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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