Bulk Chemical Industry reports: August 2022

Friday, 26 August 2022

Plastic Market Size Worth $811.57 Billion By 2030 | CAGR: 3.7%

The global Plastic Market size is anticipated to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 3.7% between 2022 and 2030. The increasing automotive production and subsequent rise in plastic consumption in automotive component fabrication, because of regulatory policies regarding vehicular weight reduction and fuel efficiency, are expected to drive the market during the forecast period.

Plastics facilitate fuel saving in automotive applications, owing to reduced car weight and density, as compared to conventional materials such as metals or rubber. Since the last decade, there has been a substantial demand for these products as a replacement for metals and ferrous alloys across various industries such as consumer goods, automotive, and industrial machinery. The growth of the plastics market mainly depends on factors such as the ever-increasing requirement of end-users in terms of product specification and versatility, influencing consumption dynamics.

Other factors such as the socio-political environment, production process, and feedstock availability events also have a significant impact on the industry trends. Rapidly developing construction and automobile markets in Asia Pacific are expected to increase the demand for plastics in interiors, exteriors, and under the hood components. Its major applications include underhood components in the automotive industry, building interior & exteriors in the construction and infrastructure sectors, and various applications in electronics and durables.

The outbreak of COVID-19 fueled the demand for plastics in the medical end-use industry. Companies are focusing on stepping up their resources and production capabilities to meet the rising demand. For instance, in April 2020, Exxon Mobil Corporation announced an increase in the monthly production of specialized polypropylene by 1,000 tons, to meet the growing need for medical masks and gowns owing to the spread of coronavirus. This surge in the production of polypropylene was aimed to help medical mask and gown manufacturers to produce an additional 20 million gowns or 200 million medical masks.

Extrusion application is anticipated to progress at a substantial growth rate during the forecast period. It is widely used to produce straws, hoses, pipes, and window frames. The increasing demand for these products from the packaging and construction industries is anticipated to create lucrative growth opportunities for the extrusion application segment in the coming years.

Related Press Release@ Plastic Market Report

Plastic Market Report Highlights

The global market for plastics was valued at USD 593.00 billion in 2021 and is estimated to expand at a CAGR of 3.7% from 2022 to 2030
Globally, polyether ether ketone is expected to witness a CAGR of 6.8% in terms of revenue during the forecast period. The increasing demand for medical applications such as housing, valves, switches, guide components, sleeves, adapters, reducers, cylinders, ventilators, and others are anticipated to positively impact the segment growth in this period
Various strategic initiatives have been recorded over the past few years that have served to boost the growth of the plastics industry. For instance, in August 2020, Sinopec Zhongke, China prepared to start a new unit for the production of polypropylene in Zhanjiang by the end of August 2020. The unit possesses a production capacity of 350,000 tons/year of polypropylene

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Silicone Elastomers Market Size Worth $12.5 Billion By 2030

The global Silicone Elastomers Market size is expected to reach USD 12.5 billion by 2030, according to a new study by Grand View Research, Inc. The market is projected to advance at a CAGR of 10.3% from 2022 to 2030. The growing population, rising disposable income, and rapid industrialization and urbanization in the developing regions are some of the key factors that are presumed to drive the regional markets. R&D initiatives to develop superior-quality robust products that have a wide application base across diverse industries offer ample opportunities for market development.

A surge in demand for properties such as extended lifetime, efficient performance over a wide range of temperatures, low toxicity, low flammability, low smoke density, inertness to chemicals & solvents, oil & fuel resistance, and high productivity is anticipated to be beneficial for the overall market advancement. The increasing scope of silicone elastomers in the healthcare industry is expected to have a positive impact on the market.

Some of the notable applications of silicone elastomers in the medical industry include catheters, tubing, medical cables, seals & gaskets, membranes, O-rings, valves, respiratory care applications, anesthetic masks, medical instruments & equipment, and medical textile coatings. Such a wide range of applications is touted to create ample opportunities for the silicone elastomers industry in the coming years.

The market for silicone elastomers has been classified into three segments, on the basis of product, application, and region. Major silicone elastomer products include high-temperature vulcanize (HTV), room temperature vulcanize (RTV), and liquid silicone rubber (LSR). HTV has dominated the market demand in the last few years. Room temperature vulcanize is slated to witness the highest growth rate during the forecast period.

