Industrial Alcohol Market will exhibit a CAGR of 11.7% during the forecast period, and reach USD 241.42 billion by 2027, and the Market value as per 2019 was USD 111.26 billion .

Fortune Business Insights™ in a new report, titled, “Industrial Alcohol Market Size, Share &  COVID-19 Impact Analysis, By Type (Ethyl Alcohol, Methyl Alcohol, Isopropyl, Isobutyl Alcohol, and Others), By Source (Sugar & Molasses, Grains, Corn, Fossil Fuels, and Others), By Application (Personal Care, Chemical Intermediates, Food Industry, Pharmaceutical, Fuels, and Others), and Geography Forecast, 2020-2027.”

Industrial Alcohol Market Drivers and Restraint:

Growing Adoption of Bioethanol Shall Aid in the Growth of Market

Bioethanol is commonly used as a biofuel for transportation to reduce the effects of greenhouse gases (GHG). The growing world population and the increasing industrialization are leading to high demand for energy. This has resulted in the increasing cost of crude oil and natural gas over years now. The rising awareness about climate change and the surging adoption of renewable resources has led to the development of bioethanol. Biofuels are renewable energy sources that have supported the market demand for fuel that aids in reducing pollution levels across the globe.

Alternative fuel methods are preferred due to uncertainty in energy security, increasing fuel prices, along with the continual rise in the CO2 emission levels. The need to reduce GHG emissions is the reason for the adoption of wastes such as molasses and sugar beet pulp. They have major advantages such as reduced cost of waste disposal. Moreover, the affordability of the product reduces the production cost of ethanol.

Various countries have increased ethanol production such as Thailand (cassava), India (using sugar cane), China (corn), France (sugar beet), Canada (wheat), and others. The conversion of cellulosic material into ethanol leads to fermentation processes. Further, this process converts the energy crops into bioethanol, while leading to higher ethanol yields. The technological breakthrough aiming to develop effective conversion of agricultural and forestry for the production of bioethanol is positively supporting the market growth.

RESTRAINING FACTORS:

Rising Environmental Concerns May Hinder the Market Growth

The production of industrial alcohol through fossil fuels has a significant environmental impact due to water depletion and pollution. During the process of the formation of alcohol, various toxic chemicals are required as raw materials. Then these toxic chemicals are released into the atmosphere that harms the ecosystem. The stringent government regulations over the environmental concerns are a restraining factor over the production of industrial alcohol that limits the market growth. Moreover, the high production cost of isopropyl and isobutyl is expected to hinder the market growth to some extent.

List of Key Players Covered in the Industrial Alcohol Market Report:

• Cargill, Incorporated (U.S.)
• Cristalco (France)
• Green Plains Inc. (U.S.)
• Raizen Energia (Brazil)
• MGP Ingredients (U.S.)
• Sigma Aldrich (U.S.)
• The Andersons Inc. (U.S.)
• Greenfield Specialty Alcohols (Canada)
• Grain Processing Corporation (U.S.)
• Flint Hills Resources (U.S.)
• Other Key Players

 To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/industrial-alcohol-market-103917

 Some of the key industry developments in the Industrial Alcohol Market Include:

• March 2020 – Raizen, a Brazil-based distributor of fuel, signed a contract with local buyers to purchase ethanol. A joint venture between Brazil’s Cosan SA and Royal Dutch Shell Plc, Raizen is putting efforts to cater to the increasing demand for ethanol products amid COVID-19.
• March 2020 – Green Plains donated industrial ethanol to aid in the production of hand sanitizer. The company is expected to donate the products manufactured at its York facility.  Currently, the company produces 50 million gallons of 200-proof industrial ethanol. The increasing demand for hand sanitizers is propelling the company to focus on helping communities to contain the widespread effects of the pandemic.