Non-Fuel Grade Alcohol Market trends Significant Profits Estimated to be generated by 2030 with Leading Company Profilesshalini
Market Research Future (MRFR) expects the Non-Fuel Grade Alcohol Market to touch USD 22,179.2 million by 2030, jumping from its valuation of USD 18,001.6 million in 2022. MRFR also presumes that the market size shall expand at a rate of 4.26% from 2022 to 2030.
The COVID-19 outbreak in the year 2022 threw a series of challenges to various industries, across North America, Europe, and Asia Pacific, especially in countries like China, France, Italy, Spain, Iran, the U.S. and Germany. The result of the pandemic has been the widened supply and demand gap, and fractured production capacity of various manufacturers.
But the continuous surge in the product demand in the pharmaceutical industry, given the mounting need for hand sanitizers should benefit the global market to some extent.
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Affluent Market Firms
Archer Daniels Midland Company,Cargill, Incorporated,Sasol,Merck KGaA,CropEnergies AG,LyondellBasell Industries Holdings BV, Pannonia Bio,Wilmar Bioethanol,Godavari Biorefineries Ltd.,Solvay AG, are some of the key manufacturers of non-fuel grade alcohol in the global industry.
Key Boosters and Main Barriers
Food-grade alcohol is a type of non-fuel grade alcohol and witnesses significant demand worldwide. The burgeoning food processing sector coupled with the heightened consumption of alcoholic beverages are believed to be some of the top factors. Surge in the volume consumption has been favorable for the food grade alcohol industry since it is a vital part of every alcoholic drink across the globe. Evolving drinking habits among millennials paired with the soaring number of craft distilleries has fostered the growth of the alcoholic beverages sector. Plus, the changing preferences of the consumers, in terms of beverages and food flavors in lien with constant product innovations by leading manufacturers will also bolster the growth of the non-fuel grade alcohol market.
The global market is filled with a large number of global and regional firms that offer extensive ranges of non-fuel grade alcohol. They constantly compete in order to capture a bigger share of the worldwide industry. Government is encouraging new players to foray into the market, armed with expansive lines of non-fuel grade alcohols with multiple applications. Moreover, rising economic status across various countries and adoption of a more sophisticated lifestyle in emerging countries has also raised the demand for non-fuel grade alcohol.
Type and application are the primary segments that have been covered in the MRFR study, to present a bird’s view of the overall non-fuel grade alcohol industry.
Key types of non-fuel grade alcohol are pharmaceutical grade, industrial grade, lab grade, and others. Between these, food-grade alcohol has captured the biggest share compared to other types and is expected to procure a CAGR of 23.9% between 2020 and 2027.
Major applications are cosmetics, personal care, pharmaceutical, chemical solvent, food and beverages, and many others. The biggest share in the global market is owned by the food and beverages segment, which accounts to close to 50.6%. The segment should be able to attain a growth rate of 4.36% and touch USD 11,320.2 million by 2027-end.
North America, APAC/Asia Pacific, along with Europe and RoW/Rest of the World are the main markets for non-fuel grade alcohol.
The biggest market for non-fuel grade alcohol is in Europe, in view of the significant consumption rate of a variety of alcoholic beverages as well as chemical solvents in numerous industries. As a result, the regional market owned the highest share of around 34% in the year 2018 and could touch USD 7,525.9 million by 2027. Additionally, MRFR expects the European market to continue thriving throughout the review timeframe at a rate of 4.24%, especially given the escalating demand for food-grade alcohol in the region. The expanding food & beverage sector helps create a strong consumer base for the food grade alcohol industry in the region. Players in the region are adopting strategies like product innovation and new launches to cater to the rising demand among end-users and consumers.
The second position in the global market has been clinched by both Asia Pacific and North America, in view of the surging consumption of alcohol in multiple industries. The industrial alcohol market in North America is quite profitable, on account of the expansive application range in several end-use industries, including personal care, pharmaceutical, food & beverages, transportation, and others. Amplified demand for industrial alcohol to be used as an octane enhancer should also pave the way for further market growth. In the APAC market, the surge in GDP paired with the exploding population has raised the need for fuel in the transportation segment, which has led to significant demand for biofuels. China is the fourth leading producer of biofuels in the world while India boasts of highly favorable conditions when it comes to production of bioethanol. These factors are bound to elevate the market position for non-fuel grade alcohol in the region over the ensuing years.
These companies frequently undertake competitive strategies like product innovations and new launches as well as divestments to elevate their business standing, thereby upping their competitive edge.
Ethisan has launched its latest plant-based, food-grade hand sanitizer in the Canadian market. Ehtisan sanitizer contains a proprietary formula that has a few ingredients, such as wheat ethanol that is grown in the prairies of the country.
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