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).
Alcohol is a volatile liquid which 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.
Demand for alcohol is increasing owing to changing lifestyle 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, 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 the 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 taste and preference of the populations, combined with changing lifestyle and increasing disposable income are likely to drive growth of the alcohol market. It is worth noting, however, that increasing number of electric cars, growing health awareness, and rising cost of raw materials is 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.
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 is driving demand for ethanol in the automobile industry, which in turn is estimated to have a positive effect on the North America alcohol market. Asia Pacific is estimated to account for significant market share over the forecast period due to factors such as increasing influence of the 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 is facilitating demand in the alcohol market. Moreover, rising environmental concerns in addition to rising cost of raw materials is resulting in an increasing demand for bio-fuels in the region. Demand for ethanol from various end use industries such as pharmaceuticals, automotive, personal care, and food and beverages is propelling growth of the Asia Pacific alcohol market.
Key market players 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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