USD 124 billion
Report ID: SQSG15B2011 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 95 | Figures: 76
Industrial Alcohol Market size was valued at USD 124 billion in 2021 and is poised to grow from USD 137.54 billion in 2022 to USD 301 billion by 2030, growing at a CAGR of 10.6% in the forecast period (2023-2030).
Rising demand for industrial alcohol as an octane enhancer and continuously growing need in several end-use industries including personal care, pharmaceutical, food & beverage, and transportation are the major key factors expected to drive the growth of the global industrial alcohol market during the forecast period. Moreover, high usage of ethanol in various transportation applications as a fuel type is also propelling the global demand and growth of the market.
Furthermore, high implementation of the global clean air act has helped to reduce exhaust gas emissions from various conventional gasoline. According to U.S. Environmental Protection Agency, ethanol plays a crucial role in reducing fuel emissions and subside engine knocking also coupled with the high number of octane presence in ethanol, which is highly utilized by gasoline formulators to improve their engine performance. All these factors are likely to boost the growth of the global industrial alcohol market over the forecast period.
In addition, large presence of international market players and their continuously rising numbers of innovation and development to offer more improved and enhanced products to their consumers and strengthen their market position is also projected to fuel the growth of the global industrial alcohol market over the coming years. For instance, in July 2021, POET announced about its acquisition of Flint Hills Resources complete ethanol business. It will help company to boost the production capacity by nearly 40% to 3 billion gallons per year.
US Industrial Alcohol Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 124 billion
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Global industrial alcohol market is segmented on the basis of product, application, source, and region. By product, Industrial Alcohol Market is segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, and others. By application, Industrial Alcohol Market is categorized into food ingredient, transportation fuel & fuel additives, pharmaceutical, personal care, and others. By source, Industrial Alcohol Market is divided into grains, corn, fossil fuels, sugar & molasses, and others. By region, Industrial Alcohol Market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Industrial Alcohol Market Analysis by Product
By product, the ethyl alcohol segment dominated the market and accounted for a significant market share in 2021. Easy availability of raw materials required in the production process such as wheat, barley, and corn is the major factor driving the growth of the segment. The United States is the major producer of corn-based ethanol worldwide. Around 97% of the all gasoline used in the United States contains at least 10% of ethanol in it. Furthermore, rising usage of ethanol as a clean and alternative fuel mainly in developed regions including Japan, France, the United States, and the United Kingdom, is also fostering the growth of the segment and expected to do so in the near future.
Industrial Alcohol Market Analysis by Application
By application, the transportation fuel & fuel additives segment held the largest market share in 2021 and is projected to maintain its dominance throughout the forecast period. Rapid growth in the global automotive sector and rising demand for gasoline operated vehicles has gained huge growth especially in Asia Pacific and Europe, which is expected to drive the growth of the segment over the coming years. In addition, use of bioethanol in existing vehicles has several benefits as it releases much lesser toxic chemicals as compared to other fossil fuels available in the global market, which is encouraging consumers to opt for these products.
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Globally, Asia Pacific dominated the industrial alcohol market with a holding of significant market share in 2021. This is simply attributed to the rising consumption and high production of methyl ethanol in China and large production of ethanol in India. Moreover, the demand for ethanol is expected to grow significantly with the help of rising number of initiatives created by Indian Government for using ethanol as an automotive fuel. With the increase in consumer disposable income and high population base, the need for biofuels is set to grow extensively by 2030 in the regional market.
Furthermore, North America is witnessing the fastest CAGR during the forecast period owing to high production and increase in export by the United States, which is the largest market for ethanol consumption. In addition, the growth in the production levels in the region is majorly driven by export-oriented production of ethanol in the United States to fulfil and cater the global requirement for ethanol over the coming years. Rising consumer awareness regarding concerns associated with fossil fuels on environment is also driving the growth of the industrial alcohol market in the region.
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Industrial Alcohol Market Drivers
Industrial Alcohol Market Restraint
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The global industrial alcohol market is fairly fragmented with the presence of several international and regional market players operating around the globe. Major market players are highly implementing of business developing strategies such as collaborations, partnerships, new technology development, strategic mergers, and acquisitions to expand their geographical presence and product offering around the globe.
Industrial Alcohol Market Top Player’s Company Profiles
Industrial Alcohol Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global industrial alcohol market is witnessing a significant growth during the forecast period owing to high technological advancements, easy availability of these fuels, rising per capita income of global consumer, and increased environmental concerns. Moreover, high usage as a solvent, additive foe automotive gasoline, and synthesis of other organic chemicals are other factors anticipated to fuel the growth of the market over the coming years. However, skin rash caused by repeated contact, redness, and impaired judgement are few factors restraining the global demand for industrial alcohol over the forecast period.
|Market size value in 2021||USD 124 billion|
|Market size value in 2030||USD 137.54 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Industrial Alcohol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Industrial Alcohol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Industrial Alcohol Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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