Global Industrial Alcohol market share 2024, Forecast To 2033

The industrial alcohol market has experienced rapid growth, surging from $159.7 billion in 2023 to $178.72 billion in 2024, with a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period is attributed to the increased production of ethanol fuel, growth in pharmaceuticals and healthcare, expansion of the beverage and food industry, rise in chemical manufacturing, and increased use in cleaning and sanitization. The market is poised for rapid growth, reaching $289.24 billion in 2028, with a CAGR of 12.8%. Contributing factors include the increasing emphasis on renewable energy, rising demand for hand sanitizers and disinfectants, growing demand for alcoholic beverages, increasing demand from personal care products, and an emphasis on sustainable chemicals. Major trends in the forecast period encompass ethanol for hand sanitizers, the demand for ethanol as a fuel additive, distillation and purification technologies, industrial alcohol as a solvent, and food-grade alcohol production.