PUBLISHER: SkyQuest | PRODUCT CODE: 1250048
PUBLISHER: SkyQuest | PRODUCT CODE: 1250048
Global Industrial Alcohol Market was valued at USD 154.8 billion in 2021 and it is expected to reach a value of USD 272.2 billion by 2028, at a CAGR of 8.4% over the forecast period (2022-2028).
The global industrial alcohol market refers to the market for alcohol products that are primarily used for industrial purposes, rather than for human consumption. Industrial alcohol, also known as denatured alcohol or technical grade alcohol, is typically produced from natural resources such as corn, sugarcane, and molasses, and is used in a wide range of industries, including chemical, pharmaceutical, personal care, and food and beverage.
Top-down and bottom-up approaches were used to estimate and validate the size of Global Industrial Alcohol Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
Global industrial alcohol market is segmented on the basis of product, application, source, and region. By product, the market is segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, and others. By application, the market is categorized into food ingredient, transportation fuel & fuel additives, pharmaceutical, personal care, and others. By source, the market is divided into grains, corn, fossil fuels, sugar & molasses, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Driver
With the growing concerns about environmental sustainability and reducing carbon emissions, the demand for biofuels has been increasing. Industrial alcohol is a key feedstock for the production of biofuels such as ethanol, which is used as a substitute for gasoline. As a result, the demand for industrial alcohol has been on the rise, driven by the increasing demand for biofuels.
Restraint
Industrial alcohol is primarily produced from feedstocks such as corn, sugarcane, and molasses. The prices of these raw materials are subject to fluctuations due to various factors such as weather conditions, government policies, and market demand. These fluctuations in raw material prices can affect the profitability of industrial alcohol manufacturers and make it difficult for them to plan their production and pricing strategies.
Market Trends
Industrial alcohol is used as a feedstock in the production of biofuels such as ethanol and biodiesel. The growing demand for biofuels as a more sustainable and eco-friendly alternative to traditional fossil fuels is driving the demand for industrial alcohol.