Industrial Alcohol Market Opportunities, Business Forecast To 2028
The global industrial alcohol market size was valued at USD 130.8 billion in 2021, growing at a significant CAGR of 8.2% from 2022-28. Industrial alcohols are used as a reagent and a solvent in a variety of industries, including medicines, healthcare, energy, and chemicals. Apart from drinking, these alcohols are used in a variety of applications. Multifunctionality also boosts the adoption of a variety of end-user applications. Furthermore, ethanol, which is mostly manufactured and consumed as an alcoholic beverage, is widely used as a biofuel worldwide. Sugars obtained from wheat, corn, sugar beets, sugar cane, and molasses are fermented to produce these fuels. It's also used as a substitute for gasoline in gasoline engines. Alcohols including methanol, benzyl alcohol, and isopropyl alcohol are also utilised in the manufacturing of food, flavourings, cosmetics, and adhesives.
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A prominent factor expected to fuel the growth of the worldwide industrial alcohol market is rising bioethanol consumption due to a growing demand for renewable energy sources. Bioethanol is a viable alternative to traditional fuels such as gasoline and diesel. Bioethanol also produces the least amount of pollution, has a low toxicity, and is biodegradable, all of which have increased demand in the long term and propelled global market expansion. Growing demands for industrial alcohol in a variety of industries, including personal care, food, pharmaceuticals, and the chemical industry, is likely to boost the target market's growth. Nevertheless, fluctuating raw material prices may stifle the worldwide industrial alcohol market's expansion. Nonetheless, as bioethanol becomes more popular in emerging economies, revenue prospects for firms in the target market may increase.
The global industrial alcohol market segmentation:
1) Type: Methyl Alcohol, Ethyl Alcohol, Isopropyl Alcohol.
2) By Preparation: Fermentation, Synthetic.
3) By Source: Sugar and Molasses, Grains, Corn, Fossil Fuels, Others.
4) Application: Fuel, Personal Care Products, Pharmaceuticals, Chemical Intermediate. and Solvent
terms of region, North America dominates the industrial alcohol market. Other regions, such as the Middle East and Africa, as well as Asia Pacific, are likely to become lucrative markets for industrial alcohol. Asia Pacific industrial alcohol market is predicted to increase due to the availability of feedstock, such as corn, as well as rising consumer awareness of carbon emissions and environmental conservation. Other factors projected to increase the market in this region include government-enforced regulations, efficient logistic facilities, and technological improvements.
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There are several industry players working in the Industrial Alcohol Market, which include BASF SE (Germany) Cargill, Incorporated (U.S.) Exxon Mobil Corporation (U.S.) Raizen (Brazil) Eastman Chemical Company (U.S.) Royal Dutch Shell plc (Netherlands) MGP (U.S.) Greenfield Global, Inc. (Canada) Cristalco (France) Green Plains Inc. (U.S.)
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