Industrial ethanol is a colorless organic solvent obtained by both traditional fermentation and other synthetic methods. It is highly inflammable and requires specialized storage conditions. Further, it finds widespread application in several industries such as paints and coatings, cosmetics and personal care, automotive, and several others. Recently, the demand for industrial ethanol rose globally due to its widespread application as a biofuel, which is preferred in several countries such as U.S., and Brazil, among several others. The increase in the use of ethanol as marine fuel is one of the factors driving market expansion.