According to the latest report by IMARC Group, titled "Bio-Alcohols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global bio-alcohols market reached a value of US$ 12.8 Billion in 2022. Bio-alcohols refer to eco-friendly chemicals that are obtained by fermentation of starches or sugars by enzymes and microorganisms. The first generation bio-alcohols are commonly prepared from edible products, such as vegetable oil, starch, and sugar. On the other hand, second generation bio-alcohols are made from the inedible parts of numerous consumable crops, including branches, woody stems, and inedible fruits. They are volatile in nature and have a high energy density, due to which they are widely used as fuels. They are also characterized by combustible nature, reduced toxicity and low viscosity. Besides this, these alcohols are increasingly utilized in the production of textiles, perfumes, glues, paints, and diluents.
Global Bio-Alcohols Market Trends:
The global market is primarily driven by the increasing utilization of bio-alcohols for the production of biofuels. They are considered to be a sustainable, biodegradable, economical and renewable alternative to conventional fuels, thereby creating a positive outlook for the market. Moreover, the usage of biofuels leaves a smaller carbon footprint when compared to crude oil-based fuels, which is further contributing to their widespread preference. The market is further driven by the increasing utilization of bio-alcohols in the manufacturing of hand sanitizers. On account of the rapid outbreak of the COVID-19 pandemic, there has been a rising demand for hand sanitizers for disinfection purposes across the globe. This, along with the favorable initiatives undertaken by several governing bodies to encourage the practice of sanitizing hands at regular intervals, has impelled key players to invest in the growing production of bioethanol-based hand sanitizers and disinfectants. Some of the other factors contributing to the market growth include the rising utilization of these products for the formulation of organic cosmetic products and the widespread product usage fir manufacturing pharmaceuticals. On account of the aforementioned factors, the market is expected to grow at a CAGR of 10.20% during 2023-2028.
- Based on the product type, the market has been divided into bio-methanol, -ethanol, -butanol, -butanediol (BDO), and others.
- On the basis of the raw material, the market has been classified into sugarcane, biowaste, grains, industrial beets, and others.
- Based on the application, the market has been segregated into construction, power generation, medical, transportation, and others.
- Region-wise, the market has been categorized into North America (the United States and Canada), Europe (Germany, the United Kingdom, France, Spain, Italy, Russia, and Others), Latin America (Mexico, Brazil, and Others), Asia Pacific (China, Japan, India, South Korea, Indonesia, Australia, and Others), and Middle East and Africa.
- The competitive landscape of the market has been analyzed in the report, with some of the key players being BASF SE, Braskem SA, Cargill, Incorporated, DuPont de Nemours, Inc., Fulcrum BioEnergy, Inc., Genomatica, Inc., Harvest Power, Koninklijke DSM N.V., Lallemand Inc., Mitsubishi Chemical Holdings Corporation, PTT Global Chemical Public Company Limited, and Valero Marketing and Supply Company.
|Base Year of the Analysis
||Product Type, Raw Material, Application, Region
||North America, Asia Pacific, Europe, Latin America, Middle East and Africa
||United States, Canada, China, Japan, India, South Korea, Australia, Indonesia, Germany, France, United Kingdom, Italy, Spain, Russia, Brazil, Mexico
||BASF SE, Braskem SA, Cargill, Incorporated, DuPont de Nemours, Inc., Fulcrum BioEnergy, Inc., Genomatica, Inc., Harvest Power, Koninklijke DSM N.V., Lallemand Inc., Mitsubishi Chemical Holdings Corporation, PTT Global Chemical Public Company Limited, and Valero Marketing and Supply Company
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