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According to the recent report by IMARC Group, titled “Bio-Alcohols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” 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.
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.
Global Bio-Alcohols Market Trends:
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.
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Global Bio-Alcohols Market 2023-2028 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BASF SE, Braskem (Odebrecht SA), Cargill Incorporated, EI Du Pont De Nemours & Co., Fulcrum BioEnergy Inc., Genomatica Inc., Harvest Power Inc., Koninklijke DSM NV, Mascoma LLC (Lallemand Inc.), Mitsubishi Chemical Corporation , PTT Global Chemical Public Company Limited and Valero Energy Corporation.
The report has segmented the market on the basis on region, product type, raw material and application.
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: (United States, Canada)
Asia Pacific: (China, Japan,India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France,United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico, Others)
Middle East and Afric
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations.Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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