Industrial Alcohol Market: Increasing Demand for Petrochemicals Drives the Marketby Mit K. SEO
The industrial alcohol market for the chemical & biofuel industry has been growing in accordance with the increase in demand for petrochemicals and commercialization of alternative fuels such as bioethanol and bio-butanol.The application of industrial alcohol is varied across innumerable applications such as cosmetics, pharmaceuticals, and paints & coatings, due to their multi-functionality.Traditionally, industrial alcohol was largely derived from fossil fuels (coal, natural gas, petrochemical derived). Still, in recent years, a trend has been observed in the production of alcohols from biological sources (crops such as corn, wheat, sorghum, and sugarcane).The industrial alcohol is classified, based on type, into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol.
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The global market for industrial alcohol market is projected to reach USD 180.83 billion by 2022, at a CAGR of 9.8%
The growing demand for bioethanol and increasing usage of alcohol in various applications across regions are projected to drive the market growth for industrial alcohol. The changing lifestyles, growing economy, and shift toward renewable resource utilization in developing economies have led to the increasing demand for alcohol in fuel and other applications. Also, governments across the world are encouraging the development of biofuel, guided by its several beneficial features, over and above fossil fuels. The development of economies plays an essential role in the increase in demand for biofuels in the global market.
Significant increase in awareness regarding the utilization of low carbon alternate fuels to drive the demand forindustrial alcohol
Industrial alcohol plays an important role in many applications, such as pharmaceuticals, fuel, personal care products, food ingredients, and chemical intermediates & solvents, among others. Among the various alcohols available commercially, ethyl alcohol is the most commonly used and widely accepted industrial alcohol, globally. The methyl alcohol segment is projected to dominate the industrial alcohol segment by 2022. The demand for bioethanol is the highest due to its high octane number and renewability. Ethyl alcohol is widely used in the food industries as a flavoring & coloring agent and also in candy glazing, whereas sorbitol and maltitol are the most common sweeteners.Alcohols also find applications in bakery and confectionery industries apart from beverages.Due to alcohol’s excellent disinfectant properties, it is used in home and industrial cleansing agents as well. Hence, antimicrobial property of ethyl alcohol helps it to be used in pharmaceuticals, for both drug development and non-oral applications.
The largest market for industrial alcohol includesNorth America, which represent a large share of industry participants and consumers.The region is one of the largest exporters in the global ethyl alcohol market in the last two decades. The increase in demand for ethanol and methanol from the fuel industry is fueling the market in the region. The US is one of the largest producers of ethyl alcohol and the world’s largest producer of corn. Therefore, the US uses most of the produced corn to prepare industrial alcohol. The Asia Pacific region is the fastest-growing market for industrial alcohol, due toits increasing adoption of alcohol in applications such as cosmetics, pharmaceuticals, chemical intermediates, solvents, and fuel. Asia Pacific produces sugar-based ethyl alcohol, due to the abundant availability of sugar and molasses, which are the key raw materials for producing alcohol.Also, India has the highest potential for growth in the industrial alcohol sector due to the extensive agricultural land available and also the growth in demand for alcohol in different sectors. Due to these factors, Asia Pacific is projected to be the fastest-growing market for industrial alcohol.
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The multifunctional nature of industrial alcohol, ease of incorporation in a wide range of applications, and increase in demand for biofuel are the factors driving the industrial alcohol market. An increase in awareness concerning the environment deterioration among the global population fuels the demand for industrial alcohol.The industrial alcohol market has been segmented, by type, into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others. The ethyl alcohol segment has emerged as the most widely used industrial alcohol, owing to its multifunctional properties and its vast application in the energy sector as biofuel. The global demand for industrial alcohol from fossil fuels is seen to witness an exponential increase. Since ethyl alcohol is the largest produced industrial alcohol, and the USis the main producer of ethyl alcohol from corn, corn is estimated to have the largest share among all other sources.Industrial alcohol has been gaining importance in the fuel segment with an increase in demand for biofuels and the development of flex cars to boost the use of biofuels, for a safe and healthy environment. Top industrial alcohol manufacturers such as Cargill (U.S.), RaizenEnergia (Brazil), Green Plains Inc. (U.S.), Cristalco (France), and MGP Ingredients (U.S.)have been exploring the market in new regions by adopting key strategies. These companies have a high presence in Europe and North America. They also have their manufacturing facilities and strong distribution networks across these regions.
Created on Jun 8th 2020 07:25. Viewed 174 times.