Industrial Alcohol Market Fueling Innovation and Set to Soar Past USD 301 Billion by 2030
The global Industrial Alcohol market size is expected to reach USD 301 billion by 2030 and exhibit a CAGR of 10.6% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand from various industries such as chemicals, pharmaceuticals, and cosmetics, the growing use of industrial alcohol as a solvent in manufacturing processes, expanding applications of industrial alcohol in sanitizers and disinfectants, and growing awareness of the environmental benefits of bio-based products, are fueling the market’s growth.
Westford, USA, July 05, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Industrial Alcohol market, the growing popularity of bio-based industrial alcohol derived from renewable sources, increasing demand for high-purity industrial alcohol in pharmaceutical and healthcare sectors, adoption of advanced distillation and purification techniques to enhance product quality, rising focus on sustainable sourcing and production methods for industrial alcohol, expanding applications of industrial alcohol in the production of hand sanitizers and disinfectants, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Industrial Alcohol Market”
- Pages – 157
- Tables – 95
- Figures – 76
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Industrial alcohol is ethyl alcohol (ethanol) that is produced and sold for non-beverage purposes. It is typically 95% pure and can be used in various industrial applications, including solvents, cleaners, fuels, and pharmaceuticals. Industrial alcohol may be denatured, meaning it has been intentionally made unfit to drink by adding substances such as methanol or other chemicals.
Prominent Players in Industrial Alcohol Market
- Archer Daniels Midland
- Cargill
- DuPont
- INEOS
- LyondellBasell
- Mitsubishi Chemical
- Sasol
- Sinopec
- Taiyo Chemical
- TotalEnergies
- Unilever
- Vinnolit
- Yara International
- BASF
- Dow
- Eastman
- Mitsui & Co.
- Toray Industries
- Zhejiang Xinhua Chemical
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Ethyl Alcohol Demand to Grow Substantially in the Forecast Period
Ethyl alcohol dominated the global market owing to its wide range of applications. It also can be derived from renewable sources such as sugarcane, corn, and other agricultural feedstocks. With increasing concerns about environmental sustainability and the shift towards bio-based products, ethyl alcohol offers a renewable and sustainable alternative to petrochemical-based solvents and additives. The preference for eco-friendly and bio-based solutions drives the dominance of ethyl alcohol in the market.
Healthcare Industry is the Leading Application Segment
In terms of application, the healthcare industry is the leading segment due to the demand for sanitizer and disinfectants. In addition, it is utilized in the pharmaceutical industry for various purposes, such as extraction, purification, and formulation of drugs. It is used as a solvent for active pharmaceutical ingredients (APIs) and as a disinfectant for equipment and surfaces. The pharmaceutical industry’s continuous growth and research and development activities drive the demand for industrial alcohol in this sector.
North America is the leading Market Due to the Developed Infrastructure
Region-wise, North America is one of the largest growing markets with a huge emphasis on infrastructure. The North American region has a robust healthcare and pharmaceutical sector, driving significant demand for industrial alcohol. With a large population and advanced healthcare facilities, the region consumes industrial alcohol for applications such as sanitizers, disinfectants, pharmaceutical formulations, and medical device production. The high consumption in these sectors contributes to the market dominance in North America.
A recent report thoroughly analyzes the major players operating within the Industrial Alcohol market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Industrial Alcohol.
Key Developments in Industrial Alcohol Market
- In February, Breakthru Beverage Group announced it would acquire a California-based Wine Warehouse. The deal is expected to close in the spring of 2023.
- In March, Grain Processing Corporation announced that it would acquire Archer Daniels Midland Company’s corn-wet milling business. The deal is expected to close in the second quarter of 2023.
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Key Questions Answered in Industrial Alcohol Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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