The report “Industrial Alcohol Market by Type (Ethyl, Methyl, Isopropyl, Isobutyl, Benzyl Alcohol), Source (Sugar & Molasses, Corn, Grains, Fossil Fuels), Application (Personal Care, Pharmaceutical, Fuel, Food, Chemical), and Region – Global Forecast to 2022”, is projected to reach USD 180.83 Billion by 2022 in terms of value, at a CAGR of 9.8% from 2017 to 2022. Industrial alcohol is widely accepted either as a reagent or solvent in a wide number of applications, such as the pharmaceutical, personal care, energy sector, and chemical industries. Their multi-functionality increases its adoption in end-use applications. Also, the growing demand of biofuel and increase in demand for alcohol across varied sectors has expanded the application areas of industrial alcohol.
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Ethyl alcohol is projected to be the largest segment
The ethyl alcohol segment is estimated to account for the largest market share in the industrial alcohol market in 2017, due to its wide range of applications in the biofuel industry. Ethyl alcohol is considered as the most widely used industrial alcohol, owing to their multi-functional properties and their vast applications in the biofuel, pharmaceutical, personal care, food ingredients, and chemical industries. Following ethyl alcohol, methyl alcohol occupies a dominating share in the industrial alcohol market, owing to its high demand in the chemical industry and the growing demand in biodiesel application.
Market Dynamics:
Drivers
• Increase in Demand for Bioethanol
• Increasing Use of Alcohol in A Wide Spectrum of Applications
Restraints
• Fluctuating Prices of Raw Material
Opportunities
• Emerging Markets: New Growth Frontiers
• Advent of Greener Ethyl Alcohol Sources
Challenges
• Approval From Various Regulatory Bodies
Fuel: The most widely preferred industrial alcohol application
The fuel segment accounted for the largest share in the industrial alcohol market, in terms of value and volume, in 2015. Due to functional properties such as high octane number and flammability characteristics, ethyl alcohol, methyl alcohol, and isobutyl alcohol are widely used in the fuel and energy sector. Increase in demand for biofuel and growing awareness of deteriorating environment quality are driving the demand for industrial alcohol in the fuel sector. With the increasing environmental concerns, massive government support for the development of bioethanol in developed countries, wide applications of industrial alcohol among majority of sectors and positive investigations for better and low priced feedstocks create a platform for newer developments of industrial alcohol, which drives the increase in demand and market growth for alcohol-based products.
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Asia-Pacific is estimated to be the most lucrative market for industrial alcohol
In 2017, the North American region is estimated to hold a significant share in the global industrial alcohol market, whereas Asia-Pacific is projected to grow at the highest CAGR during the forecast period. Some factors that influence their share in the market include availability of feedstock such as corn, stringent regulations in the energy sector imposed by the government, increased consumer awareness on environment safety & carbon emissions, strong logistic facilities, and advanced technological developments. Development of ethanol from agricultural wastes and algae is one of the latest trends in the industrial alcohol industry of countries such as the U.S. and Canada. The Asia-Pacific market is driven by the growing demand for industrial alcohol in developing countries such as India, China, and Thailand.
This report includes a study of marketing and development strategies, along with the product portfolios of leading companies. It includes the profiles of leading companies such as Cargill (U.S.), Raizen Energia (Brazil), Green Plains Inc. (U.S.), Cristalco (France), and MGP Ingredients (U.S.).