New York, Feb. 15, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Ethyl Alcohol Global Market Report 2023" - https://www.reportlinker.com/p06281566/?utm_source=GNW
, Kirin Holding Company, and LyondellBasell Industries NV.
The global ethyl alcohol market will grow from $526.75 billion in 2022 to $563.12 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The ethyl alcohol market is expected to grow from $721.58 billion in 2027 at a CAGR of 6.4%.
The ethyl alcohol market consists of the sales of ethyl alcohol used in products such as perfumes, aftershaves, beverages, liniments, colognes, medicinal liquids, mouthwashes, and rubbing alcohols.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Ethyl alcohol, also known as ethanol or grain alcohol, is a volatile, flammable, colorless liquid industrially used as a chemical intermediate to make pharmaceutical ingredients or as a solvent. Ethyl alcohol is used as a solvent in the synthesis of other organic chemicals, as an ingredient in alcoholic beverages and as a gasoline additive in the automotive industry.
Asia Pacific was the largest region in the ethyl alcohol market in 2022.North America was the second largest market in the ethyl alcohol market.
The regions covered in the ethyl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of ethyl alcohol are synthetic and fermented.Ethyl alcohol fermentation is defined as the chemical process in which the yeast transforms glucose and fructose in a solution into ethanol, carbon dioxide, and heat.
The various applications of ethyl alcohol include industrial solvent, fuel/fuel additive, bacteriacide/disinfectant, beverages, personal care, and other applications. The major end-use industries of ethyl alcohol are automotive, food and beverages, pharmaceutical, personal care, and other end users.
Rising demand for ethanol in the food processing industry is contributing to the growth of the ethyl alcohol market.It is used as an intoxicating ingredient in manufacturing alcoholic and non-alcoholic beverages such as vodka and gin.
Additionally, ethyl alcohol is also used as a natural product in non-alcoholic beverages as an adjunct.The food processing industry is growing significantly due to increased demand for ready-to-eat, frozen, and packaged foods.
As a result, the demand from the food processing industry has also increased due to the growing population through new births and migrations, which further increases the industry’s production and demand for ethanol.The demand for ethanol in the food processing industry will lead to the expansion of the global market for ethyl alcohol.
For example, in India, the ethanol market is expected to grow to $7.38 billion by 2024 at a CAGR of 14.50% due to ethanol use in applications such as food and beverages. Rising demand for ethanol in the food processing industry is expected to boost the demand for ethyl alcohol during the forecast period, driving the market.
The rise in awareness about the ill effects of alcohol consumption is expected to limit the growth of the ethyl alcohol market.According to a study by the World Health Organization (WHO), alcohol consumption is responsible for more than 200 diseases and injury conditions.
It possesses a risk of health problems such as mental and behavioral disorders, diseases such as liver cirrhosis, cardiovascular diseases, and injuries from road accidents.With rising awareness of the effects of alcohol consumption on global health, the demand for information on consumption and its related harm and policies has risen significantly.
For example, in 2020, according to the Journal of Studies, alcohol awareness in the Yukon increased to 42%, a 10% rise in awareness due to warning labels on alcohol bottles and drugs. This is bound to negatively impact the market.
Companies are increasingly producing ethanol from corn and sugar in the ethyl alcohol market.Ethanol is produced from corn by the dry milling process.
In this process, corn kernels are ground into flour or mash, which is then mixed with water.It is purified through distillation and dehydration to create ethanol.
The rising demand for liquid fuels in the transportation industry, the global rising demand for oil, and the negative consequences of global warming have contributed to the increased use of corn-based sugar to produce ethanol, thereby reducing global warming gases.It can be used in many of today’s passenger cars and trucks as a substitute for burning gasoline.
The US Department of Agriculture (USDA) predicts that during the 2020–21 crop season, 5.2 billion hectares of corn will go to ethanol generation, an increase of 250 million hectares compared to the approximate amount of corn that moved to ethanol processing during the 2019–20 crop season. Additionally, the U.S. and Brazil produce 85% of the global ethanol from corn. Production of ethanol from corn helps in reducing greenhouse gases by 18%, and production of ethanol from sugar helps in reducing greenhouse gases by 90%. Production of ethanol from corn and sugar offers several advantages, such as reducing greenhouse gases and decreasing dependency on foreign oil.
In October 2022, CIE, a US-based global provider of grain-based, high-quality, specialty alcohols acquired the assets of Elkhorn Valley Ethanol from Louis Dreyfus Company, a global agricultural commodities firm.The acquisition increases the capacity, expands the footprint, and increases the customer base of CIE with the addition of assets of Elkhorn Valley Ethanol.
Elkhorn Valley Ethanol is an American producer of ethanol.
The countries covered in the ethyl alcohol market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The ethyl alcohol market research report is one of a series of new reports that provides ethyl alcohol market statistics, including ethyl alcohol industry global market size, regional shares, competitors with an ethyl alcohol market share, detailed ethyl alcohol market segments, market trends and opportunities, and any further data you may need to thrive in the ethyl alcohol industry. This ethyl alcohol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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