Industrial Alcohol Market is projected to be worth USD 241.42 Billion by 2030, registering a CAGR of 11.7% during the forecast period (2020 - 2027).
Segmentation
The global industrial alcohol market has been segmented based on source, type, and application. By source, the market has been segmented into sugar molasses, corn, grains, fossil fuels, and others. By type, the market has been segmented into ethyl alcohol, methyl alcohol, isopropyl alcohol, isobutyl alcohol, benzyl alcohol, and others. The ethyl alcohol segment is leading the market owing to its broad application in the gasoline blending process. Moreover, due to its antimicrobial properties, it is widely used across the cosmetic and pharmaceutical industry while the methyl alcohol segment is the second largest.
Regional Analysis
North America, Asia Pacific, Europe, Latin America, and the Middle East Africa are the key markets for industrial alcohol. North America accounts for a substantial share of the global industrial alcohol market. The availability of raw materials makes the US the largest producer of ethanol as well as the largest consumer. The region has a huge market for pharmaceutical, and automotive industry and experiences inflated demand for industrial alcohol from these industries. Also, favorable schemes such as ethanol expansion in the US through the agricultural sector has contributed majorly to the North America industrial alcohol market.
The Europe market is spurred by towering demand for industrial alcohol automotive, pharmaceutical, chemical, and other industries in the region.
Rapid industrialization in the Asia Pacific region has paved the way for the expansion of industrial alcohol market.
Competitive Landscape
The prominent players operating in the global industrial alcohol market include Cristalco (France), Exxon Mobil Corporation (U.S.), MGP (U.S.), Cargill, Incorporated (U.S.), Eastman Chemical Company (U.S.), BASF SE (Germany), Greenfield Global, Inc. (Canada), Raizen (Brazil), Royal Dutch Shell plc (Netherlands), and Green Plains Inc. (U.S.).
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