London, March 12, 2024 (GLOBE NEWSWIRE) -- Global industrial alcohol market is witnessing a remarkable surge, expected to thrive at a healthy US$282.5 Bn by 2030. This notable growth is projected to thrive at a CAGR of 8.6% in the forthcoming years from 2023 to 2030. Industrial alcohol finds extensive applications in the pharmaceutical and healthcare sectors. It is a vital ingredient in the manufacturing of various medicinal products, disinfectants, and sanitizers.
The key trend expected to fuel the automotive and chemical sectors is the utilisation of industrial alcohols for various purposes, including as fuel additives and solvents, contributing to market growth. Another trend anticipated to fuel the industrial alcohol market growth is Industrial alcohols, especially ethanol, which are vital ingredients in pharmaceuticals, sanitizers, and disinfectants, driving demand in the healthcare sector, especially during pandemics.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2022 | |
| Forecast Year | 2023 – 2030 | |
| Market Size in 2022 | US$158.6 Bn | |
| Estimated Market Size in 2030 | US$282.5 Bn | |
| CAGR | 8.6% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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“The rising demand for processed foods, beverages, and alcoholic drinks, especially in emerging economies, fuels the demand for industrial alcohol. Additionally, the industry's focus on product innovation and the development of new flavours further amplifies the market growth. The multifaceted applications of industrial alcohol in the food and beverage sector make it a significant driver of market expansion,” says the analyst.
Key players are focusing on developing high-purity industrial alcohol suitable for medical applications, adhering to stringent quality standards. Brands are leveraging this trend by marketing their products as essential components in healthcare and hygiene solutions, catering to a growing market segment.
Regulatory mandates, such as blending requirements for biofuels or environmental regulations promoting the use of renewable resources, significantly influence the industrial alcohol market.
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Key Research Insights
- Corn-based industrial alcohol stands out as the leading category in the source segment.
- Ethyl alcohol held the largest market share in 2022 due to its versatile applications in various industries.
- North America is the dominant region in the market attributed to the rising consumption of industrial alcohols in healthcare products.
- Asia Pacific leads the industrial alcohol market due to the high demand from the pharmaceutical, automotive, and chemical sectors.
Insights into Segmentation Analysis
Corn Emerged as the Dominant Category in the Industrial Alcohol Market
- Corn held a commanding share of nearly 40% in 2022. This dominance can be attributed to the widespread availability of corn as a raw material and its efficient conversion into alcohol.
- Corn-based industrial alcohol finds extensive applications in sectors like pharmaceuticals, food and beverages, and cosmetics. Its versatility, coupled with favourable characteristics such as high purity and lower production costs, has established corn as a preferred source among manufacturers.
- Molasses stands out as the significantly growing category, experiencing a remarkable annual growth rate of around 12%. Molasses, a by-product of the sugar refining process, has gained significant traction due to its eco-friendly and sustainable nature.
- As industries increasingly focus on environmentally responsible practices, molasses-based industrial alcohol has witnessed a surge in demand. Its applications in biofuels, organic chemicals, and animal feed additives have contributed to its rapid growth.
Ethyl Alcohol Emerges as the Dominant Category
- Ethyl alcohol receives tailwinds from pharma, cosmetics, and beverages. This category captures a significant market share of around 60%.
- Ethyl alcohol's dominance can be attributed to its widespread applications across various industries, including pharmaceuticals, cosmetics, and alcoholic beverages.
- Its versatility, high purity, and suitability for a multitude of uses make it a preferred choice among manufacturers and consumers alike. As a result, ethyl alcohol continues to lead the market, serving as a fundamental ingredient in the production processes of numerous essential products.
- The significantly growing category, isopropyl alcohol, stands out with remarkable momentum, witnessing an annual market share growth of around 10%.
Key Report Highlights
- The industrial alcohol market is experiencing growth in pharmaceutical and healthcare applications.
- The rising demand for processed foods, beverages, and alcoholic drinks, especially in emerging economies, fuels the demand for industrial alcohol.
- The expanding pharmaceutical sector, driven by factors like population growth, and increased healthcare spending, is boosting the demand for industrial alcohol.
Insights into Regional Analysis
Asia Pacific Continues to Dominate with 45% Market Share
- Asia Pacific continues to lead the global industrial alcohol market, contributing a substantial revenue share of around 45%. Asia Pacific benefits from pacing development of auto, pharma, and personal care Industries in key economies.
- Several factors contribute to the region's leading position. The robust industrialisation and rapid economic growth in countries like China, and India have led to increased demand for industrial alcohol across various sectors, including pharmaceuticals, automotive, and cosmetics.
- The availability of abundant raw materials, such as corn, and sugarcane, in countries like China, and Brazil supports the production of industrial alcohol.
- The growing adoption of industrial alcohol in the healthcare and pharmaceutical industries for the manufacturing of sanitizers, disinfectants, and medicines has significantly boosted the market.
- The region's booming agricultural sector has led to increased production of feed and food products, further driving the demand for industrial alcohol.
North America Grows Lucrative as Auto and Cosmetic Industries Generate Demand
- North America is likely to experience substantial growth in industrial alcohol sales, with a projected increase of around 7% during the forecast period.
- Market growth in the region can be attributed to several key factors. The region's well-established pharmaceutical and healthcare industries rely heavily on industrial alcohol for production of hand sanitizers, disinfectants, and medical supplies,
- The robust demand for industrial alcohol in the automotive sector, where it is utilised in the manufacturing of cleaner-burning fuels and engine coolants, further propels the market growth.
- North America's thriving cosmetics and personal care industry extensively utilises industrial alcohol in the production of various products, contributing to increased sales.
Key Companies in Global Metaverse Market
- Archer Daniels Midland
- Cargill
- DuPont
- INEOS
- LyondellBasell
- Mitsubishi Chemical
- Sasol
- Sinopec
- Taiyo Chemical
- TotalEnergies
- Unilever
- Vinnolit
- Yara International
- BASF
- Dow
Global Industrial Alcohol Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - (By Type Coverage, By Source Coverage, By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/industrial-alcohol-market
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