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Ethanol also known as alcohol, ethyl alcohol, spirit, ethylol, ethyl hydroxide, and others is a simple alcohol with chemical formula C2H6O. Ethanol is a colorless, volatile, flammable liquid that has a distinct odor. It is a principal ingredient of alcoholic drinks and is a psychoactive substance. It has medical applications as it is a recreational drug and is also used as antiseptic and disinfectant. It is produced by fermentation of sugars by using yeast, which is a biological process and by petrochemical processes. It is used to synthesize other important organic compounds, as a solvent, and as fuel. Absolute alcohol is anhydrous alcohol with lower water content and is not intended for human consumption. It is used for laboratory and solvent applications.
The increasing demand for ethanol from end-use sectors like pharmaceuticals, medical, personal care, paints & coatings, and others is driving the market growth. Moreover, high demand for ethanol as fuel is expected to create a positive impact on the market. The increasing use of ethanol in personal care and cosmetic industries attributed to its volatile, colorless nature and distinctive smell is increasing the market demand. Normally, denatured ethanol is used as a carrier for perfume oils that are found in colognes and fragrances.
Key Market Driver -
Increasing demand from varied end-use industries
Key Market Restraint -
Volatility of raw material prices
Global expansion of ethanol production is growing significantly due to rise in the crude oil prices. The U.S. is a leading exporter and producer of ethanol fuel worldwide and hence fluctuations in the ethanol prices can play a significant role in influencing the country’s overall bioenergy policy. However, volatility in the raw materials can hinder the market profitability.
Based on process type, the market is segmented into synthetic process and biological process. Based on application, the market is segmented into medical, pharmaceuticals, paints & coatings, personal care, cosmetics, chemical, and others.
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global absolute ethanol market consists of global & regional players operating in the industry. Some of the key players in the market include PetroChina, Celanese Corporation, Spectrum, Mitsubishi Chemical Corporation, Lyondell Basell Industries N.V., and Others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to be the largest market for absolute ethanol attributed to the increase in usage of ethanol in the personal care sector. Asia Pacific is expected to be the fastest growing market due to the large number of manufacturers based in China, South Korea, Japan, and Malaysia and high demand from the pharmaceutical, medical, and personal care industries. Europe is expected to show substantial growth due to the increase fuel consumption. Latin America and the Middle East & Africa are expected to show considerable growth by the end of the forecast period.
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