Some of the prominent applications of silicone elastomers include electrical & electronics, automotive & transportation, industrial machinery, consumer goods, and construction, among others. The construction application segment dominated the global market in 2021, ahead of the automotive, and electrical & electronics segments. Other applications such as medical & healthcare and cosmetics are anticipated to experience the highest CAGR during the forecast period.

Regionally, the market has been segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. North America occupied a significant market share in the recent past. However, this region, along with Western Europe, is expected to lose substantial market share and witness sluggish growth in the next seven years. Emerging markets such as the Asia Pacific are touted to witness the highest demand in the near future. Economies such as China, India, and Southeast Asian countries are projected to lead the regional market.

Related Press Release@ Silicone Elastomers Market Report

Silicone Elastomers Market Report Highlights

Asia Pacific dominated the overall market and is expected to advance at the fastest CAGR of 10.6% in terms of revenue during the forecast period
LSR was estimated to be the largest product segment in the global market for silicone elastomers in 2021 and is also anticipated to dominate the market during the projection period
Construction accounted for the largest revenue share of more than 43% in the application segment of the global market for silicone elastomers in 2021 and is also anticipated to dominate the market in the projection period
Silicone elastomers have widespread applications in the medical and healthcare industry. Starting from medical equipment to drug delivery systems, silicone elastomers have gained acceptance in this industry fairly rapidly. Such acceptance can be attributed to favorable properties such as inertness, high permeability, easy processing, and low toxicity

Tuesday, 23 August 2022

Bags And Containers Market Size is Estimated to Value $56.86 Billion By 2028

The global Bags And Containers Market size is expected to reach USD 56.86 billion by 2028, registering a CAGR of 5.6% during the forecast period, according to a new report by Grand View Research, Inc. Consumer’s increased inclination for the fashionable, trendy and lightweight bags designed for travel and tourism propels the bags & containers market growth.

The rapidly growing travel industry has opened up new global market opportunities for bags and containers. Furthermore, innovative and advanced product launches from manufacturing companies with GPS security features also propel the market growth. The growing use of backpacks in day-to-day life for various requirements is one of the major reasons for the backpacks market growth.

Rapidly growing urbanization, increase in disposable income, domestic and international travel and tourism are the major driving factors of bags and containers market growth. New product developments with added advanced features appeal to the large consumer base. Availability of the products in a variety of shapes and sizes, colors, and design patterns is one of the major factors, responsible for the market growth.

Bags & containers play a very important role in carrying clothes and other belongings while traveling, trekking, or shifting from one place to another. Duffel bags, backpacks, tote bags, and jewelry boxes; are the most commonly used types of bags and containers. Advanced and innovative product launches from top brands on a timely basis attract large populations. The easy availability of eco-friendly and sustainable products in the market will further propel the bags & containers market growth.

COVID-19 has negatively affected the bags & containers market, globally. The major fall in the travel and tourism industry throughout the pandemic period is the major reason for reduced sales. Country-wise lockdown, a complete ban on international traveling, in addition to closed shopping malls and retail stores hampered the bags & containers market growth.

However, as things get normal it is expected that the market gets momentum like in pre-pandemic times and will capture a significant market share in the coming years. In addition, consumers buying behavior majorly shifted from offline channels to online portals during the pandemic times, which influenced positively on the luggage market.

The sports bags and tote bags market expanding at the fastest speed by a CAGR of 6.0% from 2022 to 2028. Growing sports activities and health-conscious individuals lead to rising demand for sports bags in the international market. Furthermore, tote bags are getting popular to carry multiple belongings, as they are flexible and capable of accommodating multiple things. Premium and branded tote bags’ elevated demand will drive the segment’s market growth.

The offline channel accounted for the highest market share of more than 70.0% in the global market for bags & containers in 2021 and is expected to grow significantly during the forecast period. The growing chain of supermarkets and hypermarkets, the establishment of dedicated retail stores from top brands, and rapid urbanization propel the offline channels market growth. A large portion of the population still prefers to buy products by means of traditional manner, which leads to the growing market for bags & containers at offline stores.

Asia Pacific held the largest share in the global bags and containers market during 2021 and is estimated to be the fastest growing with a CAGR of 5.9%, during the forecast timeline. Rising domestic and international travelers, a number of the working population, easy availability of the top brands, and a rise in disposable income will boost the market growth. In addition, elevated demand for fashion trendy products further propels regional growth.

