LONDON--(BUSINESS WIRE)--The ethyl alcohol market size is expected to post a CAGR of over 6% during the period 2020-2024 according to the latest market research report by Technavio. Request a free sample report
The increasing demand for ethanol from the food processing industry is a key driver for the ethyl alcohol market growth. Ethyl alcohol is extensively used as a food processing ingredient in the food and beverage industry. It is used as an intoxicating ingredient in various alcoholic beverages, such as vodka and gin. Furthermore, in non-alcoholic beverages, ethyl alcohol is used as a natural product to extract and concentrate flavors and aromas, which are used in wine production. The increasing production of wine across the world is expected to further contribute to the growth of the global ethyl alcohol market during the forecast period.
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As per Technavio, the growing demand for ethyl alcohol from the automotive industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Ethyl Alcohol Market: Growing Demand for Ethyl Alcohol in the Automotive Industry
Growing environmental concerns related to pollution in the automotive industry have increased the adoption of renewable fuels. One such renewable fuel is ethyl alcohol which is used as a fuel additive in automotives to reduce harmful gas emissions and increase the efficiency of vehicles. Major automotive manufacturing countries such as China, Germany, India, France, Italy, South Korea, Japan, and the US use ethyl alcohol as a fuel additive. Thus, the growing demand for ethyl alcohol from the automotive industry will drive market growth during the forecast period.
“Apart from the growing demand for ethyl alcohol from the automotive industry, other factors such as the increase in government initiatives supporting the use of ethyl alcohol for various applications, and the high availability of feedstock for the production of ethyl alcohol will have a significant impact on the growth of the ethyl alcohol market value during the forecast period,” says a senior analyst at Technavio.
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Ethyl Alcohol Market: Segmentation Analysis
This market research report segments the ethyl alcohol market by geography (APAC, Europe, MEA, North America, and South America) and end-users (automotive, food and beverages, personal care, pharmaceutical, and others).
The North American region led the ethyl alcohol market in 2019, followed by South America, Europe, APAC, and MEA respectively. The growth of the ethyl alcohol market share in North America can be attributed to factors such as strong demand as a fuel additive in automotives, along with increasing applications in the pharmaceutical and food industries.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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