Stratview Research delivers key insights into the global Isopropyl Alcohol Market. According to Stratview Research, the market is segmented by Application Type (Solvent, Cleaning Agent, Chemical Intermediate, Flavoring Agent, Disinfectant, and Others), by End-Use Industry Type (Food, Pharmaceuticals, Cosmetics & Personal Care, Medical, Electronics, Automotive, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The isopropyl alcohol market was estimated at USD 2.8 billion in 2022 and is likely to grow at a CAGR of 7.79% during 2023-2028 to reach USD 4.41 billion in 2028.
What is isopropyl alcohol?
Isopropyl alcohol is a colourless liquid having antibacterial properties. It is a key ingredient in many consumer and industrial products. Isopropyl alcohol is used majorly in regular household cleaners, disinfectants, and hand sanitizers, and it is used as a solvent for a wide range of cosmetics, drugs, gums, etc.
Market Dynamics
The major factors driving the growth of the market are primarily driven by-
Rising use of chemical products – The demand for end-use products such as personal care products, pharmaceuticals, and other cleaning agents, etc. is growing and with this, the demand for isopropyl alcohol is growing parallelly, since it is a key solvent. The demand for isopropyl alcohol is also growing as it is also used in fertilizers, pesticides, paints, coatings, inks, etc.
Use in the medical sector – Isopropyl alcohol is popularly used in the medical industry as a disinfectant and antiseptic. Its antimicrobial properties efficiently kill bacteria, viruses, and fungi. The market for isopropyl alcohol leapfrogged during the Covid-19 pandemic period since there was a huge demand for surface disinfectants, medical equipment sterilization, etc.
Electronic industry and its maintenance – Isopropyl alcohol finds applications in cleaning tablets, smartphones, and other electronic devices. With the rapid expansion of the electronic sector, the demand for this product as a disinfecting agent also grows.
Automotive Sector – Isopropyl alcohol is used as a cleaning and degreasing agent in the automotive sector. The increasing production and sales of automobiles globally have resulted in a significant demand for isopropyl alcohol in this sector.
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for the Isopropyl Alcohol Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
Market Segments' Analysis
Based on the application type, the market is segmented as a solvent, cleaning agent, chemical intermediate, flavoring agent, disinfectant, and others. Solvents held the largest share of the market in 2022 and are expected to remain dominant during the forecast period. Isopropyl alcohol is used in surface coating, inks, pesticides & herbicides, resin, and disinfectants, and cleaning products.
Based on the end-use industry type, the isopropyl alcohol market is segmented as food, pharmaceuticals, cosmetics & personal care, medical, electronics, automotive, and others. Cosmetic & personal care and pharmaceuticals industries are expected to drive the demand for isopropyl alcohol during the forecast period. Isopropyl alcohol is used in alcohol wipes, swabs, hand sanitizers, disinfectants, mouthwash, and other products.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for isopropyl alcohol during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is bolstered by the demand for cosmetics & personal care products, pharmaceuticals, and electronics generating huge demand for isopropyl alcohols. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Key Players
The following are some of the key players in the Isopropyl Alcohol Market:
China National Petroleum Corporation
Dow Chemical Company
Exxon Mobil Corporation
INEOS
LCY Chemical Corp
LG Chem
LyondellBasell Industries Holdings B.V.
Mitsui Chemicals
Shell Chemicals
Yancheng Super Chemical Technology Co., Ltd.
others
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