Owing to high consumption in industries in several forms, the demand for alcohol is likely to rise over the coming years, says Transparency Market Research (TMR) in a research report. The report is titled, “Alcohol Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The report is a careful examination into the growth trajectory of the global market in terms of volume and revenue shares in various segments. The report also highlights the strategies and products of the leading companies.
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Alcohol is referred to as compounds containing at least one hydroxyl (-OH) group linked to a single joined alkane. There are several types of alcohols which are being used in several applications across many industries. A few of the prominent types of alcohols are sorbitol, xylitol, ethylene glycol, pentanol, methanol, butanol, and ethanol among others. The global market for alcohol is substantially vast and is employed in several applications, the common one being in antiseptics, preservatives, antifreeze, fuel, and solvents. Alcohol can be manufactured through various methods such as biological fermentation, hydration reactions, and oxo processes.
Ethanol is the most frequently used type of alcohol across the globe. The demand for ethanol is over 100 billion liters globally out of which 80% is employed as fuel. Ethanol is mainly a renewable fuel and a prospective substitute of gasoline. The broad acceptance base of ethanol fuel is the primary driver of this market. The demand for alcohol is likely to surge in Brazil, the U.S. and the regions of Europe and Asia Pacific. The growth of the market in these regions can be attributed to the high use of ethanol in cosmetics, pharmaceuticals, alcohol beverages, and other several industrial applications. Ethanol is also employed as an antiseptic to sterilize skin before invasive procedures such as injections. It is mainly used as hand sanitizers and soaps owing to its volatile nature.
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The overall alcohol market is expected to grow at a fast pace, due to its application in so many industries in different forms. The main opportunity lies with ethanol due to its application as automotive fuel which is expected to grow exponentially with growing automotive industry. Alcoholic drinks are another favorable market for ethanol, as it is the main psychoactive constituent in the beverages. The global alcoholic beverage demand has increased substantially over the past few years and is expected to rise especially in Asia Pacific region.
Another important alcohol type is methanol and it has experienced exponential growth in its demand over the last couple of years form many sectors. It is mainly used as an intermediate for the production of formaldehyde used in the wood, pharmaceutical, and automotive industry. The overall growth of the alcohol market is likely to be positive owing to its application is several industries in different forms. North America emerged as the leading producer of alcohol closely trailed by South America, Europe, and Asia Pacific. The leading players in the global alcohol market are Glacial Lakes Energy LLC, Aventine Renewable Energy-Pekin, Absolute Energy LLC, and Methanex Corporation.
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