Global Industrial Alcohol Market
The global industrial alcohol market was valued at USD 157 billion in 2022, and it is expected to grow to USD 319.84 billion by 2032, at an 9.23% CAGR.
Industrial alcohol is a type of alcohol that is produced and used for industrial purposes such as solvents, fuel, and chemical production. It is commonly derived from grains like corn, wheat, and barley through the process of fermentation and distillation. Industrial alcohol is generally denatured by adding chemicals such as methanol to make it unsuitable for human consumption.
The global industrial alcohol market has been growing steadily over the years and is expected to continue to grow at a significant rate in the coming years. The market is driven by the increasing demand for biofuels, the growing use of industrial alcohol in the production of personal care products, and the rising demand for alcoholic beverages and food products.
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The industrial alcohol market was impacted by the COVID-19 pandemic, as it affected several industries that use industrial alcohol as a key raw material. The demand for industrial alcohol from the fuel industry decreased significantly due to the drop in global transportation and the closure of industrial units. Similarly, the demand for industrial alcohol from the personal care products industry decreased as consumers shifted their spending towards essential products during the pandemic.
The pandemic has also highlighted the need for sustainable and renewable sources of energy, which is expected to drive the demand for biofuels, a major application of industrial alcohol. Additionally, with the increase in awareness about hygiene and sanitation, the demand for personal care products, and hence industrial alcohol, is expected to rebound as the pandemic recedes.
The global industrial alcohol market can be segmented based on type, source, application, and region.
- By Type:
- Ethyl alcohol
- Methyl alcohol
- Isopropyl alcohol
- Benzyl alcohol
- By Source:
- Sugar & Molasses
- Fossil Fuels
- By Application:
- Chemical Intermediates & Solvents
- Personal Care & Cosmetics
- Food & Beverages
- By Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
The fuel segment is expected to dominate the market due to the increasing demand for biofuels, while the pharmaceuticals and personal care & cosmetics segments are also expected to witness significant growth due to the growing use of industrial alcohol in these industries. Geographically, the Asia Pacific region is expected to witness the highest growth rate during the forecast period, due to the growing demand from the pharmaceutical and personal care industries and the increasing focus on renewable sources of energy.
Archer Daniels Midland Company
Cargill, MGP Ingredients
Green Plains Inc.
Flint Hills Resources.
The global industrial alcohol market is segmented by region into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- North America: The North American market is driven by the increasing demand for biofuels and the growing use of industrial alcohol in the pharmaceutical and personal care industries. The US is the largest market for industrial alcohol in the region.
- Europe: The European market is driven by the increasing use of industrial alcohol in the pharmaceutical and food industries. The growing demand for biofuels is also driving the market in the region. Germany is the largest market for industrial alcohol in Europe.
- Asia Pacific: The Asia Pacific market is driven by the growing demand for industrial alcohol from the pharmaceutical, food, and personal care industries. The region is also witnessing significant growth in the biofuels market. China is the largest market for industrial alcohol in the region.
- Latin America: The Latin American market is driven by the increasing demand for industrial alcohol from the food and beverage industry. Brazil is the largest market for industrial alcohol in the region.
- Middle East and Africa: The Middle East and Africa market is driven by the growing demand for industrial alcohol from the pharmaceutical and personal care industries. The region is also witnessing significant growth in the biofuels market.
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