Industrial Alcohol Market Business Strategies, Acquisitions, Revenue Analysis Share, Forecast to 2028 | by Cargill Inc, Grain Millers Inc, The Andersons Inc

New Jersey, United States - Analysis of Industrial Alcohol Market 2022 to 2028, Size, Share, and Trends by Type, Component, Application, Opportunities, Growth Rate, and Regional Forecast

The market for industrial alcohol, which was valued at USD 131.8 billion in 2019, is anticipated to expand at a CAGR of 8.3% from 2020 to 2027. Rising consumer demand for the product as an octane enhancer is anticipated to continue to be the main factor fueling market expansion. The individual contributions of several applications in end-use industries, including the pharmaceutical, personal care, transportation, food & beverage, and other sectors, are what fuel the total expansion. The main commodity utilised as a fuel in transportation applications, ethanol, is in high demand due to ethanol requirements put forth by several nations throughout the world. The personal care industry is anticipated to have the quickest CAGR between 2022 and 2028, while the transportation sector is anticipated to be the largest application area.

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Ethanol, often known as ethyl alcohol, is the primary ingredient in industrial alcohol. It is a flammable, volatile liquid that is widely used as a biofuel across the world. It is derived from several things, such as grains, molasses, and corn. One of the oldest processes for ethanol production is sugarcane fermentation. Between 42 and 74 hours may pass during the fermentation process. Because it emits fewer emissions and has fewer euphoric effects than gasoline, it can be used with gasoline in cars that run on that fuel. It can be blended with gasoline in any proportion. It is also used as a fuel, solvent, reagent alcohol, and food supplement.

In addition, the market is characterised by the existence of numerous regional and international firms competing to tap into the enormous potential that exists throughout the world while also serving diverse markets and having a presence in the industrial alcohol industry. The enormous array of uses for these alcohols as well as ethanol mandates by governments in different regions are the main factors enticing new entrants. The price and demand elasticity of industrial alcohol is zero. In other words, a product's scarcity drives up its price significantly, and vice versa. Wheat, corn, and sugar are some of the primary raw materials used by the alcohol industry. The cost of raw materials is influenced by a number of variables, including crop quality, meteorological circumstances, and agricultural yield.

Segmentation

Ethyl alcohol production applications led the market in terms of volume in 2019, holding a share of more than 50%. Despite the fact that it may be easily obtained from a number of sources, such as biomass, corn, wheat, and barley, this might be linked to the product's high demand. It is a renewable fuel that is blended with gasoline due to its high octane level. Ethanol is generated and has the same chemical properties in a number of forms, regardless of the source.

In terms of volume, corn source led the market in 2019 with a share of more than 30%. This may be because there is a significant demand for the product as a renewable source of energy. Corn distiller oil, which is used as a fuel for biodiesel or as animal feed, has experienced a boom due to the global ethanol industry's rise. About 85% of the businesses that produce corn-based ethanol have developed corn distillers oil. Production of corn-based ethanol is also expanding in the byproducts industry. In addition to being a biodegradable and clean-burning fuel, methanol is an organic compound. When compared to other fossil fuels, methanol is less expensive and is better for the environment.

Regional analysis

In 2019, Asia Pacific dominated the industry and generated more than 35% of global revenue. This is explained by the substantial amounts of methyl alcohol and ethanol produced and consumed in China and India, respectively. Due to the government of India's initiatives to use ethanol as an automotive fuel, the demand for ethanol is expected to increase dramatically in India. China dominates the worldwide methanol market because to the need for methanol to be blended with gasoline and the manufacture of olefins from methanol, which has changed pricing, economics, and market dynamics.

Furthermore, the United States, which is the world's largest market for ethanol, led North America in ethanol production and export. Ethyl alcohol exports from the United States and production in that country are driving the industry's expansion in terms of both income and volume. The U.S.'s export-focused ethanol production to meet the demands of the worldwide market area is what is driving the growth in the production levels of industrial alcohol in North America.

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Key players

Cargill Inc.
Grain Millers Inc.
The Andersons Inc.
Cristalco SAS
MGP Ingredients Incorporated

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