Related Press Release@ Bags And Containers Market Report

Bags And Containers Market Report Highlights

Asia Pacific accounted for the largest share of the global bags & containers market in 2021. Rising domestic and international travelers, number of the working population, easy availability of products, and rise in disposable income will boost the regional growth
Backpacks are accountable for the largest share in the bags & containers global market during 2021 and are estimated to be one of the fastest-growing segments during the forecast period. This can be credited to the rising demand for the backpacks due to their multipurpose uses in everyday life
North America market is estimated to grow with substantial speed during the forecast period. Changing lifestyles increased inbound and outbound travelers, and the grown trend of spending weekend holidays with friends and families propels the regional growth
Online segment is estimated to be the fastest-growing distribution channel at a CAGR of 6.0% from 2022 to 2028. Rising demand for the premium products through the e-commerce domain owes the segment’s growth

Monday, 22 August 2022

Investment Casting Market Size Worth $24.52 Billion By 2030

The global Investment Casting Market size is expected to reach USD 24.52 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.0% over the forecast period. The use of new computer simulation techniques and robotics is projected to boost production rates and contribute to market growth.

The investment casting process is labor-intensive on account of the precision required in the final product, which increases the cost of direct wages to the workers. However, to overcome this, technological advancements have been made by prominent players in the industry with the introduction of electronically operated robotic arms that perform the majority of casting operations. These arms apply various types of ceramic and sand coating to wax patterns and pouring of metal into the cavity.

The investment casting process is widely used for aerospace and automotive parts manufacturing on account of the need for varied sizes and dimensions of the components. The process allows the formation of minute parts by supplying metal casting in the ceramic molds with the exact shape and size of the original components. Several industries are utilizing this process to form the components of desired intricate dimensions.

The process is comparatively easy and accurate as it uses molds to form the components. The wax patterns reflecting detailed measurements of the original component are used as templates, which are then coated with ceramic materials. These patterns are melted and taken out of the mold once the ceramic coatings are hardened. Thus, the exact specification cavities are created inside the molds.

High cost compared to other conventional production methods such as die-casting during high volume production is projected to hinder the market growth. The cost allied to the overall process of the product has a majority share of the raw materials including steel and superalloys. Wax patterns and ceramic or refractory coatings also have significant effects on the overall prices of the process. In addition, expenses paid to the skilled workforce are higher owing to the hazardous and extreme working conditions in the foundries.

Related Press Release@ Investment Casting Market Report

Investment Casting Market Report Highlights

By application, medical sector is projected to grow at the highest GAGR of 6.1% over the forecast period. Demand for investment cast products in dental & surgical tools, implantable parts, MRI machines, X-ray equipment, stretchers, and wheelchairs is projected to contribute to the segment growth
Aerospace & defense accounted for the highest share in terms of the consumption of investment cast products in 2021. Several manufacturers of aerospace parts utilize the process to manufacture specialized components for large-size aircraft
Growth in the oil & gas industry across the globe has resulted in ascending demand for casting components. Highly engineered product components manufactured via the investment casting process are utilized in offshore and onshore drilling operations and hydraulic fracturing applications
North America accounted for a revenue share of 36.0% in 2021 of the global market, owing to the high production capacity of key players in the region. The region exhibits a high demand for aerospace and automotive cast finished parts

Plastic Resins Market by BASF SE, SABIC, Dow Inc., Evonik Industries, Sumitomo Chemical

The global Plastic Resins Market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.

Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.

Strict restrictions governing the recyclability and deterioration of traditional building materials like metal and wood are likely to boost the demand for textiles in pipes, windows, cables, storage tanks, and other uses. Plastics are long-lasting and energy-efficient, as well as cost-effective and safe, which encourages their usage in construction. The global market is segmented into crystalline resin, non-crystalline resin, engineering plastics, and super engineering plastics by type. The crystalline resin was the largest segment, accounting for 61.9% of global sales in 2021. The crystalline resin segment mainly includes epoxy, polyethylene, and polypropylene resins.

