According to a new report released by Allied Market Research, titled, “Industrial alcohol market by Type, Application, Treatment Method and Source: Global Opportunity Analysis and Industry Forecast, 2017-2023 â, The global industrial alcohol market was valued at $ 100,535 million in 2016 and is expected to reach $ 198,610 million by 2023, with a CAGR of 10.2% from 2017 to 2023. The grains segment accounted for nearly half of the global market share in 2016.
Industrial alcohol is used as a reagent as well as a solvent, and is manufactured and sold in applications other than beverages, such as the pharmaceutical, personal care, energy and chemical industries. Ethanol, a type of industrial alcohol, is also called ethyl alcohol, pure alcohol, grain alcohol, or drinking alcohol. It is a volatile, flammable and colorless liquid obtained from molasses. In addition, the government of developing countries has made it mandatory to blend gasoline with 5% ethanol, which in turn is expected to boost the demand for ethanol in the transportation industry.
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At present, the global industrial alcohol market is experiencing significant growth, due to the high demand for biofuels. In addition, ethyl alcohol, methyl alcohol, benzyl alcohol, and isobutyl alcohol are widely used in the fuel and energy industry due to the functional properties of alcohols, such as the index of high octane and flammability characteristics. In addition, the rapid adoption of biofuels and the growing awareness of deteriorating environmental quality are driving the demand for industrial alcohols in the fuel sector. In addition, increasing environmental concerns, massive government support for bioethanol production in developed countries, and emerging applications of alcohols in various end-use industries are increasing the market growth. In addition, the use of better quality and lower cost raw materials creates opportunities for the advanced development of industrial alcohols; thus driving the demand for alcohol-based products. However, fluctuating commodity prices are expected to hamper the growth of the market.
The grain segment is expected to account for almost half of the world market in 2016. In addition, the grain segment has seen strong demand in countries in the forecast years, such as the United States, the United Kingdom and the United Kingdom. France, because of its rapid production of alcohols. corn. Maize, wheat and barley are widely used in these countries to produce bioethanol for industrial purposes. In addition, the increase in the number of distilleries has stimulated the use of these raw materials for the production of high quality ethanol for drinking purposes (for beverage purposes).
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Main conclusions of the Industrial Alcohols Market:
- In terms of value, the fermentation processing methods segment is expected to show a growth rate of 10.3% during the forecast period.
- Asia-Pacific is expected to dominate the global market through 2023, registering a CAGR of 11.8% in terms of value.
- The personal care products segment occupied nearly a fifth of the global market in 2016.
- Thailand occupied a fifth of the industrial alcohol market in Asia-Pacific in 2016.
- In terms of value, Hungary is expected to grow at a CAGR of 9.9% from 2017 to 2023.
In 2016, North America accounted for more than half of the global industrial alcohol market and is expected to continue this trend during the forecast period, owing to the rapid production and consumption of alcohol, followed by LAMEA.
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Major companies featured in the report include Cargill Inc., MGP Ingredients Inc., Green Plains Inc., Birla Sugar, Cristalco, Greenfield Specialty Alcohols, Flint Hills Resources, Sigma Aldrich, The Andersons Inc. and BASF SE.
Similar research report with detailed analysis of the impact of COVID-19:
Bio-Alcohols Market: Global Opportunity Analysis and Industry Forecast, 2022
Benzyl Alcohol Market: Global Opportunity Analysis and Industry Forecast, 2027
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of âmarket research reportsâ and âbusiness intelligence solutionsâ. AMR has a focused vision to provide business information and advice to help clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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