Global Alcohol Market to be driven by surging demand for Ethanol and Methanol

2024-11-05 01:10:30 Lifestyle

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Alcohol refers to compounds that have a minimum of one hydroxyl group that is attached a single bonded alkane. The global alcohol market is a continuously growing one, with its increasing applications across various industries. Biological fermentation, hydration reactions, and oxo processes are the three main methods that are used extensively in the production of alcohol.

The demand for alcoholic beverages is on the rise and is expected to surge in the years to come. The key companies operating in the global alcohol market are Glacial Lakes Energy LLC, Absolute Energy LLC, Aventine Renewable Energy-Pekin, and Methanex Corporation.

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Demand for Ethanol to drive the Global Alcohol Market

The global alcohol market is segmented on the basis of type of alcohols, applications, and geography. On the basis of type of alcohol, this market is categorized into ethanol, butanol, methanol, sorbitol, xylitol, ethylene glycol, and pentanol. The market for ethanol is by far the largest, since it is the most widely used variety of alcohol all over the world. 100 billion liters is the global consumption of ethanol, out of which more than 80 billion liters is used as fuel. The high demand for ethanol can be attributed to it being considered a renewable fuel and also the fact that it is used as a substitute for gasoline.

High demand for ethanol as a fuel is a key factor that drives the global alcohol market. Much of the demand for ethanol also comes from industries such as cosmetics, pharmaceuticals, and alcoholic beverages. In the healthcare sector, ethanol is used as a skin disinfectant for invasive procedures and injections. Also, because of its highly volatile nature, ethanol is a crucial ingredient in hand sanitizers and soaps. Based on applications, the global alcohol market is segmented into antiseptics, antifreeze, preservatives, fuels, solvents, and alcoholic beverages.

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Expanding Automotive and Pharmaceuticals Markets to Propel the Methanol Market

Another extensively used type of alcohol in the industrial segment is methanol. Over the past couple of years, the market for methanol has been expanding significantly. Methanol is an important component of formaldehyde that is used extensively in industries such as wood and resins, pharmaceuticals, and automotive. The other chemicals that use methanol as an intermediate component are acetic acid, dimethyl terephthalate, methyl chloride, and methyl methacrylate.

High demand for methanol from several end-use industries drives the global market for alcohol. Acetic acid is mainly used in industries such as adhesives and fleece, and paints and coatings. The demand for dimethyl terephthalate comes from the market for recyclable plastic bottles. Methyl chloride is used in the production of silicone, which is used in medical applications, lubricants, sealants, and adhesives.

North America: Dominant Regional Market

Geographically, the global alcohol market is segmented into Europe, North America, Latin America, Asia Pacific, Africa, and the Middle East. Brazil, Europe, and the U.S. are by far the largest consumers of ethanol as a fuel. The demand for ethanol in the Asia Pacific market is expected to increase substantially in the forecast period. Also, the demand for alcoholic beverages is increasing in Asia Pacific and is projected to increase in the forthcoming years as well.

In terms of production, North America holds the highest share in the global alcohol market. The other prominent regional players in the global alcohol market are Asia Pacific, Europe, and South America. Also, Brazil and the U.S. are the largest manufacturers of ethanol in the global alcohol market.

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