The ethyl alcohol market significantly comprises of sales of ethyl alcohol and related services. The Ethyl alcohol is effectively optimized as a solvent in the synthesis of other organic chemicals, as an ingredient in alcoholic beverages such as beer, wine or brandy, and as a gasoline preservative in the automotive industry. The Ethyl alcohol also well-known as ethanol or grain alcohol is an unpredictable, flammable, colorless liquid industrially utilized as a chemical intermediate to generate pharmaceutical ingredients or as a solvent.
According to the report analysis, ‘Ethyl Alcohol Global Market Report 2020’ states that in the ethyl alcohol global market there are several companies which presently operating more effectively for leading the highest market growth and dominating the handsome value of market share around the globe in the near future while spreading the awareness related to the ethyl alcohol applications, increasing the applications of such, advancing the specifications of the production technologies, implementing the profitable strategies, analyzing and studying the strategies of the competitors and government, delivering the better consumer satisfaction and employing the young work force includes Advanced Bioenergy LLC, Andersons Ethanol Group, Archer Daniels Midland Company, Aventine Renewable Energy, Braskem, British Petroleum, Cargill Corporation, Green Plains Inc., Kirin Holding Company, Lyondell Basell Industries NV and several others.
The worldwide ethyl alcohol manufacturing market was worth USD 493.49 billion in 2019. It is projected to increase at a compound annual growth rate (CAGR) of 8% and reach USD 657.24 billion by 2023.The ethyl alcohol market has been geographically categorized into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. During 2018, North America was the greatest region in the ethyl alcohol market.
Increasing requirement for ethanol in the food processing industry is underwriting to the growth of the ethyl alcohol market. It is utilized as an intoxicating ingredient in producing alcoholic and non-alcoholic beverages likewise vodka and gin. Additionally, ethyl alcohol is also utilized as a natural product in non-alcoholic beverages. Owing to augmented ready-to-eat, frozen and packaged foods, the food processing industry is growing proficiently. As a result, the requirement from the food processing industry has also augmented due to increasing population through new births and migrations, which further rises the industry’s production and requirement for ethanol. The requirement for ethanol in the food processing industry will lead to the enlargement of the worldwide market for ethyl alcohol. For example, in India, the ethanol market is projected to increase from USD 2.50 billion in 2018 to USD 7.38 billion by 2024, at a CAGR of 14.50% owing to ethanol usage in applications such as food and beverages. Increasing requirement for ethanol in food processing industry is projected to boost the requirement for ethyl alcohol during the forecast period, propelling the market.
In addition, the organized players in the ethyl alcohol global market are effectively implementing the policies of the joint ventures, mergers and acquisitions, partnership, obtaining competitive edge and several others for generating the highest percentage of revenue and ruling around the globe. Therefore, in the near years, it is predicted that the market of ethyl alcohol will increase around the globe more significantly over the forthcoming years.
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Ankur Gupta, Head Marketing & Communications