Related Press Release@ Plastic Resins Market Report

Plastic Resins Market Report Highlights

The global plastic resins market was valued at USD 731.25 billion in 2021 and is estimated to grow at a CAGR of 4.5% from 2022 to 2030
Crystalline resins (epoxy, polyethylene, and propylene) segment accounted for a prominent share in the market by the end of 2021 and is further expected to witness maximum growth over the forecast period
As of 2021, China accounted for the maximum revenue share in the market, with 33.0%. Rising consumer disposable income in the country and ascending demand for luxury cars are expected to have a positive impact on the automotive industry
The advent of bio-based plastic resins has played a prominent role in food and beverage, and pharmaceutical applications. Polymers such as PET and PC are increasingly utilized in the beverages packaging and consumer goods sector

Wednesday, 17 August 2022

Bioplastics Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Bioplastics Market size is expected to reach USD 43.7 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 17.1% from 2022 to 2030. Bioplastics are plastics that are made from renewable sources such as corn, sugarcane, potato, wheat, rice, vegetable oil, or cellulose. There are two types of bioplastics, namely biodegradable plastics and non-biodegradable plastics. Biodegradable plastics include polylactic acid, starch blends, PBAT, and PBS while non-biodegradable plastics include polyethylene, polyethylene terephthalate, polyamide, and polytrimethylene terephthalate.

The global bioplastics plastics market is highly competitive and fragmented in nature, with the presence of various key players such as BASF SE, NatureWorks LLC., SABIC, Braskem, M&G Chemicals, Teijin Limited, and Toray Industries as well as a few medium and small-scale regional players operating across the globe.

The market is witnessing a transformation of the value chain from a linear economy into a circular one. Major players in the market are transitioning to a circular economy to obtain more sustainable solutions and minimize their dependency on crude oil in the future. This trend has led to a rise in the demand for renewable raw materials such as vegetable oil, and plastic waste to produce plastics in recent years.

Increasing concerns regarding toxicity-related issues pertaining to petrochemicals, along with depleting crude oil reserves, have been driving the development of bio-based polymers. Factors including stringent environment protection laws, such as EN 13432, EN 14995, and EN 17033; increasing environmental concerns among consumers; and the rising focus of key players on the production of bioplastics are expected to be the key growth contributors over the forecast period.

Related Press Release@ Bioplastics Market Report

Bioplastics Market Report Highlights

Biodegradable plastics segment led the market with a share of more than 52.0% in 2021 and is expected to maintain a healthy growth rate over the forecast period. Growing demand for bio-based plastics in various end-use industries is expected to drive their demand over the forecast period.

The growing demand for electrical & electronic products along with rising environmental concerns is expected to drive the demand for bioplastics in the consumer goods application segment.
The packaging application led the market with a revenue share of more than 62.0% in 2021. Increasing utilization of bioplastics to produce bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles is the key factor responsible for the segment growth.

Thermoformed Plastics Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Thermoformed Plastics Market size is expected to reach USD 20.66 billion by 2030, according to a new report by Grand View Research, Inc. Furthermore, the report forecasts the market to expand at a CAGR of 4.9% from 2022 to 2030. Globally, the increasing demand for medical and pharmaceutical products has been an important factor behind the market growth. Also, technological innovations in the manufacturing processes of these plastics are anticipated to advance the market.

The increasing demand for these plastics in various application areas including food packaging, healthcare and medical, electrical and electronics, automotive, construction, and consumer goods & home appliances is expected to propel the market in the coming years. Rapid industrialization, infrastructural developments, and medical activities are expected to boost market growth from 2022 to 2030.

Thermoforming is a procedure in which a plastic sheet is heated to make it flexible and then shaped and formed into the desired shape to make a suitable product. Various methods used to process thermoformed plastics are thick & thin gauge thermoforming, vacuum snapback, and plug assists forming. The thin gauge thermoforming process was the largest segment in terms of revenue in 2021.

High labor costs and fluctuating raw material prices are major factors negatively affecting market growth. Asia Pacific is the fastest-growing regional segment, with potential growth opportunities in countries such as China, India, and South Korea. The rising demand from industries such as automotive, construction, medical, food packaging, and pharmaceuticals in this region is expected to boost the market progress during the forecast period.

North America, led by the U.S., is one of the key regions where thermoformed plastics are manufactured and used across various industries. Also, the presence of key companies such as Peninsula Plastics, Vitalo, and Placon, among others have spurred the regional market growth.

