The industrial alcohol market is estimated to be valued at USD 113.26 billion in 2017 and is projected to grow at a CAGR of 9.8% to reach USD 180.83 billion by 2022.
Industrial alcohol is one of the major segments in the alcohol market, used in a wide range of applications. The most common application areas for industrial alcohol are fuel, pharmaceuticals, food ingredients (except beverages), personal care products, chemical intermediates & solvents, and other applications, which include home care products and reagents. The application sector where a majority of alcohol is used is the energy sector, in the form of biofuel.
· Increase in Demand for Bioethanol
· Increasing Use of Alcohol in A Wide Spectrum of Applications
· Fluctuating Prices of Raw Material
· Emerging Markets: New Growth Frontiers
· Advent of Greener Ethyl Alcohol Sources
· Approval From Various Regulatory Bodies
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The market for industrial alcohol is estimated to be valued at USD 113.26 billion in 2017 and is projected to reach USD 180.83 billion by 2022, at a CAGR of 9.8% during the forecast period. Currently, this market is gaining momentum due to the increase in demand for biofuel and the multi-functionality of industrial alcohol for various applications across many industries. Availability of feedstock such as corn, stringent regulations in the energy sector imposed by the government, and increased consumer awareness on environment safety & carbon emissions are some other factors that fuel the growth of this market.
Industrial alcohol manufacturers are largely investing in new alcohol plants to meet the increasing demand. The investments by key players in industrial alcohol, such as ethyl alcohol and methyl alcohol, are witnessed to increase their production capacity. The advent of advanced biofuels in the energy sector is expected to create newer opportunities for newer feedstocks, such as cellulosic materials, agricultural waste, and whey for industrial alcohol production. Moreover, the demand for alcohols such as methyl, isopropyl, and isobutyl alcohol from the chemical manufacturing industries for the production of chemical derivatives, is an encouraging factor for key players to adopt expansion of production facilities as their strategic plan in order to maintain a balance between the demand and supply.
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The industrial alcohol market is experiencing high growth, particularly in the Asia-Pacific region. China and India are the main markets with a high demand for industrial alcohols in this region. China is the largest consumer and producer of methyl alcohol and one of the biggest contributors in the industrial alcohol market. The region’s production capacity growth over the years, followed by huge availability of agricultural feedstocks, has opened up new opportunities for the industrial alcohol market. The rapid growth in demand for personal care products, increase in awareness regarding the role of alcohol in maintaining a hygienic environment, and demand for alternative fuels is driving the growth of the industrial alcohol market.
· Cargill (US)
· Raizen Energia (Brazil)
· Green Plains Inc. (US)
· Cristalco (France)
· MGP Ingredients (US)
· The Andersons Inc. (US)
· Sigma Aldrich (US)
· Grain Processing Corporation (US)
· Greenfield Specialty Alcohols (Canada)
· Flint Hills Resources (US)