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Pharmacy benefit management market
DENATURED ALCOHOL MARKET REPORT OVERVIEW
The global denatured alcohol market size was USD 80020 million in 2019 and will touch USD 126620 million by 2026, exhibiting a CAGR of 6.7% during the forecast period.
Denatured alcohol, also known as methylated spirits, is ethanol (alcohol) that has been rendered unfit for human consumption by the addition of chemicals known as denaturants. The purpose of denaturing alcohol is to make it unsuitable for drinking while retaining its usefulness for other applications. Denatured alcohol is commonly used in industrial, commercial, and household settings due to its versatility and cost-effectiveness.
In terms of composition, denatured alcohol typically contains a high percentage of ethanol, often around 90-95%, mixed with a denaturing agent such as methanol or other chemicals. The denaturants make the alcohol unpalatable and often impart a color or odor to distinguish it from consumable ethanol. The denaturation process is essential to exempt the alcohol from certain taxes that apply to potable spirits. Denatured alcohol is commonly used as a solvent in various applications, including cleaning, degreasing, and as a fuel for alcohol stoves. Additionally, it is employed in the manufacturing of paints, varnishes, and other products where a solvent with specific properties is required.
COVID-19 Impact: Market Growth Boosted by Pandemic due to Increased Demand for Sanitizers and Disinfectants
The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.
The pandemic disrupted global supply chains, leading to shortages of certain raw materials. This affected the production and availability of denatured alcohol as well as the finished products containing it, such as hand sanitizers. Increased demand combined with supply chain challenges led to fluctuations in pricing and availability. Some regulatory agencies temporarily adjusted regulations to facilitate the production of hand sanitizers during the pandemic. This flexibility allowed manufacturers to adapt formulas to use denatured alcohol more readily in sanitizer formulations.
With the heightened emphasis on hygiene and hand sanitization during the pandemic, there was an unprecedented surge in the demand for sanitizers and disinfectants. Denatured alcohol, being an effective disinfectant, saw increased use in the formulation of hand sanitizers and surface disinfectants. The pandemic prompted a rise in do-it-yourself (DIY) projects, including the creation of homemade hand sanitizers. Denatured alcohol, with its sanitizing properties, became a key ingredient in such formulations. The global denatured alcohol market growth is anticipated to boost following the pandemic.
LATEST TRENDS
"Customized Formulations for Specific Applications to Drive Market Growth"
The demand for denatured alcohol in specific applications, such as hand sanitizers or industrial processes, may drive the development of customized formulations tailored to meet the unique requirements of these applications. The chemical industry continually seeks alternatives to traditional solvents for various applications. Research and development efforts may focus on identifying or creating alternative solvents with similar properties to denatured alcohol but with improved safety or environmental profiles.
Ongoing developments in regulatory standards and safety measures may influence the formulation and use of denatured alcohol. Manufacturers and end-users may need to adapt to changes in regulations regarding the composition and handling of denatured alcohol. Given the increased focus on health and safety, there may be innovations in packaging, dispensing systems, and other aspects of handling denatured alcohol to enhance safety measures in various applications.
DENATURED ALCOHOL MARKET SEGMENTATION
- By Type
Based on type the global market can be categorized into Specially Denatured Alcohol (SDA) and Completely Denatured Alcohol (CDA).
Specially Denatured Alcohol (SDA): Specially Denatured Alcohol (SDA) refers to ethyl alcohol (ethanol) that has been rendered undrinkable by the addition of denaturing agents. The purpose of denaturing is to deter human consumption, allowing the alcohol to be used for various industrial and commercial applications without incurring the same taxes as potable alcohol.
Completely Denatured Alcohol (CDA): Completely Denatured Alcohol (CDA) is another form of denatured alcohol that is made undrinkable through the addition of denaturing agents. Similar to SDA, CDA is designed for industrial and commercial use, and its composition is regulated to ensure it is unsuitable for human consumption.
- By Application
Based on application the global market can be categorized into Cleaner & Solvent, Thinner, Alcohol Fuel, Personal Care & Cosmetics, Pharmaceuticals, and Others.
Cleaner & Solvent: Cleaners and solvents are substances used to remove dirt, stains, contaminants, or unwanted substances from surfaces. Solvents dissolve or disperse materials to facilitate cleaning.
Thinner: Thinner is a solvent used to reduce the viscosity of paints, coatings, and varnishes, making them easier to apply. It is also used for cleaning paintbrushes and other tools.
