According to IMARC Group latest published report, titled “Bio-Alcohols Market Trends: Global Industry Share, Size, Growth, Opportunity and Forecast 2022-2027,”The global bio-alcohols market size reached a value of US$ 11,428 Million in 2021. Looking forward, IMARC Group expects the market to reach US$ 21,109 Million by 2027, exhibiting a CAGR of 10.73% during 2022-2027.
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Market Size Value in 2021: |
US$ 11,428 Million |
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Growth Rate: |
CAGR of 10.73% from 2022 to 2027 |
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Market Outlook: |
2022-2027 |
Bio-alcohols are sustainable organic chemicals with important physiological properties that are produced using biomass. They are volatile, combustible and have low viscosity and toxicity with a high energy density. Although several bio-alcohols are available in the market, bioethanol is gaining the most traction as a clean, renewable energy source as it is produced through the fermentation of microorganisms and enzymes with sugars, starches or cellulose. At present, bio-alcohols are utilized to manufacture textiles, paints, tarnishes, glues, diluents and perfumes worldwide.
Covid-19 Scenario: 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.
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Market Trends and Drivers:
Biomass is a biodegradable, sustainable, economical and renewable resource that offers various environmental benefits. This, in confluence with the growing environmental consciousness, is resulting in the increasing utilization of bio-alcohols in the production of biofuels. Moreover, due to the rising trend of organic and natural products, several key players are using bio-alcohols in the manufacturing of cosmetics and pharmaceutical products. Apart from this, rapid urbanization, especially in developing economies, inflating crude oil prices, stringent emission regulations imposed by the governments of various countries and escalating energy consumption are some of the other factors propelling the market growth. Furthermore, rising disposable incomes, and the burgeoning automotive industry, are positively influencing the sales of sports cars, which, in turn, is contributing to the market growth. Besides this, due to the outbreak of the coronavirus disease (COVID-19), governments of several countries, along with international organizations like the World Health Organization (WHO), are encouraging hand sanitization practices, which has resulted in the surging demand for hand sanitizers. These sanitizers have significant percentages of bioethanol, which is impelling the market growth.
Explore full report with table of contents: https://www.imarcgroup.com/bio-alcohols-market
Market Summary:
- 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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