Global Alcohol Market to Find New Growth Prospects in Extensive Use as Fuels, Solvents, and in Beverages
A new market intelligence study by Transparency Market Research presents a detailed overview of the global alcohol market. The report is titled “Alcohol Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023.” The report studies the changing market dynamics of the alcohol industry. It offers a six-year forecast assessed on the basis of historical figures and present statistics. Graphs, charts, tables, and statistics have been included wherever required.
Alcohol is any compound that has a minimum of one hydroxyl (-OH) group attached to a single bonded alkane. Alcohol of various types is used across industries for various applications. The market for alcohol is driven by the high consumption of alcoholic drinks among consumers across the globe. Apart from its use in alcoholic beverages, alcohol is used as fuel, solvents, preservatives, antifreeze, and antiseptics.
Various methods are used to produce alcohol. They are: Oxo processes, hydration reactions, and biological fermentation. The types of alcohol available in markets include butanol, glycol, xylitol, ethanol, methanol, pentanol, and sorbitol. Of these, ethanol is the most used alcohol in the world, with a demand that exceeds 100 bn liters. 80% of the ethanol produced is used as fuel, since it is considered a renewable fuel with a potential to substitute gasoline. The demand for ethanol is particularly high in Brazil, Europe, and the U.S. The demand for ethanol is also expected to pick up in Asia Pacific in the future. Apart from fuel, ethanol is used as an antiseptic, in alcoholic beverages, in pharmaceuticals, and also in cosmetics. The use of ethanol to disinfect the skin before injections and other invasive procedures is also common. Furthermore, ethanol is used in hand sanitizers and soaps, thus driving their demand.
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Methanol is another alcohol type that has witnessed growth. Methanol is used as an intermediate chemical to produce formaldehyde, which is used in the pharmaceuticals, resins, wood, and automotive industry. The methanol market is driven by the expanding horizons of its application and growth in the end use industries.
The overall alcohol market is expected to grow rapidly due to the expanding applications in various industries. The biggest growth opportunity lies in the use of ethanol as automotive fuel, which is expected to grow exponentially, thus driving the global alcohol market.
The report segments the global alcohol market on the basis of geography into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America is the largest producer of alcohol. The alcohol market in Asia Pacific is expected to grow rapidly in the future both in terms of demand and production.
The key players operating in the global alcohol market have been studied in the report. They are: Absolute Energy LLC, Methanex Corporation, Glacial Lakes Energy LLC, and Aventine Renewable Energy-Pekin.