Related Press Release@ Thermoformed Plastics Market Report

Thermoformed Plastics Market Report Highlights

The global thermoformed plastics industry revenue exceeded USD 13.45 billion in 2021 and is expected to expand at a CAGR of 4.9% from 2022 to 2030
Polypropylene emerged as the largest product segment in 2021 and is estimated to generate revenue of over USD 4.55 billion by 2030
The thin gauge thermoforming process is projected to be the largest segment in 2030 and is valued at USD 7.22 billion
The automotive sector was valued at USD 1.42 billion in 2021 and is expected to expand at a CAGR of 5.5% during the forecast period
Food packaging was a very significant application segment in 2021 and is projected to expand at a moderate rate in the coming years, owing to the increasing consumption of ready to eat food among the global population
The medical and food packaging industry in the Asia Pacific is projected to witness significant growth in the next few years, owing to various technological developments in the region

Friday, 12 August 2022

Ceramic Coating Market: Future Trends, Revenue Growth & Leading Players, Forecast To 2030

The global Ceramic Coating Market is expected to reach USD 19.19 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.8%, according to a new report by Grand View Research, Inc. This is due to the increasing utilization of automobile engine components and the aerospace & defense industry, which is projected to propel the market growth during the forecast period. Furthermore, ceramic coatings are being extensively used in the automobile and transportation industry, owing to their anti-corrosion properties and offering resistance to abrasion and heat. Ceramic coatings are also used for providing a finished polish look on the exterior body of cars slowly replacing wax.

With growing research and development activities, ceramic coatings are venturing into wider application segments. Currently, automobiles and transportation are expected to be the largest application for ceramic coatings. However, with further product innovations, ceramic coating is likely to have a larger application share than its counterparts, such as PTFE or regular coatings. For instance, in 2021, IGL Coatings launched graphene reinforced product Eco coat Kenzo. Eco coat Kenzo revolutionized the ceramic coatings industry by developing a zero-VOC, high-solids recipe. Its unique high solids recipe distinguishes it, resulting in global demand for the smooth and bright ceramic coating.

The COVID-19 pandemic significantly impacted the ceramic coatings industry. Demand for all categories dropped drastically in 2020 due to manufacturing disruptions in key end-use industries. As the ceramic coating industry does not fall under essential services, it experienced a negative impact on the year-on-year growth rate due to reduced demand from key sectors such as automotive, aerospace, steel, electronics, and others.

Related Press Release@ Ceramic Coating Market Report

Ceramic Coating Market Report Highlights

The oxide segment accounted for 57.2% of the global revenue share in 2021. This is due to oxides are cheaper compared to other coatings such as carbide and nitride
Thermal spray accounted for around 74% of the revenue share in the global market. Since this type of mode is the most popular choice among ceramic coating producers, it can be applied to almost any type of material composition and has a high density
The carbide segment is expected to expand at a CAGR of 7.7% during the forecast period. This is due to the carbide coatings' gradual entry into the sports industry, where it is used on applications such as horse hooves, golf clubs, and bicycles
Asia Pacific dominated the market in 2021 with more than 44% of global consumption. This is due to the presence of a large number of industries coupled with tightening environmental norms

Nitric Acid Market Worth $35.9 Billion By 2030

The global Nitric Acid Market size is expected to reach USD 35.9 billion by 2030, registering a CAGR of 2.3% from 2022 to 2030 as per the new report by Grand View Research, Inc. The growth is attributed to the rising demand for fertilizers by the agrarian economies of the world. The surge in the demand for fertilizers is witnessed by the excessive rise in demand for food. Fertilizer

is- the major application of nitric acid which caters to the maximum share across the global market. Farmers are adopting new technologies to speed up their crop yield to satisfy their excessive need. The product is also consumed in the manufacturing of adipic acid which is an important raw material in the development of Nylon 6, 6. Nylon 6, 6 is used extensively in the manufacturing of plastics and industrial carpets.

Nitric acid is produced by the reaction of nitrogen dioxide with water wherein the diluted nitric acid has distilled concentration of over 68%. There are majorly two types of the production process of the product which include weak nitric acid production and high-strength production. The high strength is produced under high-temperature conditions by first oxidizing ammonia, then is oxidation followed by absorption.

