Global Alcohol Market Growth Will Increase Significantly During 2019-2027.

Market Overview:

Alcohol is a volatile liquid that is prepared by fermenting certain types of carbohydrates. It is known by chemical names such as ethanol, ethyl alcohol, ethylene glycol, butanol, methanol, and sorbitol among others. It is a clear liquid that has a typical potent odor and strong taste. Alcohol has a variety of characteristic functions which include disinfectant, central nervous system depressant, a diuretic, antiseptic drug, and a human metabolite among others. Owing to its wide range of characteristics, alcohol has several industrial applications, and the most common is that of an active ingredient in beverages such as wine and hard liquor.

The global alcohol market size is projected to reach US$ 1.70 billion by 2027, and register a CAGR of 3.1% over the forecast period (2019 - 2027).

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Market Dynamics:

Demand for alcohol is increasing owing to changing lifestyles and increasing disposable income of the global population. Moreover, ethanol is widely used in the automotive industry as a fuel additive and a bio-fuel. Ethanol and methanol also find application as solvents in domestic appliances like stoves and burners for cooking and heating. However, ingestion of ethanol in combination with denatured alcohol can cause death, which can restrain the market growth. Furthermore, the growing preference among the automobile industry for hybrid fuel engines is likely to affect demand for ethanol across the globe. However, factors such as low toxicity, low cost, high purity, and easy availability are projected to drive market growth over the forecast period. The booming alcoholic beverages industry is also expected to facilitate demand for ethanol, which is typically consumed orally as a recreational substance through alcoholic beverages. Changing tastes and preferences of the populations, combined with changing lifestyles and increasing disposable income are likely to drive the growth of the alcohol market. It is worth noting, however, that the increasing number of electric cars, growing health awareness, and rising cost of raw materials are projected to hamper the market growth.

Methanol is a type of alcohol that finds application across a variety of industries and is commonly used as an intermediate in industries such as pharmaceuticals, automotive, wood, resins, and in chemicals such as acetic acid, methyl chloride, and dimethyl terephthalate. These factors are projected to contribute to the growth of the global alcohol market in the near future.

Market Outlook:

North America is expected to lead the alcohol market owing to increasing preference for ethanol as a fuel, over other conventional fuels. Furthermore, environmental regulations in the region and increasing government initiatives regarding the use of bio-fuels to curb pollution are driving demand for ethanol in the automobile industry, which in turn is estimated to have a positive effect on the North American alcohol market.

The Asia Pacific is estimated to account for significant market share over the forecast period due to factors such as the increasing influence of western culture on the lifestyle and habits of the population. Also, increasing disposable income and rapid industrialization in emerging economies such as India and China are facilitating demand in the alcohol market. Moreover, rising environmental concerns in addition to the rising cost of raw materials are resulting in an increasing demand for biofuels in the region. Demand for ethanol from various end-use industries such as pharmaceuticals, automotive, personal care, and food and beverages is propelling the growth of the Asia Pacific alcohol market.

Key market players of the Alcohol Market such as Absolute Energy LLC, Methanex Corporation, Glacial Lakes Energy LLC, and Aventine Renewable Energy-Pekin among others are dominating the global alcohol market.

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