Bio-alcohol Market: Introduction
Transparency Market Research delivers key insights on the global bio-alcohol market. In terms of revenue, the global bio-alcohol market is estimated to expand at a CAGR of 10% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global bio-alcohol market.
The global bio-alcohol market is broadly affected by several factors, including increase in usage of bio-alcohol in various applications such as transportation fuel, perfume, flavor enhancer, paints, electronic cleaning, and chemical intermediate. Rise in global demand for transportation fuel and chemical intermediate has led to a significant increase in usage of bio-alcohol. Increase in production and demand for transportation fuel is expected to be the primary driver of the global bio-alcohol market. Moreover, the surge in demand for transportation fuel, chemical intermediate, and agro chemicals is propelling the bio-alcohol market.
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Bio-alcohol Market: Dynamics
Bio alcohols can be simply defined as alcohols produced from biological resources or biomass. Biomass is a biodegradable, sustainable, economical and renewable resource that offers various environmental benefits. This, in confluence with the growing environmental consciousness, is boosting the utilization of bio-alcohols in the production of biofuels.
Several key players are using bio-alcohols in the manufacture of cosmetics and pharmaceutical products due to the rising trend of organic and natural products. Moreover, rapid urbanization, especially in developing countries, rising crude oil prices, stringent emission regulations imposed by governments of various countries, and increasing energy consumption are a few other factors propelling the market.
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Manufacturers are focusing on transportation fuel, as the share held by this segment in the bio-alcohol market is likely to increase during the forecast period.
Bio-alcohol Market: Prominent Regions
North America holds a major share of the global bio-alcohol market. The market in the region is anticipated to expand at a CAGR of more than 10.3% during the forecast period. Increase in demand for bio-alcohol in various applications, such as transportation fuel, perfume, flavor enhancer, paints, electronic cleaning, chemical intermediate, pharmaceutical application, and agro chemicals, is driving the bio-alcohol market in Asia Pacific. The U.S. is a key country of the bio-alcohol market in North America. It held a significant share of the bio-alcohol market in North America in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global bio-alcohol market. Germany led the bio-alcohol market in Europe in 2020. Increase in demand for bio-alcohol as transportation fuel, chemical intermediate, and agro chemicals is propelling the market in Germany.
Bio-alcohol Market: Major Players
The global bio-alcohol market is consolidated, with the presence of key players. Prominent players operating in the global bio-alcohol market include BASF SE, Arkema, VERBIO, Vereinigte BioEnergie AG, BRASKEM, DuPont, Cargil, DSM, Mitsubishi Chemical Corporation, Raizen, BP Biofuels, Genomatica Inc., Valero Energy Corporation, CREMER OLEO GmbH & Co. KG, and GODAVARI BIOREFINERIES LTD.
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Global Bio-alcohol Market: Segmentation
Bio-alcohol Market, by Type
- Others (Bio-glycerol and Bio-ethylene glycol)
Bio-alcohol Market, by Source
- Sugar beet
- Others (Grains and Bio-waste)
Bio-alcohol Market, by Application
- Transportation Fuel
- Flavor Enhancer
- Electronic Cleaning
- Chemical Intermediate
- Pharmaceutical Application
- Agro Chemicals
- Others (Infrastructure and Power Generation)
Bio-alcohol Market, by End-use
- Food & Beverage
- Cosmetics & Personal Care
- Paints & Coatings
- Industrial & Institutional Cleaning
- Others (Construction)
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