Denatured Ethyl Alcohol Market Introduction
- Denatured ethyl alcohol is an ethanol or grain alcohol that contains additional chemicals called denaturants that make it unfit for human consumption. Denatured alcohol is used in some type of lab work and as an ingredient in certain products, but it is not safe to drink.
- Denatured alcohol is primarily derived from natural sources such as corn starch and grains. This makes it suitable for household applications. Denatured ethyl alcohol is also called methylated spirit or wood spirit or denatured rectified spirit.
- In terms of type, specially denatured alcohol segment is expected to account for significant share of the market during the forecast period. Specially denatured alcohol is primarily used in fuel blending and other industrial and research related applications. Industrial applications include detergents, adhesives, chemicals, inks, plastics, paints, and thinners.
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Key Drivers of Denatured Ethyl Alcohol Market
- Increase in usage of denatured ethyl alcohol in household applications is expected to boost the global denatured ethyl alcohol market during the forecast period. Denatured ethyl alcohol is largely used in household applications. Rise in awareness about indoor hygiene and the harmful effects associated with synthetic ingredients are boosting the consumption of denatured ethyl alcohol in household applications. This is anticipated to drive the segment during the forecast period.
- Growth in usage of denatured ethyl alcohol as a biofuel is estimated to augment the market during the forecast period. Usage of denatured ethyl alcohol as a biofuel is increasing day by day owing to rapid expansion in the automotive industry. The addition of denatured ethyl alcohol provides major advantages in terms of improved fuel economy and increased thermal efficiency. It also helps in cold starts during the winter season. These factors are boosting the consumption of denatured ethyl alcohol, thereby driving the market.
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Restraints of Denatured Ethyl Alcohol Market
- Lack of universal directives pertaining to applications of denatured ethyl alcohol is likely to hamper the market in the near future. Every country has different directives and legislations pertaining to the use of denatured ethyl alcohol. Companies find it difficult to comply with these country-wise directives and legislations. This can discourage investment in the denatured ethyl alcohol market, thereby hampering the market.
- Lack of awareness and low rate of adoption of denatured ethyl alcohol in several developed and underdeveloped countries are also projected to restrain the market during the forecast period
COVID-19 Impact on Denatured Ethyl Alcohol Market
- Key players operating in the global denatured ethyl alcohol market are primarily tier I and tier II manufacturers and suppliers. Manufacture and supply chain facilities of these manufacturers are spread across various countries in Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Several players have halted their production output since the last few months due to the COVID-19 pandemic. The pandemic has negatively impacted the demand and supply chain of these alcohols. Thus, the global denatured ethyl alcohol market is projected to contract in 2024.
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- The COVID-19 outbreak is hampering the demand for denatured ethyl alcohol in several applications. Governments of various countries across the globe have enforced lockdowns as a measure to curb the spread of the coronavirus. This has resulted in the slowdown and halt in manufacturing operations, restrictions on supply and transport, and infrastructure issues. These are adversely affecting the demand for denatured ethyl alcohol.
Asia Pacific to Hold Major Share of Denatured Ethyl Alcohol Market
- In terms of region, the global denatured ethyl alcohol market can be split into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America
- In terms of consumption, Asia Pacific is projected to hold significant share of the global denatured ethyl alcohol market during the forecast period. End-user industries such as pharmaceutical, manufacturing, cosmetics & personal care, automobile are expanding at a rapid pace in the region. Rise in disposable income and improvement in standard of living in numerous countries in Asia Pacific are boosting the demand for cosmetics & personal care. This, in turn, is augmenting the demand for denatured ethyl alcohol in Asia Pacific.
- Rapid expansion of pharmaceutical and automobile industries in China, India, Vietnam, Singapore, and South Korea is expected to increase the consumption of denatured ethyl alcohol in these industries. This is anticipated to boost the market in these countries.
- The market in North America is also estimated to expand at a significant pace during the forecast period owing to presence of diverse industries in the U.S. and Canada coupled with changes in environmental regulations
- The market in Europe is projected to expand at a rapid pace during the forecast period owing to presence of major market players coupled with easy availability of raw materials
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