The Business Research Company’s Global Ethyl Alcohol Manufacturing Market Analysis And Forecast 2020-30: Covid 19 Implications And Growth
LONDON, GREATER LONDON, UK, June 24, 2020 /EINPresswire.com/ — The global ethyl alcohol manufacturing market is expected to grow from $493.1 billion in 2019 to about $692.8 billion in 2020. This is because hand hygiene and use of sanitizers is an important step amongst the preventive measures taken against COVID-19. The Centers for Disease Control and Prevention (CDC) has also recommended that people use an alcohol-based hand sanitizer that contains at least 60% ethanol or ethyl alcohol. The ethyl alcohol manufacturing market is expected to stabilize and reach $661.8 billion at an annual rate of 7.6% through 2023.
Rising demand for ethanol in the food processing industry is also contributing to the global ethanol market growth. It is used as an intoxicating ingredient in manufacturing alcoholic and non-alcoholic beverages such as vodka and gin. Additionally, ethyl alcohol is also used as a natural product in non-alcoholic beverages. Due to increased demand for ready-to-eat, frozen and packaged foods, the food processing industry is growing significantly. As a result, the demand from the food processing industry has also increased due to growing population through new births and migrations, which further increases the industry's production and demand for ethanol. The demand for ethanol in the food processing industry will lead to the expansion of the global market for ethyl alcohol. For example, in India, the ethanol market is expected to grow from $2.50 billion in 2018 to $7.38 billion by 2024, at an annual rate of 14.5%, due to ethanol use in applications such as food and beverages. Rising demand for ethanol in the food processing industry is expected to boost the demand for ethyl alcohol during the forecast period, thus driving market growth.
According to ethyl alcohol market trends, companies are increasingly producing ethanol from corn and sugar in the ethyl alcohol market. Ethanol is produced from corn through the dry milling process. In this process, corn kernels are prepared into flour or mash, which is then mixed with water. It is purified through distillation and dehydration to create ethanol. The rising demand for liquid fuels in the transportation industry, global rising demand for oil, and negative consequences of global warming have contributed to the increased use of corn-based sugar to produce ethanol, thereby reducing global warming gases. It can be used in many of today's passenger cars and trucks as a substitute for burning gasoline. For example, according to the 'U.S. Department of Energy', the U.S is the largest producer of ethanol, producing ethanol mostly from corn. The production grew from 14.81 billion gallons in 2015 to nearly 16 billion gallons in 2017. Additionally, the U.S and Brazil produce 85% of global ethanol from corn. Production of ethanol from corn helps in reducing greenhouse gases by 18% and production of ethanol from sugar helps in reducing greenhouse gases by 90%. Thus, production of ethanol from corn and sugar offers several advantages such as reduced greenhouse gases and decreased dependency on foreign oil.
Here Is A List Of Similar Reports By The Business Research Company:
Ethyl Alcohol And Other Basic Organic Chemical Global Market Report 2020-30: Covid 19 Impact And Recovery (https://www.thebusinessresearchcompany.com/report/ethyl-alcohol-manufacturing-global-market-report-2020-30-covid-19-implications-and-growth)
Hand Sanitizers Market Global Report 2020-30: Covid 19 Growth And Change (https://www.thebusinessresearchcompany.com/report/hand-sanitizers-global-market-report)
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Source: EIN Presswire