Industrial alcohol is a clear, colorless, flammable liquid which is primarily used as a raw material in various chemical processes and as a solvent in the pharmaceutical industry. It finds wide applications as a solvent, fuel, and chemical intermediate. Being cost-effective and easily available, industrial alcohol has emerged as an important feedstock in chemical and pharmaceutical industries.
The Industrial Alcohol Market is estimated to be valued at US$ 180.75 Billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing application of industrial alcohol in the chemical industry is the key trend fueling the market growth. Industrial alcohol is extensively used as a raw material in the manufacturing of chemical intermediates such as methyl methacrylate, acetic acid, ethyl acetate, and formaldehyde which find application in polymers, plastics, paints and coatings industries. These chemicals are experiencing high demand owing to rapid growth of end-use industries across the globe. Apart from this, rising usage of industrial alcohol as a cleaning agent and disinfectant spurred by COVID-19 outbreak is also driving its demand significantly. Furthermore, growing need for biofuels along with expanding pharmaceutical industry are some of the important factors expected to propel the industrial alcohol market over the forecast period.