Overview and Scope
Industrial alcohol is a kind of alcohol that is utilized in industrial applications. Ethanol is the most frequent form of industrial alcohol. Adhesives, cosmetics, detergents, explosives, inks, and hand creams are all made with this alcohol. Industrial alcohol is used in the production of vaccinations, compound tonics, syrups, tinctures, liniments, and antiseptics.
Sizing and Forecast
The industrial alcohol market size has grown rapidly in recent years. It will grow from <b>$159.7 billion in 2023 to $178.72 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. </b> The growth in the historic period can be attributed to increased ethanol fuel production, growth in pharmaceuticals and healthcare, growth beverage and food industry, rise in chemical manufacturing, increased use in cleaning and sanitization.
The industrial alcohol market size is expected to see rapid growth in the next few years. It will grow to <b>$289.24 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. </b> The growth in the forecast period can be attributed to increasing renewable energy, rising demand hand sanitizers and disinfectants, rising demand for alcoholic beverages, increasing demand from personal care products, emphasis on sustainable chemicals. Major trends in the forecast period include ethanol for hand sanitizers, demand for ethanol as a fuel additive, distillation and purification technologies, industrial alcohol as solvent, food-grade alcohol production.
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Segmentation & Regional Insights
The industrial alcohol market covered in this report is segmented –
1) By Type: Isopropyl Alcohol, Methyl Alcohol, Ethyl Alcohol, Isobutyl Alcohol, Benzyl Alcohol
2) By Source: Molasses, Sugar, Grains, Fossil Fuels
3) By Processing Method: Fermentation, Synthetic
4) By Application: Fuel, Chemical Intermediates & Solvent, Pharmaceuticals, Personal care products, Food Ingredients
<b>North America</b> was the largest region in the industrial alcohol market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial alcohol market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing demand for biofuels among end-users is significantly contributing to the growth of the industrial alcohol market going forward. Biofuel, such as ethanol, is a renewable energy source made from microbial, plant, or animal waste. It is an alcohol that is also used in gasoline as a blending ingredient to boost octane and reduce carbon monoxide and other smog-causing pollutants to minimize air pollution. In order to lower air pollution and energy costs, alternative fuels such as biodiesel and alcohol are being used in engine technology. For instance, according to the US Department of Energy, a US-based government department, in 2021, 98% of U.S. gasoline will contain ethanol (industrial alcohol), typically E10 (10% ethanol, 90% gasoline) to oxygenate the fuel, which reduces air pollution. Furthermore, in 2020, biodiesel was second to fuel ethanol as the most produced and consumed biofuel in the United States, and accounted for about 11% and 12% of total U.S. biofuel production and consumption, respectively. Therefore, increasing demand for biofuels among end-users is driving the demand for the growth of the industrial alcohol market.
Key Industry Players
Major companies operating in the industrial alcohol market include <b> Cargill Incorporated, Cristalco SAS, Raizen Energia SA, MGP Ingredients Inc., Green plains Inc., Sigma-Aldrich, Grain Millers Inc., The Andersons Inc., BASF SE, Royal Dutch shell plc, Exxon mobil corporation, Univar Solutions, BIRLA SUGAR, Valero Energy Corporation, Flint Hills Resources, Roquette Freres SA, Jiangsu Lianhai Biological Technology Co. Ltd., Shell Chemicals, Cosan S.A., Celanese Corporation, Novozymes A/S, Solvay S.A., IG Petrochemicals, The Andersons Inc., Raízen Energia S.A., Aemetis Inc., Vantage Oleochemicals, Pannonia Bio, ACI Alloys Inc. </b>
The industrial alcohol market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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