November 02, 2020
According to the research report titled ‘Global Ethyl Alcohol Market Size study, by Grade (Food Grade, Industrial Grade, Pharmaceutical Grade, Lab Grade) by Purity (Undenatured Ethanol, Denatured Ethanol) by Application (Industrial Solvent, Fuel/Fuel Additive, Disinfectant, Beverages, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, worldwide ethyl alcohol market is expected to showcase commendable growth during 2020-2027.
Increasing alcohol consumption and focus among manufacturers towards reinforcing their respective distribution channels in order to ensure easy availability of the product to customers are prime factors paving the way towards the growth of global ethyl alcohol market.
Beverage Information & Insights Group claims that in 2018, the straight American whiskey segment increased by 5.3% in the United States, while Rosé segment grew by 58% and wine category recorded 3% growth. Similarly, industry analysts cite that the Indian spirit sector, which includes vodka, rum, brandy, and whiskey, is predicted to expand by 25% and reach a valuation of USD 41 trillion by the year 2022, thereby adding traction to global ethyl alcohol industry growth.
For those uninitiated, ethyl alcohol is a colorless, flammable, and volatile liquid which is a major ingredient in alcoholic beverages. It is widely adopted as a natural product to extract as well as concentrate aromas and flavors during wine production.
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Growing demand for ethyl alcohol in food processing applications is further aiding the market expansion. However, increasing awareness pertaining to the side effects of alcohol consumption may hamper global ethyl alcohol industry remuneration in the forthcoming years.
Meanwhile, inclination towards using ethyl alcohol as a renewable fuel source in order to reduce harmful gas emissions is creating new opportunities for the industry partakers.
As per grade, the market is divided into lab grade, pharmaceutical grade, industrial grade, and food grade. In terms of purity, the industry is segmented into denatured ethanol and undenatured ethanol. The application scope of worldwide ethyl alcohol market comprises of beverages, disinfectants, fuel/fuel additive, industrial solvent, and others.
Highlighting the regional terrain, North America currently accounts for the largest ethyl alcohol market share and is expected to showcase similar expansion trends in the subsequent years. Strict federal reforms towards reducing the use of fossil fuels along with growing demand for ethyl alcohol in food processing applications are facilitating the business scenario in North America.
On the other hand, Asia-Pacific ethyl alcohol industry is anticipated to witness highest CAGR through 2027, primarily due to factors such as mounting alcohol consumption and rising per capita income.
The competitive landscape of worldwide ethyl alcohol market is defined by contenders such as Cargill Inc., Braskem, The Andersons Inc., HPCL Biofuels Limited, Flint Hills Resources LLC, Advanced Bioenergy LLC, Green Plains Inc., Valero Energy Corporation, POET LLC, and Archer Daniels Midland Company among others.