Surging Demand for Methanol Ascribed to the Global Industrial Alcohols Market Growth

According to Inkwood Research, the Global Industrial Alcohols Market is projected to register a CAGR of 8.23% in terms of revenue and 9.88% in terms of volume during the forecasting years of 2021-2028.

"Browse 78 Market Data Tables and 53 Figures spread over 246 Pages, along with an in-depth TOC on the Global Industrial Alcohols Market Forecast 2021-2028."

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Industrial alcohols are used as solvents and reagents. They are produced as well as sold across applications and industries such as, personal care, pharmaceutical, energy, and chemical, in addition to beverages. Ethanol, a type of industrial alcohol, is also termed pure alcohol, grain alcohol, ethyl alcohol, and drinking alcohol. Industrial alcohols are used among end-users for several applications, including cleaning, sanitizing, and solvent properties, as well. Besides, they are also utilized for manufacturing multiple medicines, flavorings, cosmetics, and food products.

Growing Demand for Methanol to Supplement Market Growth

The rising demand for methanol as a fuel type, especially from the automotive industry, the increasing requirement for petrochemicals, and the emphasis on maximizing the production of olefins within methanol-to-olefins (MTO)/methanol-to-propylene (MTP) plants, are anticipated to propel the market growth. Also, the rising focus of manufacturers, in terms of minimizing carbon footprints through biodiesel, and the growing application of methanol for wastewater treatment, and marine fuel, are among the chief factors augmenting the global industrial alcohols market growth.

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Fermentation is the Leading Processing in terms of Volume and Revenue

Ethanol was first produced thousands of years ago, by fermenting carbohydrates. In certain countries, large volumes of ethanol are still made using this method. As a complex biochemical process, alcoholic fermentation entails the conversion of sugars to carbon dioxide, ethanol, and other metabolic byproducts. During the process of fermentation, sugar, such as, fructose, glucose, and other monosaccharides, are converted to ethanol by microbes like the varieties of the yeast Saccharomyces cerevisiae, inoculated to the feedstock. Moreover, sugarcane and corn are among the most commonly used feedstocks for fermenting industrial alcohols, in addition to sugar beet and grain.

Asia-Pacific is the Fastest-Growing Region with Reference to Volume and Revenue

The increasing production and use of bioethanol across the Asia-Pacific, the construction and approval of new manufacturing plants, and the rising production of ethanol for fuel blending, are among the chief factors accredited to the region's industrial alcohols market growth.
The global industrial alcohols market is projected to observe high degrees of competition, essentially leading to industry consolidation. Moreover, frequent product launches exhibit the extent to which companies limit the profit potential of their competitors. Hence, owing to these factors, the global market is expected to observe high industrial rivalry, over the forecasted period.

Leading players operating in the market include, MGP Ingredients Inc, The Andersons Inc, Sigma Aldrich, Cargill Inc, BASF SE, etc.

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