ID: MRFR/CnM/0572-HCR | February 2021 | Region: Global | 147 pages
Global isopropyl alcohol market is estimated to be valued at USD 2.0 billion in 2018 and is expected to grow at 4.0% CAGR during the forecast period.
Isopropyl alcohol is a colorless, flammable liquid with a sharp, musky odor. It is generally manufactured by combining water and propene by hydration reaction or through the hydrogenation of acetone. This compound is completely missile in water and is used as a solvent for various compounds such as ethylcellulose, natural resins, acrylic and epoxy resins, polyvinyl butyral, alkaloids gums, and other essential oils. Isopropyl alcohol is widely used as in pharmaceutical industry for the production of products such as hand sanitizers, disinfecting pads, oral mouthwashes, and eardrops owing to its low toxicity and high evaporation rates. Isopropyl alcohol is widely used as disinfectant agent and also as an antiseptic to clean the skin before injections. Additionally, it is also used for the production of cosmetics, skin & hair products, perfumes, and lacquers.
The long-term growth of the global isopropyl alcohol market is expected to remain positive, driven by socio-economic factors such as increasing disposable income, population growth, rapid urbanization, and economic growth across the globe. This socio-economic catalyzing the growth of various downstream industries, such as pharmaceuticals, paints and coatings, automotive, and cosmetics industry, this, in turn, is expected to drive the demand for isopropyl alcohol in the market during the forecast period. Furthermore, the increase in chemical production particularly in the countries such as India, China, the US, Brazil, and South Africa is expected to be another key driver for increase in the demand for isopropyl alcohol for solvent applications.
In addition, the increasing per capita disposable income and improved standards of living of the people globally are expected to drive the demand for various cosmetics and personal care products, which in turn is expected to propel the need for isopropyl alcohol as a solvent in various manufacturing processes. Furthermore, the robust growth of the pharmaceutical and healthcare industries across the globe is considered to be another factor driving the growth of the global isopropyl market. This rapid increase in automotive production and sales is expected to drive the growth of the global isopropyl alcohol market during the forecast period. Moreover, the increasing demand for paints & coatings from the construction and automotive industries is expected to drive the demand for isopropyl alcohol as a raw material during the forecast period.
Global Isopropyl Alcohol Market Share, by End-Use Industry, 2018 (%)
Asia-Pacific held the largest share in the global isopropyl alcohol market in 2018 and is expected to maintain its dominance through the forecast period. The high demand for isopropyl alcohol in the region attributed high demand from various industries such as pharmaceuticals, cosmetics and personal care, and chemicals. China is expected to be the largest and fastest-growing market in Asia-Pacific, followed by Japan and India. North America is expected to the second-largest market for isopropyl alcohol market and is expected to witness moderate growth during the forecast period driven by increasing chemical and pharmaceutical industry in the US. The market in Europe is projected to witness steady growth during the forecast period owing to increasing investment in healthcare and pharmaceuticals industry and rising construction activities in the non-residential construction in the Eastern European region. The market in the Middle East & Africa and Latin America are expected to expand on account of the growing pharmaceutical and personal care & cosmetics industry.
The global isopropyl alcohol market has been segmented based on the production method, application, end-use industry, and region.
Based on production method, the global isopropyl alcohol market has been segmented into indirect hydration and direct hydration.
By application, the global isopropyl alcohol market has been segmented into solvents, cleaning agent, intermediate, disinfectants, and others.
By end-use industry, the global end-use industry market has been segmented into cosmetics & personal care, pharmaceuticals, paints & coatings, chemicals, and others.
The global isopropyl alcohol market, by region, has been segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Some of the key players operating in the global precipitated silica market are Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), The Dow Chemical Company (US), China Petroleum & Chemical Corporation (China), Mitsubishi Chemical Corporation(Japan), Tokuyama Corporation (Japan), LG Chem (South Korea), Jiangsu Denoir Technology Co. Ltd (China), Avantor, Inc (US), INEOS Enterprises (Germany), and Carboclor SA (Argentina),
Frequently Asked Questions (FAQ) :
The isopropyl alcohol market is predicted to grow at a 4.0% CAGR between 2017-2025.
Key competitors in the isopropyl alcohol market include Carboclor SA (Argentina), INEOS Enterprises (Germany), Avantor, Inc (US), Jiangsu Denoir Technology Co. Ltd (China), LG Chem (South Korea), Tokuyama Corporation (Japan), Mitsubishi Chemical Corporation (Japan), China Petroleum & Chemical Corporation (China), The Dow Chemical Company (US), Royal Dutch Shell Plc (Netherlands), and Exxon Mobil Corporation (US).
Rise in chemical production, use in different end use industries, and economic growth are boosting market growth.
Health hazards may restrict market growth.
Key players have incorporated strategies such as collaborations, agreements, mergers, and expansions to stay ahead in the competition.