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Ethyl Alcohol And Other Basic Organic Chemical Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Ethyl Alcohol And Other Basic Organic Chemical Market
According to The Business Research Company's, The ethyl alcohol market size has grown strongly in recent years. It will grow from $561.68 billion in 2023 to $601.2 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to alcoholic beverages, pharmaceuticals and healthcare, industrial and chemical manufacturing, personal care and cosmetics.
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Market Drivers and Trends:
Rising demand for ethanol in the food processing industry is contributing to the growth of the ethyl alcohol market. It is used as an intoxicating ingredient in manufacturing alcoholic and non-alcoholic beverages such as vodka and gin. Additionally, ethyl alcohol is also used as a natural product in non-alcoholic beverages as an adjunct. The food processing industry is growing significantly due to increased demand for ready-to-eat, frozen, and packaged foods. As a result, the demand from the food processing industry has also increased due to the growing population through new births and migrations, which further increases the industry's production and demand for ethanol. The demand for ethanol in the food processing industry will lead to the expansion of the global market for ethyl alcohol. For example, in India, the ethanol market is expected to grow to $7.38 billion by 2024 at a CAGR of 14.50% due to ethanol use in applications such as food and beverages. Rising demand for ethanol in the food processing industry is expected to boost the demand for ethyl alcohol during the forecast period, driving the market.
Major companies operating in the ethyl alcohol market are focusing on developing innovative technology, such as sustainable aviation fuel technology, to preserve an upper hand in the market. Sustainable Aviation Fuel (SAF) technology refers to the development and production of aviation fuels that are more environmentally friendly and have a lower carbon footprint compared to traditional aviation fuels derived from fossil sources. For instance, in September 2023, Lummus Technology LLC, a US-based producer of both conventional and renewable transportation fuels, launched Sustainable Aviation Fuel Technology based on ethanol. This technology plays a crucial role in diminishing greenhouse gas emissions within the aviation sector, offering a dependable and sustainable alternative to conventional aviation fuels. The process seamlessly incorporates ethanol into ethylene (EtE), incorporates olefin oligomerization, and employs other refining techniques to generate sustainable aviation fuel (SAF).
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Advanced Bioenergy LLC; Andersons Ethanol Group; Archer Daniels Midland Company; Braskem SA; BP plc; Cargill Corporation; Green Plains Inc.; Kirin Holding Company Limited; LyondellBasell Industries NV; Mitsubishi Chemical Corporation; Alto Ingredients Inc.; Saudi Arabia's Basic Industries Corporation; Sasol Limited; Solvay Group; Valero Energy Corporation; INEOS Group Holdings SA; Merck Millipore; Midwest Renewable Energy LLC; ChemCeed LLC; Vigon International, an Azelis Company; CJ Chemicals LLC; Maxill Inc.; Barentz BV; SAE International; Exxon Mobil Corporation; Vinmar International Ltd.; Ethanol US LLC; Aemetis Inc.; Greenfield Global Inc.; ECSA Chemicals SA; Penta Manufacturing Company; Sigma-Aldrich Co. LLC; Spectrum Chemical Manufacturing Corp.; Alfa Aesar; Fisher Scientific International Inc.
Ethyl Alcohol And Other Basic Organic Chemical Market 2024 Key Insights:
• The ethyl alcohol market size is expected to grow to $785.5 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%.
• Surging Demand For Ethanol In Food Processing Industry Propels Growth Of Ethyl Alcohol Market
• Leading Ethyl Alcohol Companies Spearhead Innovation With Sustainable Aviation Fuel Technology
• Asia-Pacific was the largest region in the ethyl alcohol market in 2023.
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