Market overview:
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 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.
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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.
Among influences of crop-based biofuels production and
adoption, several European ethyl alcohol organizations are supporting its
products by removing the subsidies on crop-based biofuels. The aforementioned
factor is likely to benefit the market growth by tracing several opportunities
for growth during the estimated time frame.
Competitive Analysis:
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.
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.
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 U.S.
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.
Industry News:
In 2019, Evonik announced its expansion of its production capacity
for the high-purity industrial alcohol at the Marl Chemical Park. This
expansion will enable the specialty chemicals to continue building on its
position as manufacturer of this product. Such expansion of business and
investment in the businesses are estimated to drive the global Industrial
Alcohol Market in coming years.
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