The global industrial alcohol market is chiefly driven by its used as a sanitizer, for cleaning and in chemical laboratories for other solvent usage. Ethyl alcohol or industrial alcohol is highly in demand because of its use in medicines, for flavoring, as a food ingredient, and various other cosmetic products. For the manufacturing of vaccines, antiseptics, and syrups, industrial alcohol is used in the medication sector. Another important factor which is bolstering the demand for industrial alcohol across the globe is its use as a biofuel. This is because ethyl alcohol is volatile, colorless, and flammable liquid which makes it a good biofuel. Industrial alcohol is also used for the synthesizing of other chemicals. Due to the many uses of industry alcohol, it is undisputed that the global industrial alcohol market is expected to witness a positive growth during the period from 2017 to 2025.
Global Industrial Alcohol Market: Trends And Opportunities
One of the key trends that can be observed within the industrial alcohol market is the development of ethanol from algae and agricultural waste. This trend is especially prominent in the U.S. and Canada.
It has been found that among methyl alcohol, isopropyl alcohol, ethyl alcohol, and benzyl alcohol, the demand for ethyl alcohol is highest in the industrial alcohol market on account of its wide range of applications. Due to their multifunctional properties and applications across the pharmaceutical, food ingredients, biofuel, chemical, and personal care industries, ethyl alcohol will continue to lead as the largest industrial alcohol type segment.
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In terms of application, the fuel segment is expected to emerge as the leading segment leaving behind chemical intermediates, personal care products, pharmaceuticals, and food ingredients applications. In recent times industrial alcohol has been extensively used in the fuel and energy sector. There is a rising demand in biofuel on account of the need to preserve environment and increasing awareness regarding the same, which in turn is favouring the industrial alcohol market.
Industrial Alcohol Market: Geographical Analysis
On the basis of geography, the global industrial alcohol Market is segmented into the Middle East in Africa, North America, Asia Pacific, Latin America, and Europe. Among these, North America is leading in terms of value in the industrial alcohol market. However other regions such as the Middle East and Africa and Asia Pacific are also expected to emerge as promising markets for industrial alcohol. The availability of feedstock such as corn coupled with increasing consumer awareness regarding carbon emissions and environmental conservation are expected to drive the growth of the Asia Pacific industrial alcohol market. Stringent regulations implemented by the government, efficient logistic facilities as well as advancements in technology are other factors expected to boost the market in this region.
Global Industrial Alcohol Market: Companies Mentioned
Players within the global industrial alcohol market are conducting extensive research and contributing to the growth of the market. Players are also exploring other regions through acquisitions and various forms of partnerships as their market strategy for geographical expansion. Some of the leading companies mentioned in the report are: Flint Hills Resources, Cargill, Green Plains Inc., RaízenEnergia, Cristalco, Sigma Aldrich, The Andersons Inc., MGP Ingredients, Grain Processing Corporation, and Greenfield Specialty Alcohols.
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