The industrial alcohol market is estimated to be worth USD 95.6 billion in 2021. This value is expected to grow at a CAGR of 11.8% to reach USD 141.61 billion by 2026.
HYDERABAD, TELANGANA, INDIA, Aug. 25, 2022 /EINPresswire.com/ — The industrial alcohol market is estimated to be worth USD 95.6 billion in 2021. This value is expected to grow at a CAGR of 11.8% to reach 141, 61 billion USD by 2026.
Industrial alcohol has distilled ethyl alcohol and it is used for vaccines, syrups, liniments and toxic compounds. Other uses are the petroleum industries.
Growing consumer awareness of low carbon alternatives is fueling the market. Additionally, the availability of advanced infrastructure and government initiatives and funding supports the development of the industrial alcohol market.
On the other hand, owing to its multi-functionality and growing applications in pharmaceutical, cosmetic, and paints & coatings, the market is expected to witness a large share of the market.
Over the years, alcohol has been used in medical and beverage applications. However, thanks to advanced technology, alcohol has been found used in a wide range of applications as these factors are expected to create opportunities for market growth. Therefore, the industrial market is likely to offer opportunities in personal care products, food ingredients, pharmaceuticals and fuel applications, and chemical intermediates.
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Growing demand for Bio-ethanol and organic domestics:
The growing YOY demand for bioethanol and organic solvents is creating the demand for market growth. Ethanol is a mainly produced chemical and it consumes alcohol which is used as biofuel in the world.
Bioethanol is one of the most interesting biofuels due to its positive impact on the environment. The production of biofuels from renewable feedstocks has attracted considerable scientific attention as they could be used to provide energy and alternative fuels.
The market growth is expected to be limited due to several factors such as the major crop used in the production of ethyl alcohol, wheat, sugar cane and corn are susceptible to negative climatic conditions. Additionally, the price and rising of industrial alcohols is limiting the market growth.
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Industrial Alcohols Market – By Type:
• Benzyl alcohol
Based on Type: Ethyl segment recorded the largest market share in 2021 and it is expected to grow significantly over the forecast period. The growth of the segment is driven by the growing demand for biofuels and the increase in R&D on new generations of biofuels.
Industrial Alcohol Market – By Source:
• Sugar and molasses
• Fossil fuels
Based on Source: Fossil fuel segment is recorded as the largest market share in the industrial alcohol market in 2021 and it is expected to grow significantly over the forecast period. The segment is expected to be the growing source of industrial alcohol manufacturing and mainly increases methyl alcohol and ethyl alcohol.
Industrial Alcohol Market – By Application:
• Personal care
Based on Application: Fuel segment is recorded as the largest market share in the industrial alcohol market in 2021 and it is expected to grow significantly over the forecast period. The sector has a demand for ethyl alcohol in the fuel industry on the other hand due to its high octane rating. Chemical intermediates are experiencing the highest growth in the market owing to high alcohol consumption.
Industrial Alcohol Market – By Purity:
• Denatured alcohol
• Undenatured alcohol
On the basis of purity: undenatured segment is recorded as the largest market share in the industrial alcohol market in 2021 and it is expected to grow significantly over the forecast period. Undenatured alcohol is pure from ethanol alcohol. It is safe for human consumption or concentration.
Industrial Alcohol Market – By Processing Method:
• Method of fermentation
• Synthetic method
Based on Processing: Fermentation process is recorded as the largest market share in the industrial alcohol market in 2021 and it is expected to grow significantly over the forecast period. The process is for the production of cellular energy. Cells are most efficient, this process occurs independently of oxygen.
Industrial Alcohols Market – By Feature:
• Anti-microbial activity
• Perfume/flavoring agents
• Flammability and volatility
On the basis of feature: solubility segment is recorded as the largest market share in the industrial alcohols market in 2021 and it is expected to grow significantly over the forecast period. The segment is alcohol and they have the hydrogen bond with water in the solubility of alcohol in water.
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Middle East and Africa
Asia-Pacific is the largest growing region in the industrial alcohol market and is witnessing significant growth over the forecast period. Asia-Pacific is the most available of countries like China, India, and Japan. China is the major part of the region for producers, ethanol supports and increases the population and the demand for alcohol and the factors support the growth of the market.
Latest industry developments:
In May 2020, Protector & Gamble and Cargill entered into a collaboration to bring innovative technology powered by nature to convert lactic acid into bio-based acrylic to make more sustainable products. P&G granted Cargill an exclusive license, allowing Cargill to further develop and commercialize this technology, ultimately incorporating it into a range of applications from superabsorbent polymers in absorbent personal care products to thickeners in household paints and Moreover.
In March 2020, MGP Ingredients acquired New Columbia Distilleries LLC. This acquisition improved the company’s footprint in the United States and enabled it to serve a larger base of industrial alcohol consumers.
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