Industrial Alcohol Market is projected to be worth USD 240.23 Billion by 2027, registering a CAGR of 10.2% during the forecast period (2021 - 2027).
Industrial Alcohol Market Share experiences high demand from diverse industries such as automotive, chemical, pharmaceutical, and others since it has multiple advantages. Industrial alcohol can be used as an antimicrobial agent, solvent, and biofuel which supports the growth of the industrial alcohol market. Industrial alcohol is used for a broad spectrum of uses. Stringent emission norms and regulations mandating the use of ethyl alcohol as a biofuel blend with petroleum fuels have spurred the growth of the global industrial alcohol market. Owing to raising awareness regarding greenhouse gas emissions, ethyl alcohol is gaining prominence as a biofuel as they are cleaner-burning fuel than diesel and pure gasoline.
Industrial alcohols are also used in the food beverage industries too. In the pharmaceutical industry, industrial alcohol is used in antiseptics, drugs, lotions, and ointments while in the cosmetics industry, it is used in perfumes, deodorants, and shampoos. Initiatives to develop low-cost biofuel is a trend that is likely to boost the growth of the market. Industrial alcohol such as isopropyl alcohol is being widely used as a solvent in various industries. On the downside, fluctuations in the price of raw materials and complex approval processes from regulatory bodies remain hurdles to the growth of the industrial alcohol market.
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Competitive Landscape
The prominent players operating in the global industrial alcohol market include Cristalco (France), Exxon Mobil Corporation (U.S.), MGP (U.S.), Cargill, Incorporated (U.S.), Eastman Chemical Company (U.S.), BASF SE (Germany), Greenfield Global, Inc. (Canada), Raizen (Brazil), Royal Dutch Shell plc (Netherlands), and Green Plains Inc. (U.S.).
Segmentation
The global industrial alcohol market has been segmented based on source, type, and application. By source, the market has been segmented into sugar molasses, corn, grains, fossil fuels, and others. By type, the market has been segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others. The ethyl alcohol segment is leading the market owing to its broad application in the gasoline blending process. Moreover, due to its antimicrobial properties, it is widely used across the cosmetic and pharmaceutical industry while the methyl alcohol segment is the second largest. By application, the market has been segmented into fuel, pharmaceuticals, personal care products, food ingredients, chemical intermediates solvents, and others.
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Regional Analysis
North America accounts for a substantial share of the global industrial alcohol market. The availability of raw materials makes the US the largest producer of ethanol as well as the largest consumer. The region has a huge market for the pharmaceutical, and automotive industries and experiences inflated demand for industrial alcohol Industry Outlook from these industries. Also, favorable schemes such as ethanol expansion in the US through the agricultural sector has contributed majorly to the North American industrial alcohol market.
The Europe market is spurred by towering demand for industrial alcohol from the automotive, pharmaceutical, chemical, and other industries in the region.
Rapid industrialization in the Asia Pacific region has paved the way for the expansion of the industrial alcohol market.
Latin America and the Middle East Africa market are projected to exhibit considerable growth over the forecast period. The untapped markets in the region store ample opportunities for market expansion.
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