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Industrial Alcohol Market 2023 Report By Key Companies, Regional Analysis And Forecast 2032
Industrial Alcohol Market
The Business Research Company's Industrial Alcohol Global Market Report 2023 identifies increasing demand for biofuels among end-users as the major driver for the industrial alcohol market's growth in the forecast period. Biofuel is a renewable energy source made from microbial, plant, or animal waste. Global energy consumption is predicted to rise significantly in the next years, and it is widely acknowledged that alternative, sustainable methods to meet those requirements must be developed. Ethanol is also called distilled alcohol or industrial alcohol which is a renewable fuel that is used significantly for the production of biofuel. Ethanol is an alcohol that is also used in gasoline as a blending ingredient to boost octane and reduce carbon monoxide and other smog-causing pollutants to minimize air pollution.
The global industrial alcohol market size grew from $143.77 billion in 2022 to $160.49 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The industrial alcohol market size is expected to grow to $247.16 billion in 2027 at a CAGR of 11.4%.
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Major competitors in the industrial alcohol market are Cargill Incorporated, Cristalco, Raizen Energia, MGP Ingredients, Green Plains Inc., Sigma-Aldrich, Grain Millers Inc., The Andersons Inc.
A key trend in the industrial alcohol market includes technological advancement. The manufacturer of industrial alcohol is using advanced technology for fast and sustainable production. New and advanced ethanol manufacturing technology is being developed with easy compatibility with the existing processes without much capital expenditure. For instance, in 2021, Arkansas Company added green to the ethanol manufacturing process after receiving funding for technology development. The new novel catalytic membrane technology can be fine-tuned to take corn fiber, a byproduct of the corn-to-ethanol process, and convert it into sugars suitable for ethanol production.
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The industrial alcohol market is segmented -
• By Type: Isopropyl Alcohol, Methyl Alcohol, Ethyl Alcohol, Isobutyl Alcohol, Benzyl Alcohol
• By Source: Molasses, Sugar, Grains, Fossil Fuels
• By Processing Method: Fermentation, Synthetic
• By Application: Fuel, Chemical Intermediates & Solvent, Pharmaceuticals, Personal care products, Food Ingredients
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the industrial alcohol market.
The Business Research Company's "Global Industrial Alcohol Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Industrial Alcohol Market Include:
1. Executive Summary
2. Industrial Alcohol Market Characteristics
3. Industrial Alcohol Market Trends And Strategies
4. Industrial Alcohol Market - Macro Economic Scenario
5. Industrial Alcohol Market Size And Growth
……
26. Africa Industrial Alcohol Market
27. Industrial Alcohol Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Industrial Alcohol Market
29. Industrial Alcohol Market Future Outlook and Potential Analysis
30. Appendix
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