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The global industrial alcohol market size is expected to gain momentum by reaching USD 241.42 billion by 2027. This is attributable to the rising pharmaceuticals industry that propels the demand for industrial alcohol for the production of drugs, lotions, anesthetics, and liniments across the globe. Fortune Business Insights, in its latest report, titled, “Industrial Alcohol Market Size, Share & COVID-19 Impact Analysis, By Type (Ethyl Alcohol, Methyl Alcohol, Isopropyl, Isobutyl Alcohol, and Others), By Source (Sugar & Molasses, Grains, Corn, Fossil Fuels, and Others), By Application (Personal Care, Chemical Intermediates, Food Industry, Pharmaceutical, Fuels, and Others), and Geography Forecast, 2020-2027.”, mentions that the market stood at USD 111.26 billion in 2019 and is likely to exhibit a CAGR of 11.7% between 2020 and 2027.
MGP to Increase Industrial Alcohol Production to Facilitate Growing Demand for Hand Sanitizers
In March 2020, MGP, a leading supplier of distilled spirits and starches, announced that it is going to exponentially increase the production of commercial disinfectants and hand sanitizers owing to the huge demand for their industrial alcohol. The company is expanding its Indiana and Kansas facilities to cater to the growing demand amid COVID-19. In addition to this, MGP employees are putting large efforts to produce the important products to aid in the global fight against the deadly disease.
The companies such as MGP are striving to amplify their production to manufacture life-saving products and are contributing in the efforts to contain the widespread of the disease. Such initiatives are expected to contribute to the growth of the global industrial alcohol market in the forthcoming years.
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Rising Pharmaceutical Sector to Augment Growth
The increasing prevalence of chronic disease is driving the demand for effective treatment solutions across medical institutions globally. The growing demand for advanced pharmaceutical drugs is propelling the manufacturers to develop innovative products that aid in treating diseases. Owing to their beneficial characteristics, industrial alcohol is adopted to manufacture medicines such as decongestants, cough preparations, iodine solutions, and other products. Additionally, improving healthcare infrastructures in developing as well as developed regions is expected to bode well for the growth of the market during the forecast period.
Cargill and Raizen Energia Focus on Product Expansion to Strengthen Their Market Position
The global industrial alcohol market is fragmented by the presence of key players such as Raizen, Cargill, and others that are striving to consolidate their positions by focusing on expanding their facilities to cater to the increasing demand for industrial alcohol products across pharmaceutical, cosmetics, and food & beverage sectors. The adoption of strategies such as partnership, collaboration, and merger and acquisition by the major companies is further expected to contribute to the market growth in the forthcoming years.
List of the Companies Profiled in the Market:
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Table of Segmentation:
Value (USD Billion); Volume (Million Ton)
Product; Source; Application; and Geography