Industrial Alcohol Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1456
Industrial Alcohol Market size is witnessing a significant growth owing to surge in demand for petrochemicals, alternative fuels and other major applications including production of cosmetics, pharmaceuticals, paints, and coatings. Recent development of biofuels due to growing concern for energy security and demand for low-priced feedstock in chemical industry will drive of industrial alcohol market size in forecasted time frame.
Rising demand of organic solvents due to efficient properties including high octane number and flammability characteristics will lead to increase in demand of the industrial alcohol in transportation sector. It is a cleaner burning fuel which are blended with gasoline and diesel fuels to reduce the fuel consumption and emissions.
With the increasing environmental concerns and stringent government regulations supporting the development of bioethanol in developed countries will further boost industrial alcohol market. As per the Department of Energy’s GREET model, discusses fuel production pathways from various energy feedstocks. The use of bioethanol significantly reduces greenhouse gas emissions by 34% compared to petroleum-derived gasoline and without indirect emissions, average bioethanol decreases emissions by 44%, thus will supplement industrial alcohol market growth
Organic solvents consisting of ethanol, methanol, and isobutanol are most widely used solvents in chemical industry after water. The feedstock prepared from starch and corn is low cost and used to meet energy requirement in various industries. Increasing demand for ethanol, followed by methanol is projected to account for the largest market share in industrial alcohol market due to their wide range of applications in chemical industry.
Asia-Pacific is estimated to be the fastest-growing region for industrial alcohol market. In last few years, demand of industrial solvents in developing economies consisting of China, India, and Thailand increased substantially. The major factors that influence the demand in this region are availability of feedstock for low-cost production such as corn and sugarcane, government regulations in the energy sector, increased awareness on environment safety & carbon emissions. Increasing number of production facilities is expected to drive regional growth of industrial alcohol market in forecasted time frame. China started promotion of ethanol based fuel in five cities to reduce the consumption of petroleum in domestic market. The cities are Zhengzhou, Luoyang, Nanyang, Harbin and Zhaodong. Thailand is converting cassava stock held by the government into biofuel and using 10 percent ethanol on large scale in the domestic market
North America chemical industry is witnessing rising production of industrial solvents from agricultural wastes and algae in countries including the U.S. and Canada. U.S is one of the world’s top ethanol producer representing more than 50 percent of the global production followed by Brazil. In last few years more than 90 percent of the gasoline sold in the region is blended with ethanol. U.S. ethanol has appeared as the low-cost conveyance fuel and high octane source in the world and major consumers of ethanol are Canada, Mexico, United Arab Emirates, and the Philippines. Ethanol is the most common industrial solvents used in Brazil. Nation’s building partnerships with developing countries to reduce the greenhouse-gas emissions and dependence of energy sector on imported fossil fuels.
The major companies involved in industrial alcohol market are Cargill, Flint Hills Resources, Raizen Energia, Green Plains, Cristalco, Grain Processing Corporation, MGP Ingredients and Greenfield Specialty Alcohols. The world is waking up to the fact that industrial fuel including ethanol reduces air pollution, extends oil supplies, and provides cheaper sources of energy. In last few years, ethanol has constituted 10% gasoline supply at pump stations providing high octane number and low prices. The concern regarding energy security shifting the focus of industry on alternative fuels produced domestically. Applications in various manufacturing industries not only reduces reliance on oil imports but also creates more economic value.
The introduction of biofuel reduced the amount of fossil fuel consumed by oil-importing countries leading to drop in international crude oil prices. Ethanol and crude oil are moving in distinctly opposite directions. In last few years, the environmental impacts by manufacturer in industrial alcohol market have been significantly reduced. The ecological impacts associated with petroleum usage as a transportation fuel and feedstock continue to put pressure on major oil producers. The amount of energy required to produce ethanol has fallen significantly owing to use of feedstock which includes as corn and starch. The use of alcohol leaves a smaller carbon footprint and an increase in energy efficiency will drive the industrial alcohol market.
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