Industrial Alcohol Global Market Report 2023
Major players in the industrial alcohol market are Cargill Incorporated U.S, Cristalco, Raizen Energia, MGP INGREDIENTS, Green plains Inc., Sigma-aldrich, Grain Millers Inc., The Andersons Inc., BASF, Royal Dutch shell plc, Exxon mobil corporation, Univar Solutions, and BIRLA SUGAR.
New York, March 02, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Industrial Alcohol Global Market Report 2023" - https://www.reportlinker.com/p06323490/?utm_source=GNWThe global industrial alcohol market grew from $143.77 billion in 2022 to $160.49 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The industrial alcohol market is expected to grow to $247.16 billion in 2027 at a CAGR of 11.4%.
The industrial alcohol market consists of sales of tertiary butanol, haltanol and denatured ethanol.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Industrial alcohol is a kind of alcohol that is utilized in industrial applications.Ethanol is the most frequent form of industrial alcohol.
Adhesives, cosmetics, detergents, explosives, inks, and hand creams are all made with this alcohol. Industrial alcohol is used in the production of vaccinations, compound tonics, syrups, tinctures, liniments, and antiseptics.
North America was the largest region in the industrial alcohol market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the industrial alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of industrial alcohol include isopropyl alcohol, methyl alcohol, ethyl alcohol, isobutyl alcohol, and benzyl alcohol.Isopropyl alcohol is used as an ingredient in various cosmetics and medicinal preparations for external use.
Isopropyl alcohol is an isomer of propyl alcohol and a homologue of ethyl alcohol, with properties similar to those when used externally but more toxic when consumed internally.The fermentation methods used are fermentation and synthetic, and they are sourced from molasses, sugar, grains, and fossil fuels.
The different applications include fuel, chemical intermediates and solvents, pharmaceuticals, personal care products, and food ingredients.
The increasing demand for biofuels among end-users is significantly contributing to the growth of the industrial alcohol market going forward.Biofuel, such as ethanol, is a renewable energy source made from microbial, plant, or animal waste.
It is an alcohol that is also used in gasoline as a blending ingredient to boost octane and reduce carbon monoxide and other smog-causing pollutants to minimize air pollution.In order to lower air pollution and energy costs, alternative fuels such as biodiesel and alcohol are being used in engine technology.
For instance, according to the US Department of Energy, a US-based government department, in 2021, 98% of U.S. gasoline will contain ethanol (industrial alcohol), typically E10 (10% ethanol, 90% gasoline) to oxygenate the fuel, which reduces air pollution. Furthermore, in 2020, biodiesel was second to fuel ethanol as the most produced and consumed biofuel in the United States, and accounted for about 11% and 12% of total U.S. biofuel production and consumption, respectively. Therefore, increasing demand for biofuels among end-users is driving the demand for the industrial alcohol market.
Product advancements have emerged as the key trend gaining popularity in the industrial alcohol market.Major companies operating in the industrial alcohol sector are focused on developing technologically advanced products to strengthen their market position.
For instance, in January 2021, DuPont Nutrition & Biosciences, a Denmark-based bio-based company, launched the SYNERXIA Gemstone Collection, the next advancement in high-performance yeasts for the ethanol market designed for the unique needs of ethanol producers.SYNERXIA SAPPHIRE is developed to give a high ethanol yield boost compared to standard yeast and power through fermentation.
Additionally, the substance expresses enough glucoamylase to replace up to 80% of the glucoamylase added during fermentation. The potent glucoamylase is strongly expressed in yeast, which benefits many producers by reducing leftover starch.
In June 2021, POET, a US-based producer of biofuel and sustainable bioproducts, acquired Flint Hills Resources for an undisclosed amount.Through this acquisition, POET’s annual ethanol production capacity would be increased by 40% to 3 billion gallons per year.
Also, the deal would increase POET’s production of dried distillers’ grains by 7 million tons annually and of corn oil by 975 million pounds annually. Flint Hills Resources is a US-based refining, biofuels, and petrochemical company that produces ethanol-based industrial alcohol.
The countries covered in the industrial alcohol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial alcohol market research report is one of a series of new reports that provides industrial alcohol market statistics, including industrial alcohol industry global market size, regional shares, competitors with an industrial alcohol market share, detailed industrial alcohol market segments, market trends and opportunities, and any further data you may need to thrive in the industrial alcohol industry. This industrial alcohol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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