Industrial Alcohol Market Insights
The global industrial alcohol market is projected to grow at a significant CAGR of more than 9.5% over the forecast period. The market growth is anticipated to be influenced by increasing application of isobutanol, methanol, and isopropanol across various end-use industries such as pharmaceutical, automobile and personal care among others. Along with this, rising demand for biofuel is also estimated to be one of the major factors influencing market growth.
The industry is also expected to be influenced by factors of industrial alcohols such as low emissions, volatility, colorless nature and low toxicity level among others. Stringent government regulations aimed at mandating the use of ethyl alcohol is projected to generate untapped opportunities for the use of industrial alcohols across various sectors.
However, the market is likely to become less attractive over time due to the fluctuating price of raw materials. This can be a potential reason for the market to slow down.
Industrial Alcohol Market: Type Insights
Based on the type, the market is segmented into ethyl, methyl, isopropyl, isobutyl, and benzyl alcohol among others. The ethyl alcohol segment is expected to hold the largest share of the industrial alcohol market during the forecast period. This can be associated with rising application of the product as biofuel in energy industries. Along with this, growing demand for ethyl across various verticals such as pharmaceutical and personal care is also likely to have a positive influence on the overall market.
The market for isobutanol is also expected to grow at a significant CAGR over the forecast period. Benefits associated with the product such as improved flowability when mixed with alkyd resin paints, volatility and low viscosity among others are likely to propel market growth in the coming years.
Industrial Alcohol Market: Source Insights
On the basis of source, the global industrial alcohol market is segregated into sugar & molasses, corn, grains and fossil fuels among others. Corn is expected to be the most widely used source for industrial alcohol. This can be associated with rising application of ethyl alcohol which is produced from corn across various sectors.
The fossil fuels segment is also projected to grow exponentially over the coming years. This can be attributed to rising use of fossil fuels such as natural gas and coal to produce methanol. Methanol is used mainly in the chemical industry as an anti-freeze, intermediate, denaturant for ethanol, fuel, and solvent for the production of various chemicals.
Industrial Alcohol Market: Processing Method Insights
By processing method, the industry is segregated into fermentation and synthetic methods. The fermentation segment is projected to dominate the market in the forecast period owing to increasing adoption of fermentation by starch and molasses to produce ethyl alcohol. Along with this, fermentation in a low-cost process with low energy requirement as compared to synthetic methods. This is also likely to positively affect the market growth.
Industrial Alcohol Market: Purity Insights
Based on purity, the market is segmented into denatured and undenatured alcohol. The market for undenatured alcohol is anticipated to occupy the highest share on account of its purity. While the denatured alcohol contains additives that make it unsafe to drink the undenatured alcohols contain no additives. Thus, undenatured alcohol is drinkable and is expected to be increasingly used for laboratory applications.
Industrial Alcohol Market: Application Insights
The global industrial alcohol market is segmented into personal care, pharmaceutical, fuel, food, chemical, based on application. The fuel segment is projected to hold the largest share of the industry in the forecast period. Increasing application of ethyl, methyl and isobutyl alcohol across various energy and fuel sectors owing to their advantages such as superior flammability and high octane number among others is anticipated to stimulate the demand over the coming years. Along with this, rising demand for biofuel coupled with government inclination towards the adoption of bioethanol is also expected to propel growth.
Industrial Alcohol Market: Regional Insights
North America is the industry leader owing to the availability of feedstock such as corn coupled with rising consumer awareness towards environmental safety in the region. Stringent government regulations imposed on the energy sector in the region is also projected to propel the demand for various industrial alcohols, thereby influencing the market growth.
The Asia Pacific is also estimated to grow at a considerable rate attributing to increasing demand for the product from countries such as China, Thailand, and India.
Industrial Alcohol Market: End-Use Landscape
The end-use landscape entails a list of current and prospective consumers prevailing across the regions. This section provides company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase industrial alcohol over the coming years. Some leading consumers of industrial alcohol are Exxon Mobil Corporation, Royal Dutch Shell, Chevron Corporation, PetroChina, Kuwait Petroleum Corporation, LanzaTech, and Algenol.
Industrial Alcohol Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Industrial Alcohol Market Share & Competitor Analysis
Some of the players operating in the global industrial alcohol market include Cargill, The Andersons Inc., Raizen Energia, Grain Processing Corporation, Green Plains Inc., Greenfield Specialty Alcohols , Cristalco, Flint Hills Resources, MGP Ingredients and Sigma Aldrich.
In May 2018, The Union Cabinet in India approved "National Policy on Biofuels". Earlier, ethanol biofuel produced from sugarcane molasses was allowed to be mixed with petrol in India. However, with the new policy, the list of raw materials for production of biofuel has been expanded.
In June 2018, Gevo, Inc. announced adoption of eBOOST yeast of the Royal DSM.The product is projected to improve the production of ethanol by improving quality of the produced yields and by enhancing profitability.
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