Industrial alcohol has found its applications across a spectrum of industries including cosmetics, food & beverage, and chemical. Moreover, industrial alcohol is gaining significant traction owing to its increased use as a feedstock for the production of biofuels. World over, government authorities are promoting the use of biofuels to reduce greenhouse gas emissions and promote sustainable development. This in turn is projected to soar the demand for industrial alcohol in the upcoming years. The pharmaceutical industry is also increasingly utilising industrial alcohol for the production of various medicines and drugs. Another application of industrial alcohol is as a solvent in the production of cosmetics, personal care products, and perfumes. Throughout the projected timeframe, the global industrial alcohol market is projected to witness robust expansion on the back of industrial alcohol’s extensive applications.
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Rising Use of Alcohol in Production of Anti-Septic and Hand Sanitizers Aids in Market Expansion
The growing use of isopropyl alcohol in the production of anti-septic and hand sanitisers is creating significant growth waves in the global industrial alcohol market. When combined with water, it can be used as a rubbing-alcohol antiseptic. Along with cosmetic and personal care items, it is utilised in the manufacturing of hand lotions, aftershave lotions, and hand sanitisers. Meanwhile, isopropyl alcohol (isopropanol) and ethyl alcohol (ethanol) are two major compounds used as active components in alcohol-based sanitisers. Other applications of isopropyl alcohol include routine sterilization, intermediate disinfection, and low-level disinfection of surfaces. Such a favourable landscape is poised to steepen the growth curve for the global industrial alcohol market.
Burgeoning Demand from Food and Beverage Industry to Amplify Market Growth
The global industrial alcohol market is also receiving a major boost from the food and beverage industry. The primary purpose of industrial alcohol is to act as a solvent for the smooth extraction of flavours, colours, and fragrances from natural ingredients such as fruits, vegetables, and herbs. Moreover, as a great preservative, it significantly controls microbial growth in food and beverage products. Food and beverage products such as vanilla extract, vinegar, and beer, also have industrial alcohol as an ingredient. Furthermore, in the fermentation process during the production of beer, it is employed to convert sugar into alcohol. Therefore, the growing demand from the food & beverage industry is expected to bode well for the global industrial alcohol market.
Entrenched Agriculture Sector Strengthens North America’s Position in Global Industrial Alcohol Market
North America is anticipated to gain a competitive edge in the global industrial alcohol market. This is majorly attributed to the well-established agriculture industry in the region, which provides a steady supply of feedstocks for the manufacturing of industrial alcohol. Besides this, the economies in the region have a strong and sophisticated infrastructure for the production and distribution of industrial alcohol. The region also encompasses a large number of highly efficient and cost-effective ethanol plants. All these trends are signalling the growing prominence of North America’s industrial alcohol market.
Prominent Market Players
Some of the key players in the industrial alcohol market include Cargill Inc., MGP Ingredients Inc., Cristalco SAS, The Andersons Inc, and Grain Millers Inc.
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