The global industrial alcohol is expected to experience a significant growth by reaching USD 241.42 billion by 2027. The growth is attributable to the increasing demand for renewable energy sources such as biofuels across the transportation industry across the globe. Fortune Business Insights. mentions that the market stood at USD 111.26 billion in 2019 and is likely to exhibit a CAGR of 11.7% between 2020 and 2027. 

Source:

https://www.fortunebusinessinsights.com/industrial-alcohol-market-103917 

Growing Demand for Industrial Alcohol Product in Pharmaceutical amid COVID-19 to Augment Growth

The global pandemic has necessitated the adoption of safe hygiene practices to contain the widespread of the disease. This is leading to the high demand for hygienic products such as hand sanitizers and disinfectants across the globe. In addition to this, the growing demand for pharmaceutical products such as antibiotics, antiseptics, lotions, and other products is expected to bode well for the growth of the market in the forthcoming years. 

Industrial alcohol is primarily a distilled ethyl alcohol that is produced to serve several purposes such as additives, solvents, and antibiotics across several industrial peripherals. It is usually manufactured by mixing ethyl alcohol with water or left completely denatured in its natural form. The products are derived from several sources such as sugarcane molasses, grains, fossil fuels, and corn, among others. The growing concerns over the degradation of environment is driving the demand for its byproducts that and clean and pure, while being affordable across the globe.