The global product market has become highly competitive due to the presence of big players in the industry. Big companies are constantly innovating the process through their extensive research and development. Also, the use of technology like mono-medium pressure process, mono-high pressure process, and dual pressure process are playing a major part in the making of the product overall.

A substantial amount of the product is consumed in the manufacturing of chemical fertilizers. However, these chemical fertilizers have an adverse effect on the environment. Fertilizer production utilizes various additives and preservatives to enhance their property and to give the optimum result. However, these additives can cause a significant soil nutrient loss and degradation of underground water reserves which are consumed by the general population.

Related Press Release@ Nitric Acid Market Report

Nitric Acid Market Report Highlights

Nitrobenzene application witnessed the fastest growth rate with a CAGR of nearly 5.0%. This is attributed to the wide utilization of nitrobenzene in the construction industry. The current scenario of construction is not favorable due to the unexpected situation of pandemics. However, it is anticipated to grow in the coming years which will drive the demand for nitrobenzene.
Fertilizer application captures the major market share globally with nearly 77.56% by 2028. This is attributed to the excessive demand for food. Food consumption is increasing massively due to the rise in global population which is anticipated to trigger the demand for fertilizer even more in the forecast years.
Europe captures the major market share for the product across the globe due to the major players operating in the region. The demand in Central Europe is starting to take a leap. However, Eastern Europe is showing huge potential for expansion.
The global product market has become highly competitive due to the involvement of big companies in specialty chemical manufacturing. Big companies are integrating their business across the value chain to obtain maximum profit at the lowest investment.
The production of chemical fertilizers involves a substantial volume of additives and chemical-based substances which have an adverse effect on the environment. Also, nitric acid is considered a dangerous substance due to its ability to cause skin burn, and eye damage, It is therefore recommended to take precautionary measures.

Food Grade Alcohol Market by MGP; Cargill Incorporated; ADM; Cristalco; Grain Processing Corporation

The global Food Grade Alcohol Market size is expected to reach USD 3.2 billion by 2030, as per the new report by Grand View Research, Inc. registering a CAGR of 4.3% over the forecast period. The demand is attributed to the increase in consumption of food & beverages by the consumers and the increase in application in personal care, food & beverage, and pharmaceutical industries.

Alcohol is an important ingredient for manufacturing extracts, flavors, yeast, and vinegar. The demand for ethanol has increased in the food industry to expand the shelf life of the product, driven by the changing habits and adoption of ready-to-eat food. The product plays an important role in the healthcare industry owing to its use in the preparation of medicines and sterilizing various medical equipment before use.

Changing consumer behavior and the quality of raw materials used in the production of the product have a significant impact on industry dynamics. Corn, barley, wheat, barley malt, and milo are the most common raw materials used in the manufacturing of the product. These are natural sources that are fermented and then distilled to produce beverages. Because raw resources are so reliant on nature, the industry must evaluate climate change and yield trends in order to efficiently forecast the supply of these products.

Personal care products signify a large category of products that are consumed on a day-to-day basis by a large population. The changing demographics coupled with rising awareness about new beauty trends due to the growth of social media has led to rising demand for these products. The product finds application in product categories such as cleaning formulations, anti-aging creams, anti-inflammatory, anti-wrinkle, anti-dandruff and moisturizing products. The product is used in the above products as a preservative and also to improve antimicrobial properties.

Related Press Release@ Food Grade Alcohol Market Report

Food Grade Alcohol Market Report Highlights

Molasses & sugarcane segment accounted for more than 30.0% revenue share in 2021. The growth is attributed to the increase in its utilization in alcohol production.
Coloring & Flavoring agent function dominated the market with 40% of the total market revenue in 2021 owing to its consumption as an additive in adding color and enhancing flavor in food extracts.
Beverage application is anticipated to grow at the highest CAGR of 4.9% from 2022 to 2030 in terms of revenue. The growth is anticipated due to increase an increase in consumer spending on food & beverages which in turn is driving the demand for the product.
Pharmaceutical segment was the second largest dominating market in 2021 accounting for 21% of the total market share. The growth is witnessed due to an increase in consumer spending on alcohol-based medicine to cure various diseases.
Cultural changes, economic development, affordability, and availability of alcohol along with the effectiveness and level of its policies are key factors driving the alcohol demand.
Cosmetics and toiletries that comprise hand sanitizer account for a higher share of industrial alcohol in the country, which are further estimated to trigger the market growth.