Regulatory changes by government in several countries globally which mandate using blend of ethyl alcohol and gasoline are fueling growth of the global industrial alcohol market. Additionally, increasing usage of industrial alcohol including iso-butanol, methanol, and isopropanol across personal care, automobile, and pharmaceuticals are estimated to propel the market growth in the coming years.
The industrial alcohol Market is a volatile, flammable, and colorless liquid, which has wide applications as biofuel as it is derived from the sources such as corn, grains, and molasses. Surge in demand for fuel coupled with increasing support from governments for using ethanol-mixed fuel is estimated to spur the growth of industrial alcohol market. Additionally, demand for industrial alcohol is increasing as solvent for its excellent properties are driving growth of the global industrial alcohol market.
Further, the emerging trend of deriving the ethanol and especially for the industrial use from algae and other agricultural waste is estimated to drive the market growth in the coming years. Also, the market for industrial alcohol is expanding on the back of expanding its usage across personal care industry as a sanitizer and cleaning agent across household use as well as several end use industries. This is one of the key factors driving growth of the global market for industrial alcohol. Additionally, increasing penetration of alcohol and especially ethanol as a flavoring agent and food ingredient in the packaged food and pharmaceuticals industry is benefiting growth of the market substantially.
Competitive Leader Board:
Some of the major companies in the global industrial alcohol market include Cargill, Incorporated, BASF SE, Exxon Mobil Corporation, Raizen, Royal Dutch Shell plc, Greenfield Global, Inc., Eastman Chemical Company, MGP, Cristalco, and Green Plains Inc.
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Market Segmentation:
The global industrial alcohol market is segmented based on the application, source, type, and region.
Based on the source, the market is segmented into fossil fuels, corn, sugar molasses, grains, and others.
Based on the type, the market is segmented into methyl alcohol, ethyl alcohol, isopropyl alcohol, benzyl alcohol, isobutyl alcohol, and others.
Based on the application, the market is segmented into pharmaceuticals, fuel, personal care products, chemical intermediate solvent, food ingredients, and others.
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Regional Analysis:
Regionally, the industrial alcohol market is segmented into the North America, Asia Pacific, Europe, and Middle East Africa. Of these, North America is estimated to remain dominant in the global industrial alcohol market in the coming period owing to the high demand for the products in the automotive and pharmaceuticals sectors. Among the countries in the US is estimated to be the largest manufacturer and consumer of industrial alcohol owing to strong foothold of key players in the region. Additionally, the Europe is estimated to hold the second leading position in the global industrial alcohol market and is estimated to retain its position during the forecast period.
However, Asia Pacific is estimated to exhibit fastest CAGR during the forecast period owing to rising demand for the industrial alcohol from several end use industries such as pharmaceutical, chemical, among others. Additionally, expanding industries is estimated to benefit the market in the region over the future period.
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