Industrial Alcohol Market Latest Trends, Along With Major Key Players Forecast 2022-2030 in Market Research Community
- June 5, 2023, 8:04 a.m.
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Industrial Alcohol Market Insights:
The industrial alcohol market had a worth of USD 154.59 billion in 2021 and is projected to grow at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030. The market is expected to reach a value of USD 311.61 billion by 2030.
Ethyl alcohol, also known as industrial alcohol, is a versatile chemical that finds numerous uses in different industries such as pharmaceuticals, food and beverage, and personal care. Industrial alcohol is produced through the fermentation of sugars and starches obtained from crops like corn, wheat, barley, and sugarcane.
Industrial alcohol is widely used in various industries, including fuel, personal care, pharmaceuticals, food and beverages, and others. Among these, the fuel industry holds the largest market share, exceeding 40% in 2021. The growing demand for biofuels and governmental initiatives aimed at reducing carbon emissions are key factors driving this expansion. Industrial alcohol plays a vital role as a primary raw material in the production of biofuels like ethanol and biodiesel.
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Industrial alcohol finds application across various industries. The personal care industry, pharmaceuticals, and the food and beverage sector are the main areas where it is used. The fuel segment holds the top position, followed by personal care, pharmaceuticals, and food and beverage.
In the personal care industry, industrial alcohol is utilized as a preservative and solvent in products like perfumes, lotions, and cosmetics. In pharmaceuticals, it serves as a solvent and carrier for active pharmaceutical ingredients (APIs). Additionally, industrial alcohol acts as a flavoring and preservative agent in the food and beverage sector, being employed in the production of beverages such as beer, wine, and spirits.
The global industrial alcohol market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. In 2021, Asia Pacific emerged as the leading region, holding a market share of more than 40%. The significant growth in demand for biofuels and personal care products in countries like China, India, and Japan contributed to this dominance. North America and Europe follow as the second and third-largest markets, driven by the increasing adoption of biofuels and the presence of key market players in these regions.
Market Segmentation
By Type:
Ethyl Alcohol, Methyl Alcohol, Isopropyl Alcohol, and Others
By Source:
Grains, Corn, Sugarcane , Molasses
By Application:
Fuel, Food Ingredient, Chemical Intermediates, Pharmaceutical, Personal Care and others.
By Geography:
North America, Europe, Asia Pacific
Latin America, Middle East and Africa
The key players in the industrial alcohol market include Cargill, Inc., Archer Daniels Midland Company, Raizen Energia S.A., Green Plains Inc., Flint Hills Resources, LLC, MGP Ingredients, Inc., Cristalco, Manildra Group, and The Andersons, Inc. These companies are actively involved in product development, strategic collaborations, and mergers and acquisitions to expand their market presence and increase their product portfolio.
In conclusion, the industrial alcohol market size is a growing sector driven by the increasing demand for biofuels, personal care products, pharmaceuticals, and food and beverages worldwide. The market has been segmented into several applications, including fuel, personal care, pharmaceuticals, food and beverages, and others. With the increasing investment in research and development by companies and governments, the industrial alcohol market is expected to grow significantly during the forecast period.
The study provides answers to the following key questions:
- What type of customers buying the products and services from companies operating in the Industrial Alcohol Market?
- What will be the roadmap for the product manufacturers operating in the Industrial Alcohol Market for the forecast period, 2023-2030?
- What are the recent developments in the competitive landscape to look out for during the estimated period?
- What are the major trends influencing customers’ lives and their buying behaviour?
- How can brands best communicate with the customers they intend to target?
- When, where and how the customers want to use or consume the products or services?
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