Industrial Alcohol Market Forecast Report 2020-2027: The major players are Cargill Inc; Cristalco SAS; MGP Ingredients Incorporated; Grain Millers Inc; The Andersons Inc. | Grand View Research, Inc.
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According to a report published by Grand View Research, strong demand for ethyl alcohol as an industrial solvent is expected to drive the market during the forecast period.
The Global industrial alcohol market the size should reach 248.82 billion USD through 2027 recording a TCCA of 8.3%, according to a new report from Grand View Research, Inc. Strong demand for ethyl alcohol as an industrial solvent is expected to drive the market during the forecast period. Due to its less intoxicating effects and reduced emissions, it is widely used in vehicles as an alternative to gasoline. Ethyl alcohol can be easily mixed with gasoline and can be used as a solvent, reactive alcohol, fuel and also as a food supplement.
Scaling up blending targets is driving the demand for ethanol, providing unprecedented opportunities for sugar factories and food ingredient manufacturers to include ethanol in their product portfolio. Regulatory changes by governments around the world, mandating the use of an (ethanol) gasoline blend as fuel, is the main driving force. Methanol is widely used in the chemical industry for the processing of chemicals, such as esters and formaldehyde. Asia-Pacific, in particular, is the main consumer of methanol.
Under the United States Renewable Fuels Standard, the federal government has mandated the use of renewable fuels, which is a major contributor to domestic ethanol consumption in the country. In addition, in 2016, the Environmental Protection Agency declared the volumetric use of ethanol to be 44.85 billion tonnes for the following year, which opened up new opportunities for suppliers. regional.
By 2020, the European Union aims to have 10% of its transport fuel come from alternative fuels, such as biofuels from various sources such as crops and grains. To support and meet its targets for alternative fuel consumption, the EU has amended legislation on biofuels, such as the Renewable Energy Directive and the Fuel Quality Directive. It has also established sustainability criteria for biofuels. In this context, the majority of European countries have defined and modified policies for the use of biofuels in transport at national level, which leads to a strong demand for ethanol.
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Highlights of the Industrial Alcohol Market Report
- Ethyl alcohol is expected to experience the fastest CAGR of 7.9%, by volume, from 2020 to 2027 due to the growing demand for the product as a solvent from companies producing perfumes and varnishes.
- The corn source segment is expected to register a CAGR of 8.7%, in terms of revenue, from 2020 to 2027 due to its ability to be used as a renewable source for power generation.
- The application of transportation fuel and fuel additives is expected to reach the maximum CAGR from 2020 to 2027 due to the increasing demand for an alternative fuel source for the movement of vehicles globally.
- Asia-Pacific is expected to be the fastest growing regional market from 2020 to 2027 owing to the increasing penetration of solvent manufacturers in China, India and South Korea.
- Cargill Inc. and MGP Ingredients Inc. are among the largest manufacturers of industrial spirits and are also the main innovators in terms of product development
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Segmentation of the industrial alcohol market
Grand View Research has segmented the global industrial alcohols market on the basis of product, source, application, and region:
Industrial Alcohol Products Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- Ethyl alcohol
- Methyl alcohol
- Isopropylic alcohol
- Isobutyl alcohol
Industrial Alcohol Source Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- Sugar and molasses
- Fossil fuels
Industrial Alcohols Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- Food ingredient
- Transportation fuel and fuel additives
- Chemical intermediates
- Personal care
- Detergents and cleaning chemicals
Regional Industrial Alcohol Outlook (Volume, Kilotons; Revenue, USD Million, 2016-2027)
- North America
- Asia Pacific
- Central and South America
- Middle East and Africa
List of the main players in the industrial alcohol market
- Cargill Inc.
- Cristalco SAS
- MGP ingredients incorporated
- Minotiers inc.
- The Andersons Inc.
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About Grand View Research
Grand View Research provides syndicated and customized research reports and consulting services on 46 industries in 25 major countries around the world. This United States-based market research and consulting company is registered in California and is headquartered in San Francisco. Comprised of more than 425 analysts and consultants, the company adds more than 1,200 market research reports to its extensive database each year. Supported by an interactive business intelligence platform, the Grand View Research team guides Fortune 500 companies and leading academic institutes in their understanding of the global and regional business environment and in identifying future opportunities. .
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