IMARC Group, a leading market research company, has recently releases report titled “Bio-Alcohols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global bio-alcohols market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the bio-alcohols market?
The global bio-alcohols market size reached US$ 12.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 10.20% during 2023-2028.
What are bio-alcohols?
Bio-alcohols are eco-friendly chemicals manufactured by the action of microorganisms and enzymes during the fermentation of starches or sugars. They are mainly used as fuels due to their properties like high energy density and combustible nature, along with low volatility and viscosity. There are two generations of bio-alcohols: the first-generation bio-alcohols are made from edible products like vegetable oil, starch, and sugar, whereas the second-generation bio-alcohols are produced from the inedible parts of consumable crops such as branches, woody stems, and inedible fruits. Apart from fuel, they are also utilized in the production of glues, perfumes, textiles, paints, and diluents.
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What are the growth prospects and trends in the bio-alcohols industry?
Bio-alcohols are gaining traction worldwide due to depleting non-renewable resources and the increasing gap between fuel supply and demand. This can be accredited to the inflating income levels and improving standards of living, which have increased the sales of automobiles, in turn, creating a high strain on the environment. Moreover, growing environmental concerns have increased the demand for biofuels as they offer higher-octane fuel and leave a smaller carbon footprint in comparison to crude oil-based fuels. Apart from this, the COVID-19 pandemic has fueled the demand for hand sanitizers and disinfectants. As a result, several companies have started the production of bioethanol-based hand sanitizers to meet the global demand. For instance,BASF in the United States and Verbio in Germany have begun the production of bioethanol-based hand sanitizers and disinfectants. Furthermore, bio-alcohols find applications in various industries like pharmaceuticals, cosmetics, and alcoholic beverages.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Product Type:
- Bio-Methanol
- Bio-Ethanol
- Bio-Butanol
- Bio-BDO
- Others
Breakup by Raw Material:
- Grains
- Sugarcane
- Industrial Beets
- Biowaste
- Others
Breakup by Application:
- Transportation
- Construction
- Medical
- Power Generation
- Others
Breakup by Region:
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East & Africa
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