Alcohol Fuel: Alcohol fuel refers to fuels derived from alcohol, primarily ethanol or methanol. These fuels can be used as alternatives to traditional gasoline or diesel for powering internal combustion engines.
Personal Care & Cosmetics: Personal care and cosmetics encompass a wide range of products designed for personal grooming, hygiene, and aesthetics. These products include lotions, creams, perfumes, and makeup.
Pharmaceuticals: Pharmaceuticals are medicinal products designed for the diagnosis, treatment, and prevention of diseases. These products can take various forms, including tablets, capsules, injections, and topical preparations.
DRIVING FACTORS
"Use in Cleaning Products to Boost the Market"
Denatured alcohol is a common ingredient in cleaning products due to its solvent properties. It is used in household cleaners, industrial degreasers, and other cleaning formulations. Denatured alcohol is formulated to comply with safety regulations, including those that require the addition of denaturing agents to prevent human consumption. This compliance is essential for industries where safety standards are paramount.
"Disinfectants to Expand the Market"
The global emphasis on health and hygiene, especially during the COVID-19 pandemic, has led to increased demand for hand sanitizers and disinfectants. Denatured alcohol is a common ingredient in these products due to its disinfecting properties. Denatured alcohol is used as a solvent and thinner in the formulation of paints and coatings. Its ability to dissolve and disperse paint components contributes to the manufacturing process. In industries such as automotive and general manufacturing, denatured alcohol is used for tasks like cleaning machinery, degreasing surfaces, and as a solvent in various processes.
RESTRAINING FACTOR
"Consumer Product Preferences to Potentially Impede Market Growth"
In the personal care and cosmetics industry, there is a growing consumer preference for products with natural or organic ingredients. This trend may influence formulations, potentially reducing the use of certain denatured alcohol-based products. Evolving regulations related to the handling, storage, and transportation of denatured alcohol can pose challenges for industries that use the substance. Compliance with new or stricter regulations may necessitate changes in processes or formulations.
DENATURED ALCOHOL MARKET REGIONAL INSIGHTS
"North America Region Dominating the Market due to Industrialization"
The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.
North America has emerged as the most dominant region in the global denatured alcohol market share due to several factors. North America has a highly industrialized economy, with a diverse range of manufacturing sectors that use denatured alcohol for cleaning, degreasing, and production processes. The region has well-established regulatory standards that may drive the demand for denatured alcohol in compliance with safety and environmental regulations.
KEY INDUSTRY PLAYERS
"Key Industry Players Shaping the Market through Innovation and Market Expansion"
The denatured alcohol market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in cloth wardrobes, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.
List of Market Players Profiled
- Green Plains Renewable Energy [U.S.]
- Cargill [U.S.]
- Flint Hills Resources [U.S.]
- Big River Resources [U.S.]
- Pacific Ethanol [U.S.]
INDUSTRIAL DEVELOPMENT
October 2023: Reckitt Benckiser (RB) took significant strives ahead in the denatured alcohol market. They recently developed Denatured Alcohol Surface Disinfectant. Reckitt Benckiser is a global consumer goods company that produces a range of health, hygiene, and home products. They manufacture surface disinfectants that often contain denatured alcohol as a key ingredient to provide effective sanitization.
REPORT COVERAGE
The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.
The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.
REPORT COVERAGE | DETAILS |
---|---|
Market Size Value In |
US$ 80020 Million in 2019 |
Market Size Value By |
US$ 126620 Million by 2026 |
Growth Rate |
CAGR of 6.7% from 2019 to 2026 |
Forecast Period |
2022-2026 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Types & Application |
Frequently Asked Questions
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What value is the denatured alcohol market expected to touch by 2026?
The global denatured alcohol market is expected to reach USD 126620 million by 2026.
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What CAGR is the denatured alcohol market expected to exhibit by 2026?
The denatured alcohol market is expected to exhibit a CAGR of 6.7% by 2026.
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Which are the driving factors of the denatured alcohol market?
Use in Cleaning Products and Disinfectants are some of the driving factors of the denatured alcohol market.
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What are the key denatured alcohol market segments?
The denatured alcohol market segmentation that you should be aware of, which include, based on type the denatured alcohol market is classified as Specially Denatured Alcohol (SDA) and Completely Denatured Alcohol (CDA). Based on application the denatured alcohol market is classified as Cleaner & Solvent, Thinner, Alcohol Fuel, Personal Care & Cosmetics, Pharmaceuticals, and Others.