The industrial alcohol market is estimated to reach USD 93.3 billion in 2020 and is projected to account for USD 112.0 billion by 2025, recording a CAGR of 3.7% during the forecast period. In South America, countries such as Brazil and Argentina are projected to offer high growth prospects in the coming years, as they are ranked among the largest producers of grains and corn, after the US, at a global level, driving the demand for production of industrial alcohol in the region. Apart from this, the livestock industry is witnessing high growth in the Asia Pacific region due to the increase in production of sugarcane. This has led to a rise in the production and demand for sugarcane and bagasse as livestock products in the region. These factors are projected to increase the market for industrial alcohol in the coming years.
Opportunity: Emerging markets in growing economies
The changing lifestyles, growing economy, and shift toward renewable resource utilization in developing economies have led to an increasing demand for alcohol in fuel and other applications. Developing countries, namely China, India, and countries in the Middle East & Africa, in the coming years, are expected to experience a strong upsurge in demand for alcohol such as ethyl alcohol and isobutyl alcohol. This demand is expected to be driven by an increase in the consumption of alcohol in various sectors and the growing trend of greener technology in the energy sector. In addition, these regions also provide a cost advantage in terms of production, labor cost, and processing. High demand, coupled with a low cost of production, is a key feature that is expected to aid alcohol suppliers.
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The Fossil fuel segment in the industrial alcohol market is estimated to account for the largest share in 2019.
Based on source, the fossil fuel segment is estimated to account for the largest share in the market in 2019. The need to reduce dependence on fossil oil as a direct source of fuel is the major driving force for the methanol market. Methanol is used for spreading gasoline supplies in many gasoline markets around the world. Industrial alcohols extracted from the petroleum or synthetic ethyl alcohol can be manufactured easily through the hydrolysis of ethylene, which is a major petrochemical. Alcohol is synthesized from petroleum by creating ethylene, and then hydrating to form ethanol. Both synthetic and fermented alcohol meant to be used for non-drinking purposes are purposely denatured to avoid liquor tax.
The Chemical intermediates & solvents industrial alcohol segment in the industrial alcohol market is estimated to account for the largest share in 2019.
Based on application, chemical intermediates & solvents segment is estimated to account for the largest share in the market in 2019. This application of industrial alcohol segment accounts for the largest share in the industrial alcohol market. Benzyl alcohol and isopropyl alcohol are majorly used as solvents. Approximately 46% of isopropyl alcohol produced is used in industrial solvent applications, whereas around 28% of benzyl alcohol is used as solvents. Apart from use as an industrial solvent, alcohol is also used in the manufacturing of chemical intermediaries and fertilizers.
Asia Pacific is projected to be the fastest-growing market during the forecast period.
The Asia Pacific industrial alcohol is projected to grow at the fastest growth rate during the forecast period. Agricultural raw material sources for the production of industrial alcohol is widely used such as corn, millets, rice and other crops. Hence, the consumption of industrial alcohol is projected to increase in the next five years. It is one of the largest regions that has adequate organic agricultural land area, due to which the demand for agricultural livestock for industrial alcohol remains high in this region.
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This report includes a study of marketing and development strategies along with the product portfolios of leading companies in the industrial alcohol market. It consists of the profiles of leading companies, such as Cargill (US), Raizen Energia (Brazil), Green Plains Inc (US), Cristalco (France) and MGP Ingredients (US). Other players include, The Andersons Inc (US), Sigma-Aldrich (US), Grain processing Corporation (U.S.US), Greenfield Global Inc. Specialty Alcohols (Canada), and Flint Hills Resources (US)., Royal Dutch Shell Plc (Netherlands), Exxon Mobil Corporation (US), Eastman Chemical Company (US), Dow Chemical Company (US), LyondellBasell Industries (Netherlands), Linde plc (Ireland), EcoLab (US), Univar Solutions (US), Archer Daniels Midland (ADM) (US), and Wilmar International (Singapore) .
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