The global industrial alcohol market is expected to witness growth at a CAGR of 7.6% in the forecast period (2022 to 2032) and is likely to be valued at USD 194.7 Billion by 2032.
Alcohol-based sanitizers are considered to be powerful cleaning agents that are used in a wide range of industries to disinfect machinery and equipment. Increasing consumer preference for sanitizers is set to boost growth in the global industrial alcohol market.
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Rising use of alcohol-based disinfectants in the healthcare sector to clean medical devices owing to their high effectiveness in killing a wide range of microorganisms is anticipated to drive growth. They are also non-toxic and simple to use, thereby making them ideal for utilization in medical settings.
Endoscope disinfection is one of the most common uses of alcohol-based disinfectants in the healthcare sector. Cleaning and disinfecting respiratory therapy equipment that is frequently contaminated with various microorganisms is another vital application of industrial alcohol. Alcohol-based disinfectants can be used to kill microorganisms, thereby preventing the spread of infections.
Key Takeaways: Industrial Alcohol Market
- The industrial alcohol market is expected to expand at a CAGR of 7.6% over the forecast period.
- By source, the corn segment is set to dominate the market by holding around 30.2% of share and is expected to grow at a CAGR of 4.2% over the forecast period.
- Based on product type, the ethyl alcohol segment is likely to lead the industrial alcohol market by holding more than 31.2% of share in 2022.
- In terms of application, the transportation fuel & fuel additives segment is anticipated to generate 26.7% of share in 2022.
- The U.S. industrial alcohol market currently holds more than 75.7% of share in North America.
“Increasing adoption of bioethanol as a transportation fuel across the globe to reduce emissions of carbon dioxide in the atmosphere and promote sustainability is likely to drive the global industrial alcohol market,” says a Future Market Insights analyst.
Competitive Landscape: Industrial Alcohol Market
Key manufacturers in the global industrial alcohol market are mainly focusing on research & development activities in order to come up with innovative and unique product offerings. In addition to that, key players are focusing on mergers, acquisitions, and joint ventures to expand their geographic presence, as well as their existing production capacities.
- In July 2020, Green Plains Wood River LLC, a Green Plains Inc. subsidiary, announced the installation of a separate 25-million-gallon facility to produce Food Chemicals Codex (FCC) grade alcohol for export and domestic markets. It has plans to expand the production process to manufacture United States Pharmacopeia (USP) grade alcohol within the next few months.
Key Companies Profiled: Industrial Alcohol Market
Cargill Inc., Archer-Daniels-Midland Company, Green Plains Inc., Grain Millers Inc., Willmar Group, MGP Ingredients, Inc., Cristalco, Royal Dutch Shell Plc, Raizen Energia, GREENFIELD SPECIALTY ALCOHOLS
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Key Segmentation – Industrial Alcohol Market:
By Source:
- Bagasse & Sugarcane
- Molasses
- Grains
- Corn
- Fossil Fuels
- Others
By Product Type:
- Ethyl Alcohol
- Isopropyl Alcohol
- Isobutyl Alcohol
- Methyl Alcohol
- Others
By Application:
- Pharmaceutical
- Transportation Fuel & Fuel Additives
- Chemical Intermediates
- Food Ingredient
- Personal Care
- Detergent & Cleaning Chemicals
- Others
By Processing Method:
- Fermentation
- Synthetic
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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