Industrial Alcohol Market Current Trends and Future Estimations to 2025
Industrial Alcohol Market by Type (Ethyl Alcohol, Methyl Alcohol, Isopropyl Alcohol, and Isobutyl Alcohol), Source (Sugarcane & Bagasse, Corn, Grains, Molasses, and Fuels), Application, and Region - Global Forecast to 2025
Northbrook, IL 60062 -- (SBWire) -- 09/02/2022 --The industrial alcohol market is estimated to be valued at USD 93.4 billion in 2020 and is projected to reach USD 112.0 billion by 2025, at a CAGR of 3.7% during the forecast period. The industrial alcohol market has been growing in accordance with the growing demand for petrochemicals, commercialization of alternative fuels. Due to their multi-functionality, industrial alcohols also find innumerable applications in cosmetics, pharmaceutical, and paints & coatings. Moreover, growing consumer awareness for low carbon alternate fuels and supporting government mandates will drive the demand for industrial alcohol in the biofuel industry.
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By type, the ethyl alcohol segment remained the largest, while isobutyl alcohol segment is expected grow strongly during the forecast period
The ethyl alcohol segment accounted for the largest market share in the industrial alcohol market in terms of value, followed by methyl alcohol. The increase in demand for biofuel and the extensive research carried out on newer generations of biofuel drives the ethyl alcohol market. The market for isobutyl alcohol is projected to grow at the highest CAGR of 7.5% in the industrial alcohol market, given their extensive application in the manufacture of chemical intermediates and solvents.
By source, the fossil fuels as feedstock account for the largest market share in the industrial alcohol market
The market for fossil fuels as feedstock remained the largest segment in the overall industrial alcohol market. It is also expected to be the fastest growing as fossil fuels are gaining increasing popularity as a source for the manufacturing of industrial alcohol, mainly ethyl alcohol and methyl alcohol. Ethyl alcohol and methyl alcohol manufactured by this process reduce pollution and cause less harm to the environment.
By application, chemical intermediates & solvents segment is projected to grow the fastest during the forecast period
The increased usage of alcohol in the fuel sector and as solvent/reactant in the production of chemical intermediates is fueling the market growth. There has been an increase in the demand for ethyl alcohol in the fuel industry, owing to its high-octane number and the ability to reduce emissions when blended with gasoline. Chemical intermediates & solvents will experience the highest growth during the forecast period owing to high alcohol usage as the main solvent in paints & inks, wood varnishes, polishes, and coatings etc.
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Asia Pacific has been the fastest-growing region that witnesses high ethanol consumption in the world. This is due to the increased emphasis on reducing GHG emissions globally and the low consumption of oil in the region. The regional market is further projected to witness high growth during the forecast period due to the increased demand from China and India. On the other hand, the growth of the industrial alcohol market in Europe is due to the emission targets set by the EU.
Key players in this market include Cargill (US), Raizen Energia (Brazil), Sigma-Aldrich (US), Univar Solutions (US), and MGP Ingredients (US). Other players include Green Plains Inc. (US), Cristalco (France), The Andersons Inc. (US), Grain Processing Corporation (US), Greenfield Global Inc., etc.
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