Industrial Alcohol Market Insights:
The industrial alcohol market had a worth of USD 154.59 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030. The market is expected to reach a value of USD 311.61 billion by 2030.
Ethyl alcohol, commonly referred to as industrial alcohol, is a multifaceted chemical with a wide range of applications across various industries, including pharmaceuticals, food and beverage, and personal care. The production of industrial alcohol involves the fermentation of sugars and starches sourced from crops like corn, wheat, barley, and sugarcane.
The application of industrial alcohol spans across several industries, including fuel, personal care, pharmaceuticals, food and beverages, and others. The largest market segment is fuel, accounting for more than 40% of the market share in 2021. The increase in demand for biofuels and government measures to reduce carbon emissions are the primary drivers behind this growth. Industrial alcohol is a crucial raw material in the production of biofuels such as ethanol and biodiesel.
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Following the fuel segment, the personal care industry is the second-largest application area, trailed by pharmaceuticals and food and beverage segments. Industrial alcohol serves as a solvent and preservative in personal care items like perfumes, lotions, and cosmetics. In the pharmaceutical sector, it serves as a carrier and solvent for active pharmaceutical ingredients (APIs). In the food and beverage sector, it acts as a flavoring and preservative agent in a variety of products such as beer, wine, and spirits.
The industrial alcohol market is divided geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. As of 2021, Asia Pacific emerged as the dominant region, capturing a market share of over 40%. This can be attributed to the surging demand for biofuels and personal care items in countries such as China, India, and Japan. North America and Europe are the second and third-largest markets, respectively, owing to the uptake of biofuels and the presence of key market players in these regions.
Market Segmentation
By Type:
Ethyl Alcohol, Methyl Alcohol, Isopropyl Alcohol, and Others
By Source:
Grains, Corn, Sugarcane , Molasses
By Application:
Fuel, Food Ingredient, Chemical Intermediates, Pharmaceutical, Personal Care and others.
By Geography:
North America, Europe, Asia Pacific
Latin America, Middle East and Africa
The key players in the industrial alcohol market include Cargill, Inc., Archer Daniels Midland Company, Raizen Energia S.A., Green Plains Inc., Flint Hills Resources, LLC, MGP Ingredients, Inc., Cristalco, Manildra Group, and The Andersons, Inc. These companies are actively involved in product development, strategic collaborations, and mergers and acquisitions to expand their market presence and increase their product portfolio.
In conclusion, the industrial alcohol market size is a growing sector driven by the increasing demand for biofuels, personal care products, pharmaceuticals, and food and beverages worldwide. The market has been segmented into several applications, including fuel, personal care, pharmaceuticals, food and beverages, and others. With the increasing investment in research and development by companies and governments, the industrial alcohol market is expected to grow significantly during the forecast period.
The study provides answers to the following key questions:
• What type of customers buying the products and services from companies operating in the Industrial Alcohol Market?
• What will be the roadmap for the product manufacturers operating in the Industrial Alcohol Market for the forecast period, 2023-2030?
• What are the recent developments in the competitive landscape to look out for during the estimated period?
• What are the major trends influencing customers’ lives and their buying behaviour?
• How can brands best communicate with the customers they intend to target?
• When, where and how the customers want to use or consume the products or services?
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