Published By : 22 Mar 2016 | Published By : QYRESEARCH
Alcohol refers to an organic compound, which falls under the hydroxyl functional group and is bound to be a saturated carbon atom. The name alcohol is derived from ethanol (ethyl alcohol), which is the chief alcohol in most of the alcoholic beverages. They are several types of alcohol are xylitol, methanol, butanol, ethylene glycol, sorbitol, pentanol, ethanol, and others. Alcohol can be produced by different methods such as:
The global market for alcohol is vast and the use of alcohol is done in several applications such as fuel, solvents, alcoholic beverages, antiseptics, preservatives, and antifreeze. The global market for alcohol is estimated to witness a rapid growth owing to the rising application in diverse industries in several forms. The adoption of ethanol as an automotive fuel in the automotive industry is one of the major opportunities for the market players of the global alcohol market. This is projected to fuel the growth of the market in the next few years.
Furthermore, ethanol is one of the favorable ingredients for alcoholic drinks, which has been gaining tremendous popularity and is expected to augment the growth of the global alcohol market in the near future. In the past few years, the demand for alcoholic beverages has been increasing in the Asia Pacific region, which is indirectly boosting the production of alcohol in the global market.
On the basis of geography, at present, the North America market is the largest manufacturer of alcohol across the globe. North America is followed by South America and then Europe. On the other hand, the Asia Pacific market is estimated to witness a high growth rate in the next few years.
The cutthroat competition in the global alcohol market has encouraged the participation of several players and gain the competitive advantage in the market. As a result, the production of alcohol is expected to increase in the next few years, owing to the entry of new players in the global alcohol market. Some of the major players operating in the market are Methanex Corporation, Glacial Lakes Energy LLC, Absolute Energy LLC, and Aventine Renewable Energy-Pekin.