The global industrial
alcohol market is expected to witness growth at a CAGR of 7.6% in
the forecast period (2022-2032) and is likely to be valued at US$ 194.7
Bn by 2032.
Alcohol-based sanitizers are considered to be
powerful cleaning agents that are used in a wide range of industries to
disinfect machinery and equipment. Increasing consumer preference for
sanitizers is set to boost growth in the global industrial alcohol market.
Rising use of alcohol-based disinfectants in the
healthcare sector to clean medical devices owing to their high effectiveness in
killing a wide range of microorganisms is anticipated to drive growth. They are
also non-toxic and simple to use, thereby making them ideal for utilization in
medical settings.
Endoscope disinfection is one of the most common
uses of alcohol-based disinfectants in the healthcare sector. Cleaning and
disinfecting respiratory therapy equipment that is frequently contaminated with
various microorganisms is another vital application of industrial alcohol.
Alcohol-based disinfectants can be used to kill microorganisms, thereby preventing
the spread of infections.
Key Takeaways: Industrial Alcohol
Market
- The
industrial alcohol market is expected to expand at a CAGR of 6% over
the forecast period.
- By
source, the corn segment is set to dominate the market by holding
around 2% of share and is expected to grow at a CAGR
of 4.2% over the forecast period.
- Based
on product type, the ethyl alcohol segment is likely to lead the
industrial alcohol market by holding more than 2% of
share in 2022.
- In
terms of application, the transportation fuel & fuel additives segment
is anticipated to generate 7% of share in 2022.
- The
U.S. industrial alcohol market currently holds more than 7% of
share in North America.
“Increasing adoption of bioethanol as a
transportation fuel across the globe to reduce emissions of carbon dioxide in
the atmosphere and promote sustainability is likely to drive the global
industrial alcohol market,” says a Future Market Insights analyst.
Competitive Landscape: Industrial
Alcohol Market
Key manufacturers in the global industrial alcohol
market are mainly focusing on research & development activities in order to
come up with innovative and unique product offerings. In addition to that, key
players are focusing on mergers, acquisitions, and joint ventures to expand
their geographic presence, as well as their existing production capacities.
- In
July 2020, Green Plains Wood River LLC, a Green Plains
Inc. subsidiary, announced the installation of a separate
25-million-gallon facility to produce Food Chemicals Codex (FCC) grade
alcohol for export and domestic markets. It has plans to expand the
production process to manufacture United States Pharmacopeia (USP) grade
alcohol within the next few months.
Read More: https://www.futuremarketinsights.com/reports/industrial-alcohol-market