Industrial Alcohols Market By Type (Isopropyl Alcohol, Methyl Alcohol, Ethyl Alcohol Isobutyl Alcohol, Benzyl Alcohol, And Others), Application (Fuel, Chemical Intermediates & Solvent, Pharmaceuticals, Personal Care Products, Food Ingredients, And Others), Processing Method (Fermentation And Synthetic), And Source (Molasses, Sugar, Grains, Fossil Fuels, And Others).
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The global industrial alcohols market was valued at $100,535 million in 2016, and is expected to reach $198,610 million by 2023, growing at a CAGR of 10.2% from 2016 to 2023. Industrial alcohols are used by end users for various applications such as sanitizing, cleaning, and solvent properties.
Moreover, these alcohols are required for the production of medicines, food products, flavorings agents, and cosmetics. In addition, they are used to develop vaccines, compound tonics, syrups, tinctures, liniments, and antiseptics as well as manufacturing pharmaceuticals such as chloroform, atabrine, and barbiturates.
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Furthermore, majorly produced alcohol, such as ethanol, is used in the production of adhesives, cosmetics, detergents, explosives, inks, hand cream, plastics, and textiles.
The global market has witnessed significant growth in the recent years, owing to the rise in demand for biofuels. Moreover, surge in environmental concerns and stringent governmental regulations have fueled the development of Greenhouse Gases, Regulated Emissions, and Energy Use in Transportation Model (GREET) model.
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As per the Department of Energy’s GREET model, the use of bioethanol significantly reduces greenhouse gas emissions by 34% as compared to petroleum-derived gasoline which is thereby propelling the market growth. Presently, the adoption of other alcohols, such as ethanol, methanol, and isobutanol, as solvents has increased in the chemical industry.
In addition, increase in use of isobutanol as a feedstock for manufacturing isobutyl acetate and in the production of lacquer, similar coatings, and flavoring agent in the food industry are further expected to fuel the market growth.
The global industrial alcohols market is segmented based on type, application, source, and geography. On the basis of type, it is classified into isopropyl alcohol, methyl alcohol, ethyl alcohol, isobutyl alcohol, benzyl alcohol, others (pentanol and methyl-1-butanol).
Based on source, it is categorized into molasses, sugar, grains, fossil fuels, and others (whey and grapes). On the basis of application, it is divided into fuel, chemical intermediates & solvent, pharmaceuticals, personal care products, food ingredients, and others (adhesives and coatings).
Based on processing method, it is bifurcated into fermentation and synthetic. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the current trends, estimations, and dynamics from 2016 to 2023 to identify the prevailing market opportunities.
- The major countries in each region are mapped as per individual market revenue.
- The region-wise and country-wise industrial alcohols market conditions are comprehensively analyzed in the report.
- This study evaluates the competitive landscape and value chain analysis to understand the market scenario.
- An in-depth analysis of segmentation of the global industrial alcohols market is provided in the report.
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