(Food-Beverage-News.Com, May 27, 2019 ) Industrial alcohol is one of the major segments in the alcohol market, used in a wide range of applications. The most common application areas for industrial alcohol are fuel, pharmaceuticals, food ingredients (except beverages), personal care products, chemical intermediates & solvents, and other applications, which include home care products and reagents. The application sector where a majority of alcohol is used is the energy sector, in the form of biofuel.
Browse 71 market data tables and 66 figures spread through 169 pages and in-depth TOC on “Industrial Alcohol Market - Global Forecast to 2022”
The market for industrial alcohol is estimated to be valued at USD 113.26 billion in 2017 and is projected to reach USD 180.83 billion by 2022, at a CAGR of 9.8% during the forecast period. Currently, this market is gaining momentum due to the increase in demand for biofuel and the multi-functionality of industrial alcohol for various applications across many industries. Availability of feedstock such as corn, stringent regulations in the energy sector imposed by the government, and increased consumer awareness on environment safety & carbon emissions are some other factors that fuel the growth of this market.
Industrial alcohol manufacturers are largely investing in new alcohol plants to meet the increasing demand. The investments by key players in industrial alcohol, such as ethyl alcohol and methyl alcohol, are witnessed to increase their production capacity. The advent of advanced biofuels in the energy sector is expected to create newer opportunities for newer feedstocks, such as cellulosic materials, agricultural waste, and whey for industrial alcohol production. Moreover, the demand for alcohols such as methyl, isopropyl, and isobutyl alcohol from the chemical manufacturing industries for the production of chemical derivatives, is an encouraging factor for key players to adopt expansion of production facilities as their strategic plan in order to maintain a balance between the demand and supply.
The industrial alcohol market, by type, has been segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others, which include sorbitol and maltitol. The methyl alcohol segment is projected to grow at the highest CAGR from 2017 to 2022. The methyl alcohol is one of the major alcohols which is largely used in several applications, such as, biofuel and chemical industries.
Industrial alcohols are used for various applications such as personal care products, pharmaceuticals, fuel, food ingredients (excluding beverages), chemical intermediates & solvents, and others, which includes home care products and reagents. The fuel segment is projected to grow at the highest CAGR from 2017 to 2022. The fuel sector presents innovative potential to industrial alcohol manufacturers due to the option for processing various feedstocks depending on the geography, alcohol type, and application.
The industrial alcohol market has been segmented on the basis of source into sugar & molasses, corn, grains (excluding corn), fossil fuels, and others, which include home care products and reagents. The fossil fuels segment is projected to grow at a higher CAGR during the forecast period. Industrial alcohol derived from fossil fuels are widely used in the chemical industry.
The industrial alcohol market is experiencing high growth, particularly in the Asia-Pacific region. China and India are the main markets with a high demand for industrial alcohols in this region. China is the largest consumer and producer of methyl alcohol and one of the biggest contributors in the industrial alcohol market. The region’s production capacity growth over the years, followed by huge availability of agricultural feedstocks, has opened up new opportunities for the industrial alcohol market. The rapid growth in demand for personal care products, increase in awareness regarding the role of alcohol in maintaining a hygienic environment, and demand for alternative fuels is driving the growth of the industrial alcohol market.
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