Product ID: SQSG15B2011
Global Industrial Alcohol Market Size, Share, Growth Analysis, By Product(Ethyl Alcohol, Methyl Alcohol), By Application(Food Ingredient, transportation fuel & fuel additives), By Source(Grains, Corn) - Industry Forecast 2024-2031
Report ID:
SQSG15B2011 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
95 |
Figures:
76
Global Industrial Alcohol Market Insights
Industrial Alcohol Market size was valued at USD 124 billion in 2019 and is poised to grow from USD 137.54 billion in 2023 to USD 301 billion by 2031, growing at a CAGR of 10.6% in the forecast period (2024-2031).
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 Industrial Alcohol Market Report Snapshots
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