Owing to its application in numerous end-use industries, the global alcohol market is anticipated to witness strong growth over the forthcoming years, states Transparency Market Research (TMR) in a research report. The report is titled, “Alcohol Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
According to the report, the factor behind the rising inclination of consumers towards alcohol is the growing disposable income of consumers across the world and enhanced standards of living. The growing popularity of social drinking, coupled with the rise in the number of women consuming alcohol, are factors that are likely to positively impact the growth of the global alcohol market. The consumption of alcohol has significantly increased in Asia Pacific owing to its high demand in India. The demand for premium liquor is high among Indian consumers due to a preference for foreign brands.
The most popular varieties of alcohol used in various industries are xylitol, sorbitol, ethylene glycol, pentanol, butanol, methanol, and ethanol. The most common applications of alcohol are antiseptics, antifreeze, preservatives, fuel, and solvents. The types of methods used for manufacturing alcohol includes biological fermentation, hydration reactions, and oxo processes.
The most commonly used alcohol across the globe is ethanol. The demand for ethanol globally is over 10 billion liters every year, out of which, 80% is used as fuel. Ethanol is being considered as a potential alternative to gasoline as it is also a renewable fuel. The prime driver of the market for ethanol is its wide acceptance. The leading regions in terms of consumption of ethanol are Brazil, Europe, and the U.S. However, Asia Pacific is expected to give tough competition to these regions in terms of growth. Some industrial applications of ethanol are cosmetics, pharmaceuticals, and alcoholic beverages. It is also employed in the production of hand sanitizers and soaps.
Methanol is also one of the most commonly used alcohol types in the world. It is mainly used to manufacture formaldehyde, which used in the wood, resins, pharmaceutical, and automotive industries. It is also used as a substitute for chemicals such as acetic acid, dimethyl terephthalate, methyl chloride, and methyl methacrylate.
The report presents an in-depth analysis of the growth trajectory of the global alcohol market. It highlights the factors that are likely to positively or negatively affect the growth of the market. The study also presents information on the projected revenue and volume growth of the market. It also presents insights into the key strategies, shares, and products of the leading companies operating in the global alcohol market.
Region-wise, North America led the market in terms of production of alcohol, closely trailed by South America, Europe, and Asia Pacific. The leading players in the alcohol market include Glacial Lakes Energy LLC, Absolute Energy LLC, Aventine Renewable, Energy-Pekin, and Methanex Corporation.
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