Press release
Industrial Alcohol Global Market Soars to Reach $289.24 Billion at a CAGR of 12.8% By 2028 | Key Players: Cargill Incorporated, Cristalco SAS, Raizen Energia SA, MGP Ingredients Inc., Green plains Inc.
Industrial Alcohol Market
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the Industrial Alcohol industry. This report on Industrial Alcohol market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The industrial alcohol market size has grown rapidly in recent years. It will grow from $159.7 billion in 2023 to $178.72 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to increased ethanol fuel production, growth in pharmaceuticals and healthcare, growth beverage and food industry, rise in chemical manufacturing, increased use in cleaning and sanitization. The industrial alcohol market size is expected to see rapid growth in the next few years. It will grow to $289.24 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
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Key Market Players:
Cargill Incorporated, Cristalco SAS, Raizen Energia SA, MGP Ingredients Inc., Green plains Inc., Sigma-Aldrich, Grain Millers Inc., The Andersons Inc., BASF SE, Royal Dutch shell PLC, The Progressive Corporation are prominent players in the Industrial Alcohol industry.
Market Drivers:
The increasing demand for biofuels among end-users is significantly contributing to the growth of the industrial alcohol market going forward. Biofuel, such as ethanol, is a renewable energy source made from microbial, plant, or animal waste. It 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. In order to lower air pollution and energy costs, alternative fuels such as biodiesel and alcohol are being used in engine technology. For instance, according to the US Department of Energy, a US-based government department, in 2021, 98% of U.S. gasoline will contain ethanol (industrial alcohol), typically E10 (10% ethanol, 90% gasoline) to oxygenate the fuel, which reduces air pollution.
More information about the Global Industrial Alcohol Market Report -
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Market segments for Industrial Alcohol include:
1) By Type: Isopropyl Alcohol, Methyl Alcohol, Ethyl Alcohol, Isobutyl Alcohol, Benzyl Alcohol
2) By Source: Molasses, Sugar, Grains, Fossil Fuels
3) By Processing Method: Fermentation, Synthetic
4) By Application: Fuel, Chemical Intermediates & Solvent, Pharmaceuticals, Personal care products, Food Ingredients
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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