial alcohol. The increasing consumption of personal care and pharmaceutical products globally is augmenting the demand for industrial alcohol.
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