Future Outlook of Alcohol Excipients Market
Alcohol excipients are used in the pharmaceutical industry as a solvent, preservative, and diluent. They are also used in the food and beverage industry as a flavoring agent and a carrier for active ingredients. The global alcohol excipients market is expected to grow at a CAGR of 7.5% from 2020 to 2027. The market is driven by the increasing demand for alcohol excipients in the pharmaceutical industry and the growing use of alcohol excipients in the food and beverage industry.
Overview
The alcohol excipients market is segmented by type, application, and region. Based on type, the market is segmented into ethanol, isopropanol, propylene glycol, and others. Based on application, the market is segmented into pharmaceuticals, food and beverage, and others. The pharmaceuticals segment is expected to dominate the market during the forecast period due to the increasing demand for alcohol excipients in the formulation of drugs. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Key Players in the Future Outlook of Alcohol Excipients Market
The key players in the alcohol excipients market include Ashland Global Holdings Inc., BASF SE, Dow Inc., Evonik Industries AG, Merck KGaA, Roquette Frères, Signet Chemical Corporation Pvt. Ltd., Spectrum Chemical Manufacturing Corp., The Lubrizol Corporation, and The Dow Chemical Company. These companies are focusing on product innovation and expansion to increase their market share. For instance, in 2019, BASF SE launched Kolliphor® P 188 Bio, a new grade of its Kolliphor® P 188 excipient for biopharmaceutical formulations.
Market Challenges
The alcohol excipients market is facing challenges such as the high cost of alcohol excipients and the availability of alternative excipients. The high cost of alcohol excipients is due to the high cost of raw materials and the complex manufacturing process. This makes it difficult for small and medium-sized enterprises to enter the market. The availability of alternative excipients such as cellulose derivatives, lactose, and starch is also a challenge for the alcohol excipients market.
Market Opportunities
The alcohol excipients market is expected to have opportunities such as the increasing demand for alcohol excipients in emerging economies and the growing use of alcohol excipients in the nutraceutical industry. The increasing demand for alcohol excipients in emerging economies such as China, India, and Brazil is due to the growing pharmaceutical industry in these countries. The growing use of alcohol excipients in the nutraceutical industry is due to the increasing demand for dietary supplements and functional foods.
Future of Alcohol Excipients Market
The future of the alcohol excipients market looks promising due to the increasing demand for alcohol excipients in the pharmaceutical and food and beverage industries. The pharmaceutical industry is expected to be the major driver of the market due to the increasing demand for alcohol excipients in the formulation of drugs. The food and beverage industry is also expected to drive the market due to the growing use of alcohol excipients as a carrier for active ingredients and a flavoring agent. The market is also expected to have opportunities in the nutraceutical industry due to the increasing demand for dietary supplements and functional foods.
Conclusion
The alcohol excipients market is expected to grow at a CAGR of 7.5% from 2020 to 2027. The market is driven by the increasing demand for alcohol excipients in the pharmaceutical industry and the growing use of alcohol excipients in the food and beverage industry. The market is facing challenges such as the high cost of alcohol excipients and the availability of alternative excipients. However, the market is expected to have opportunities such as the increasing demand for alcohol excipients in emerging economies and the growing use of alcohol excipients in the nutraceutical industry. The future of the alcohol excipients market looks promising due to the increasing demand for alcohol excipients in the pharmaceutical and food and beverage industries.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Knox Market Research journalist was involved in the writing and production of this article.