Industrial Alcohol Market Size is Projected to Witness a Rapid Growth by Forecast to 2023 | Industrial Alcohol Industry to Rise Considerably Due to high Demand for Organic Solvents
Industrial Alcohol Market Report Insights and Industry Analysis by Source (Sugar & Molasses, Corn, Grains, Fossil Fuels), Type (Ethyl Alcohol, Methyl Alcohol, Isopropyl Alcohol), Application (Fuel, Pharmaceuticals, Personal Care Products, Chemical Intermediate & Solvent) and Region - Competitive Market Size, Share, Trends, and Forecast, 2018 - 2023
Pune, India, July 26, 2019 (GLOBE NEWSWIRE) -- Market Insight:
Market intensive reports associated with the alcohol sector have been recently made accessible by Market Research Future and asserts that the Global Industrial Alcohol Market is set to stake exponential revenue by 2023 at a higher CAGR. Industrial Alcohol is considered as a distilled ethyl alcohol of high purity and is produced for an array of applications such as biofuel, pharmaceuticals, and personal care. The primary source of its production is through the corn, sugar, molasses, fossil fuels, and others.
Key Market Players:
Some of the critical players effective in the Global Industrial Alcohol Market are Cargill, Incorporated (U.S.), BASF SE (Germany), Raizen (Brazil), Exxon Mobil Corporation (U.S.), Royal Dutch Shell plc (Netherlands), Eastman Chemical Company (U.S.), Greenfield Global, Inc. (Canada), MGP (U.S.), Green Plains Inc. (U.S.), and Cristalco (France).
July 10, 2019: Pharmco, a leading international producer of specialty Industrial Alcohols and high purity solvents, stated that it would expand its distribution capabilities in a new 265,000 square foot warehouse into Ocala, Florida. This new warehouse will strengthen Pharmco's unique coast-to-coast distribution capabilities for Industrial Alcohol. It will also put the spotlight on its 12 existing North American warehouses that are interconnected with over 40 international distribution partners.
Market Growth & Drivers:
The Chemical Industry is the potential market influencer as this area has shown its worth in assisting Industrial Alcohol Market in its growth and consistency. However, from the chemical industry, ethanol plays a vital role and acts as a significant driver of the market, as it is widely used in petrol engines as a blending fuel for gasoline. On the other hand, swelling demand for organic solvents is witnessing prominent traction due to their high efficiency and low toxicity, which is eventually driving the Global Industrial Alcohol Market.
The range of applications from pharmaceutical to chemical intermediates is also showing an upscale demand for Industrial Alcohol Market, which, in turn, is expected to foster the market growth during the assessment period. Apart from this, Industrial Alcohol Market is likewise anticipated to capture a considerable amount of traction during the foreseen period due to its prominent usage in pharmaceuticals as anesthetics, antiseptics, drugs, liniments, lotions, and cosmetics such as fragrances, deodorants, and shampoos.
As per the U.S. Federal Government, under the Renewable Fuel Standard (RFS) implemented the boost in the demands for ethanol is due to its benefits for the reduction in emission from gasoline and diesel use. This has created many opportunities for the Industrial Alcohol Market to expand remarkably in the forecast period. Furthermore, the U.S. Department of Energy supported research conducted at the National Renewable Energy Laboratory (NREL) with an aim to grow conversion technologies of biomass to create base chemicals, fossil substituted products, and produce fuels such as ethanol and others. Such implementation of technologies to improve low-cost bio-ethanol is trending, which is fueling the industrial alcohol market rapidly.
The Global Industrial Alcohol Market includes various segments such as Source, Type, and Application.
By Source: into sugar & molasses, corn, grains, fossil fuels, and others are the sub-segments.
By Type: ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others are the sub-segments.
By Application: fuel, pharmaceuticals, personal care products, food ingredients, chemical intermediate & solvent, and others are the sub-segments.
Regional Outlook:
Regionally, the Global Industrial Alcohol Market encases prime regions of Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
North America bellwethers the Industrial Alcohol Market with a significant share due to high demands for the product in the automotive and pharmaceuticals sectors. In this region, the U.S. is the largest manufacturer, and consumer of ethanol as its raw material is available on easy notes. Apart from this, the market in the U.S. is driving at the top due to the presence of favorable schemes and projects such as United States Department of Agriculture (USDA) implemented the U.S. ethanol expansion through the agricultural sector.
Asia Pacific region is also expected to be the fastest increasing market with projecting a higher CAGR due to proliferating demands for Industrial Alcohol from chemical, pharmaceutical, and other industries from countries such as India, China, Japan and many more.
The Europe market claims to be majorly driven by the high demand for Industrial Alcohol mainly from automotive, pharmaceutical industries coupled with stringent government regulations. Whereas, the untapped and expanding market in Latin America and the Middle East & Africa are also probable to experience significant growth over the forecast period.
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Source: GlobeNewswire PR
(July 26, 2019 - 7:05 AM EDT)
