Industrial Alcohol Market Size, Share Analysis, Growth, Business Opportunities to 2027
The global industrial alcohol market size is expected to experience a significant growth by reaching USD 241.42 billion by 2027. The growth is attributable to the increasing demand for renewable energy sources such as biofuels across the transportation industry across the globe. Fortune Business Insights, in its latest report, titled, “Industrial Alcohol Market Size, Share & COVID-19 Impact Analysis, By Type (Ethyl Alcohol, Methyl Alcohol, Isopropyl, Isobutyl Alcohol, and Others), By Source (Sugar & Molasses, Grains, Corn, Fossil Fuels, and Others), By Application (Personal Care, Chemical Intermediates, Food Industry, Pharmaceutical, Fuels, and Others), and Geography Forecast, 2020-2027.”, mentions that the market stood at USD 111.26 billion in 2019 and is likely to exhibit a CAGR of 11.7% between 2020 and 2027.
Growing Demand for Industrial Alcohol Product in Pharmaceutical amid COVID-19 to Augment Growth
The global pandemic has necessitated the adoption of safe hygiene practices to contain the widespread of the disease. This is leading to the high demand for hygienic products such as hand sanitizers and disinfectants across the globe. In addition to this, the growing demand for pharmaceutical products such as antibiotics, antiseptics, lotions, and other products is expected to bode well for the growth of the market in the forthcoming years.
Industrial alcohol is primarily a distilled ethyl alcohol that is produced to serve several purposes such as additives, solvents, and antibiotics across several industrial peripherals. It is usually manufactured by mixing ethyl alcohol with water or left completely denatured in its natural form. The products are derived from several sources such as sugarcane molasses, grains, fossil fuels, and corn, among others. The growing concerns over the degradation of environment is driving the demand for its byproducts that and clean and pure, while being affordable across the globe.
What does the Report Include?
The market report includes a detailed assessment of the various market drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Furthermore, the report provides comprehensive research into the regional developments of the market, affecting the market growth during the forecast period. Moreover, the report includes information sourced from the advice of expert professionals from the industry by our research analyst using several research methodologies for the market. The competitive landscape offers further detailed insights into the strategies such as product launches, partnerships, merger and acquisition, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
Growing Adoption of Biofuels in Transportation Sector to Promote Growth
The growing degradation of the environment owing to the large-scale effects of greenhouse gases has led to severe problems such as global warming, increasing level of temperature, and inferior air quality, among others. The rising awareness to limit the emission of the toxic gases is leading to the increasing adoption of alternative sustainability solutions such as biofuels across the transportation sector. Additionally, the large-scale production of ethanol derived from eco-friendly products such as sugarcane molasses, wheat, and corn is propelling the manufacturers to produce superior quality industrial alcohol products.