BEIJING, July 24, 2022 (GLOBE NEWSWIRE) — The Global Industrial Alcohol Market size accounted for USD 124 Billion in 2021 and is estimated to reach the market value of USD 301 Billion by 2030.
Industrial alcohol means ethyl alcohol or ethanol and it contains 95% ethanol and 5% water by volume at 15.56C. They are also used as raw materials for making several chemicals like acetaldehyde, acetic acid, ethyl acetate, glycols, ethylene dibromide, ethyl chloride, ethyl esters, etc. The global industrial alcohol market revenue is triggered by the rising consumption of industrial alcohol as a solvent. Its major use is as a solvent in nearly all industries. The rapid adoption of ethanol in emerging economies is one of the significant industrial alcohol market trends that propel industry demand in the coming years.
COVID-19 Impact on Global Industrial Alcohol Market
With the spread of COVID-19 across regions, the industrial alcohol market experienced a decline in 2020, owing to lockdowns, international border closures, and delays in cross-border transit, all of which disrupted the supply chain. However, the pharmaceutical industry’s demand for industrial alcohol has increased in 2021. This is due to the fact that hand hygiene through the use of sanitizers is an important preventive measure against COVID-19. Public health organizations such as the FDA, CDC, and WHO have all recommended that sanitizers and disinfectants contain at least 60% alcohol. As a result, major alcohol producers were seen increasing production capacity in order to meet the insatiable desire for hand sanitizer in the face of COVID-19.
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|Market||Industrial Alcohol Market|
|Market Size 2021||USD 124 Billion|
|Market Forecast 2030||USD 301 Billion|
|CAGR During 2022 – 2030||10.6%|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Product, By Source, By Application, And By Geography|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Cargill, Cristalco, Grain Processing Corporation, Green Plains Inc., Greenfield Global Inc., MGP Ingredients, Raizen Energia, Sigma-Aldrich, The Andersons Inc., and Univar Solutions.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Industrial Alcohol Market Dynamics
Industrial alcohol is a substance that is used in industrial settings. Methanol is the most widely accepted type of industrial alcohol. Approximately 12 million tonnes of methanol are produced each year for industrial purposes. The other most widely used industrial alcohol is ethanol which was one of the first industrial alcohols produced.
The manufacture of industrial alcohol is a centuries-old practice. However, over time, both usage areas and production techniques have undergone significant changes. Industrial alcohol is distilled ethyl alcohol that is generally of high proof and is produced and sold for purposes other than a beverage. Many pharmaceutical industries, chemical industries, ink industries, and other allied industries use industrial alcohol. Much of this alcohol is synthesized from ethylene. However, it is still commercially important to produce it through microbial fermentation using a variety of cheap sugary substrates. Sugar crops such as sugar beet, sugarcane, sorghum, and others provide a fine substrate for ethanol production.
The rise in the global trade of alcohol is expected to fuel the industrial alcohol market growth. For instance, in 2019, the U.S. exported 1.5 billion gallons of ethyl alcohol (ethanol) worth $2.4 billion. Regulations, a lack of infrastructure, and competition with petroleum production companies limit the growth of ethanol blends above 10% in the United States. Limited blending growth and mostly stable ethanol-gasoline fuel demand restrict domestic market expansion in the United States, highlighting the significance of export growth.
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Worldwide Industrial Alcohol Market Segmentation
The global industrial alcohol market has been segmented into product, source, application, and region. The product segment is segregated into ethyl alcohol, methyl alcohol, isobutyl alcohol, isopropyl alcohol, and others. The ethyl alcohol segment accumulated a considerable market share in 2021. Industrial alcohol is typically sold as pure ethyl alcohol, completely denatured alcohol particularly denatured alcohol and proprietary solvent blends. The hydroxyl derivative of the hydrocarbon ethane is known as ethyl alcohol.
Grains, sugar & molasses, fossil fuels, corn, and others are covered under the source segment. According to our analysis, the corn generated notable industrial alcohol market share throughout the forecast timeframe.
Based on application, the market is categorized into transportation fuel & fuel additives, food ingredients, pharmaceuticals, chemical intermediates, personal care, detergent & cleaning chemicals, and other applications. Among them, the transportation fuel & fuel additives segment acquired a substantial market share, while the pharmaceutical achieved noteworthy market growth.
Industrial Alcohol Market Regional Overview
The global industrial alcohol market regional outlook is given as North America, Europe, Latin America, Asia-Pacific, and the Middle East and Africa. The emerging countries are driving significant growth in the industry. In India, ethanol is primarily consumed by oil marketing companies (for blending with gasoline) and chemical industries. In Brazil, it is primarily used as a vehicle fuel, either primarily as hydrous ethanol or blended with gasoline.
North America is expected to capture a larger share of the market in the coming years, owing to the growth of the industry, which is led by ethyl alcohol production and exports in the United States. However, the Asia-Pacific region is expected to have the fastest CAGR during the forecast period. This is due to China’s high consumption and production of methyl alcohol and India’s high production of ethanol. The government of India’s initiatives to use ethanol as an automotive fuel is expected to significantly increase the demand for ethanol in India.
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Industrial Alcohol Market Players
Some industrial alcohol companies covered globally include Cargill, Cristalco, Grain Processing Corporation, Green Plains Inc., Greenfield Global Inc., MGP Ingredients, RaizenEnergia, Sigma-Aldrich, The Andersons Inc., and Univar Solutions.
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