ID: MRFR/CnM/0572-HCR | February 2021 | Region: Global | 147 pages
The Isopropyl Alcohol Market size is registered as USD 2.0 billion and is expected to grow at a CAGR of 4.0% during the forecast period (2021-2028).
Isopropyl alcohol is manufactured by merging the water and propene by the process of hydration reaction or through the hydrogenation of acetone. It is a colorless, flammable liquid with a sharp and musk odor. This compound is used as a solvent for various compounds like ethylcellulose, natural resins, polyvinyl butyral, acrylic and epoxy resins, alkaloids gums, other essential oils. Moreover, it is also extensively used in the pharmaceutical industry in manufacturing the products like hand sanitizers, oral mouthwashes, disinfecting pads, and ear drops due to its low toxicity and high evaporation rates.
Isopropyl alcohol is generally used as a disinfectant agent and as an antiseptic agent to apply and clean the skin before injections. In addition to that, it is also used for the production of cosmetics, perfumes, skin & hair products, and lacquers. However, isopropyl alcohol is used for removing flux residues after soldering and as a cleaner to remove oil, grease, and other handling soils. Apart it is also used for extracting natural products like animal and vegetable oils, waxes, resins, fats, flavorings, vitamins, etc., which increases the market growth.
At present, the COVID-19 vaccines or anti-viral drugs are under trial and even though the vaccination is taken, personal hygiene is more important in this pandemic situation. Most of the safety features include hand washing and mask. Washing the hands with soap and water for up to 20 seconds results in an effective wash to neutralize the impact of the virus. But, washing with soap and water is not always feasible. So, people are preferring alcohol-based sanitizer as a quick alternative to washing hands with water & soap. This sanitizer contains 70% vol of isopropyl alcohol.
Due to the COVID-19 pandemic, the demand for hand sanitizers has accelerated. So, the chemical manufacturing companies shifted their production at plants to meet the global demand for hand sanitizers. Hand sanitizers are the major growing application of isopropyl alcohol in the pharmaceutical industry at this moment. The other products under the pharmaceutical sector like swabs, alcohol wipes, disinfectants, hand sanitizers, oral mouthwash, and many more are stimulating the demand for isopropyl alcohol in this pandemic outbreak. Apart from this, isopropyl is also used in the production of inks, agricultural chemicals, and resin, etc. Before COVID-19, 4% CAGR is registered and after the COVID-19, it is expected to grow at a CAGR of 7% for the Isopropyl Alcohol Market.
The Prominent Key Players in the Isopropyl Alcohol Market Trends are the following:
Global Isopropyl Alcohol Market Share, by End-Use Industry, 2018 (%)
Increasing disposable incomes, population growth, rapid urbanization, economic growth, and changes in the lifestyle of the consumers are the factors that drive the Isopropyl Alcohol Market positively. These factors catalyze the growth of various downstream industries like pharmaceuticals, paints & coatings, automotive and cosmetic industry which increases the demand for isopropyl alcohol market during the forecast period.
Moreover, an increase in chemical production in main countries like India, China, Brazil, the US, and South Africa is expected to increase the demand for the Isopropyl Alcohol Market for solvent applications. If it is properly handled and stored in adequate conditions, it is stable and has a shelf-life of two years from the manufacturing date. The Food Industry is surpassing USD 120million by the end of 2026 for its increasing shelf-life nature, which is used in manufacturing artificial fruit flavors. The World Food Safety Organization explains the essentials for keeping food hygienic.
Isopropyl alcohol chemical is including with multiple antimicrobial properties which are blended by 60% to 90% of chemical with 10% to 40% of water. This is perfectly purified and can work rapidly against several viruses, bacteria, and fungi.
High energy costs, corrosive conditions, and pollution problems are the major restraints of the Isopropyl Alcohol Market. To overcome these problems, the advanced more efficient technique called catalytic hydrogenation of acetone is used.
The advanced technologies in the production empower the industry with higher yield rates and production of high-purity grades which allows increasing the growth of the Isopropyl Alcohol Market.
Health concerns occur when it is exposed due to its highly flammable and strong odor nature.
Study Objectives -
The Isopropyl Alcohol Market Research has been segmented based on the Production Method, Application, End-Use Industry, and Region.
Based on Application, the Isopropyl Alcohol Market is segmented into solvents, intermediate, cleaning agents, disinfectants, and others. Out of them, the cleaning agent segment enhances the market share for its high-quality adoption of cleaning agents at homes and commercial sites.
Based on Production Method
The Isopropyl Alcohol Market based on production method is segmented into two types as indirect hydration and direct hydration.
Based on End-use Industry
The Isopropyl Alcohol Market by end-use industry is bifurcated into cosmetics & personal care, paints & coatings, pharmaceuticals, chemicals, and others. Among them, the pharmaceuticals segment holds the largest market share of 34.3% in 2019 and is expected to grow during the forecast period for the demand for disinfectant products like hand sanitizer, oral mouth wash, swab, etc due to COVID-19 spread. During the forecast period, for the Isopropyl Alcohol Market, the electronics industry grows greater than 4.5% CAGR, the cosmetics & personal care industry grows greater than 6.5 % CAGR, cleaning agent application grows greater than 5 % CAGR, and the global market value is registered as $8 BN.
Based on Region
Region-wise, the Isopropyl Alcohol Market is divided into Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Among these, Asia-Pacific dominates the Isopropyl Alcohol Market Analysis during the forecast period for the demand from various industries like pharmaceuticals, cosmetics & personal care, and chemicals.
Regional Analysis -
Based on the Regions, the Isopropyl Alcohol Market is segmented into Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa. Among them, Asia-Pacific holds the largest market share in 2018 and is expected to continue its dominance during the forecast period for its high demand from various industries like pharmaceuticals, cosmetics & personal care & chemicals. In this region, China is expected to be the largest and fastest-growing market and thus followed by Europe and India.
During the assessment period, North America holds the second-largest market share for the rise of the chemical and pharmaceutical industry in the US. The increasing investment in the healthcare and pharmaceuticals industry along with the rising construction activities in non-residential construction in the Eastern European region makes Europe witness steady growth during the review period. By growing pharmaceutical, personal care & cosmetic industries, the Middle East & Africa and Latin America are predicted to expand their market share.
This Isopropyl Alcohol Market Research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market dynamics include the Isopropyl Alcohol Market drivers, restraints, challenges, and opportunities. The Isopropyl Alcohol Market Forecast segments are production method, application, end-use industry, and region.
The Isopropyl Alcohol Market Outlook is segmented into Production Method, Application, End-Use Industry, and Region.
Solvents, intermediate, cleaning agents, disinfectants, and others.
By Production Method
Indirect hydration and direct hydration.
By End-Use Industry
Cosmetics & personal care, paints & coatings, pharmaceuticals, chemicals, and others.
Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa are the main geographies included in this market.
|Market Size||2028: USD 2.0 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Production Method, Application, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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)|
|Key Market Opportunities||The advanced technologies in the production empower the industry with higher yield rates and production of high-purity grades|
|Key Market Drivers||Increasing disposable incomes, population growth, rapid urbanization, economic growth, and changes in the lifestyle of the consumers|
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.