Ethyl Alcohol Market Witnesses Robust Growth Driven by Surging Demand

LONDON, GREATER LONDON, UK, January 19, 2024 /EINPresswire.com/ -- The ethyl alcohol market has experienced substantial growth, expanding from $561.68 billion in 2023 to an estimated $601.2 billion in 2024, showcasing a commendable compound annual growth rate (CAGR) of 7.0%. Anticipated to maintain its upward trajectory, the market is projected to reach $785.5 billion in 2028, sustaining a compound annual growth rate (CAGR) of 6.9%. Several factors contribute to this growth, including the increasing demand for ethanol in the food processing and personal care industries.

Factors Propelling Market Growth:
• Surging Demand for Ethanol in Food Processing Industry:
The ethyl alcohol market is witnessing substantial growth due to the rising demand for ethanol in the food processing industry. Ethanol serves as a crucial ingredient in the production of both alcoholic and non-alcoholic beverages, contributing to the market's expansion. The growing popularity of ready-to-eat, frozen, and packaged foods, coupled with increased demand for ethanol in beverages, is a significant driver. For instance, the ethanol market in India is expected to reach $7.38 billion by 2024, fueled by applications in food and beverages.
• Growing Demand for Personal Care Products:
The market experiences a boost from the escalating demand for personal care products. Ethyl alcohol (ethanol) plays a versatile role in personal care items such as shampoos, toothpaste, creams, and cosmetics. The efficacy and performance-enhancing properties of ethanol contribute to its widespread use in personal care products. Major companies, including L'Oréal S.A., report notable increases in consumer product sales, reflecting the surging demand for personal care items.

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Innovations Driving Ethyl Alcohol Market:
• Ethanol Production from Corn and Sugar:
Companies are increasingly focusing on producing ethanol from corn and sugar to combat global warming and meet transportation fuel demands. The process involves the dry milling of corn kernels, contributing to the reduction of greenhouse gases. The production of ethanol from corn and sugar offers environmental advantages, reducing dependency on foreign oil and positively impacting global warming.
• Sustainable Aviation Fuel Technology:
Leading companies in the ethyl alcohol market are spearheading innovation with sustainable aviation fuel technology. This technology, based on ethanol, aims to develop aviation fuels with a lower carbon footprint compared to traditional fossil-based fuels. Lummus Technology LLC, for instance, has launched Sustainable Aviation Fuel Technology, showcasing a commitment to environmentally friendly alternatives within the aviation sector.

Market Segmentation and Regional Dynamics:
The ethyl alcohol market covered in this report is segmented –
1) By Type: Synthetic, Fermented
2) By Application: Industrial Solvent, Fuel/Fuel Additive, Bacteriacide/Disinfectant, Beverages, Personal Care, Other Applications
3) By End User Industry: Automotive, Food and Beverages, Pharmaceutical, Personal Care, Other End Use Industries

Regional Insights:
Asia-Pacific emerged as the largest region in the ethyl alcohol market in 2023, with North America securing the second-largest position. The comprehensive market report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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Ethyl Alcohol Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Ethyl Alcohol Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ethyl alcohol market size, ethyl alcohol market drivers and trends, ethyl alcohol market major players, ethyl alcohol market competitors' revenues, ethyl alcohol market positioning, and ethyl alcohol market growth across geographies. The ethyl alcohol market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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