Industrial alcohol, also known as denatured alcohol, is ethanol that has been denatured (poisoned) to make it undrinkable, but can still be used as an industrial solvent. It is commonly used as a cleaner, degreaser, fuels, cosmetics, paints, pharmaceuticals and other industrial applications.
The global Industrial Alcohol Market is estimated to be valued at US$ 180.75 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing demand from industrial applications has been a key driver propelling growth of the industrial alcohol market. Industrial alcohol is widely used as a cleaner, solvent and ingredient in various industrial applications such as cleaning fluids, paints, pharmaceuticals and cosmetics. The rising demand from end use industries such as chemical, pharmaceutical, personal care sectors is expected to witness substantial growth over the forecast period. The growing awareness regarding benefits of industrial alcohol such as low cost and eco-friendly nature is further expected to support market growth over the coming years.
- Strength: Industrial alcohol has wide applications in various end-use industries such as pharmaceutical, food & beverage, cosmetics. Strong demand from these industries will drive the market growth.
- Weakness: Stringent regulations pertaining to production and use of industrial alcohol may hamper the market growth.
- Opportunity: Development of bio-based industrial alcohols using advanced technologies will create new opportunities in the market. Increasing R&D activities in production processes will further expand growth opportunities.
- Threats: Volatility in raw material prices and availability are major threats. Changes in trade policies and regulations can also negatively impact the market.
The global industrial alcohol market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 180.75 Bn by 2024, growing at a CAGR of around 10% during the forecast period.
Regional analysis: North America dominates the global industrial alcohol market with the largest market share currently. Growth in the pharmaceutical industry due to increasing healthcare expenditure drives the regional market. Asia Pacific is expected to be the fastest growing market owing to rapid industrialization and growing chemical industry in countries like China and India.
Key players: Key players operating in the industrial alcohol market are BASF SE, BIRLA SUGAR, CARGILL INCORPORATED., CRISTALCO, FLINT HILLS RESOURCES, GREEN PLAINS INC., GREENFIELD SPECIALTY, MGP INGREDIENTS INC., SIGMA ALDRICH, and THE ANDERSONS INC. These key players are focusing on capacity expansions and new product launches to strengthen their market position.