Global Industrial Alcohols Market
According to Inkwood Research, the global industrial alcohols market is expected to register a CAGR of 8.23% in terms of revenue and 9.88% in terms of volume during the forecast years 2021-2028.
“Browse through 78 market data tables and 53 figures spread across 246 pages, plus an in-depth TOC of Global Industrial Alcohols Market Forecast 2021-2028.”
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Industrial alcohols are used as solvents and reagents. They are produced and sold in applications and industries such as personal care, pharmaceutical, energy and chemical, in addition to beverages. Ethanol, a type of industrial alcohol, is also called pure alcohol, grain alcohol, ethyl alcohol, and drinking alcohol. Industrial alcohols are used by end users for several applications including cleaning, sanitizing and solvent properties. Moreover, they are also used for making several medicines, flavors, cosmetics and food products.
Growing demand for methanol to supplement market growth
Growing demand for methanol as a type of fuel, particularly from the automotive industry, growing petrochemical needs, and a focus on maximizing olefin production in methanol-to-olefin conversion plants (MTO)/methanol to propylene (MTP), are expected to propel the growth of the market. In addition, increasing focus of manufacturers, in terms of reducing carbon footprint through biodiesel, and increasing application of methanol for waste water treatment and marine fuel, are among the major factors increasing the growth. of the global industrial alcohol market.
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Fermentation is the first treatment in terms of volume and revenue
Ethanol was first produced thousands of years ago, by fermentation of carbohydrates. In some countries, large volumes of ethanol are still produced using this method. As a complex biochemical process, alcoholic fermentation involves the conversion of sugars into carbon dioxide, ethanol, and other metabolic byproducts. During the fermentation process, sugars, such as fructose, glucose, and other monosaccharides, are converted into ethanol by microbes like Saccharomyces cerevisiae yeast varieties, inoculated into the raw material. In addition, sugar cane and corn are among the most commonly used raw materials for the fermentation of industrial alcohols, in addition to sugar beet and cereals.
Asia-Pacific is the fastest growing region in terms of volume and revenue
Growing production and usage of bioethanol in the Asia-Pacific region, construction and approval of new manufacturing plants, and increasing production of ethanol for fuel blending are some of the major factors accredited for the growth of the market industrial alcohols from the region.
The global industrial alcohols market is expected to witness high degrees of competition, essentially leading to industry consolidation. Moreover, frequent product launches show how companies limit the profit potential of their competitors. Hence, owing to these factors, the global market is expected to observe strong industrial rivalry during the forecast period.
Major players operating in the market are MGP Ingredients Inc, The Andersons Inc, Sigma Aldrich, Cargill Inc, BASF SE, etc.
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