According to the recent report by IMARC Group, titled “Bio-Alcohols Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025,” the global bio-alcohols market size grew at a CAGR of about 7% during 2014-2019. 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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We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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 augmented 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 diverse industries like pharmaceuticals, cosmetics, and alcoholic beverages. On account of these factors, the market is expected to experience moderate growth during the forecast period (2020-2025).
- 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 (Japan, China, South Korea, Indonesia, Japan, India, 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 PTT Global Chemical Public Company Limited, Valero Energy Corporation, BASF SE, Braskem (Odebrecht S.A.), Cargill Incorporated, E.I. Du Pont De Nemours & Co., Koninklijke DSM N.V., Mascoma LLC (Lallemand Inc.), Mitsubishi Chemical Corporation, Fulcrum BioEnergy Inc., Genomatica Inc., and Harvest Power Inc.
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