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Isopropyl Alcohol Market Worth USD 5.10 Billion by 2030 at 7.5% CAGR - Report by Market Research Future (MRFR)

Isopropyl Alcohol Market Insights and Industry Analysis by Production Method (Indirect Hydration and Direct Hydration), Application (Solvents, Cleaning Agent, Intermediate, Disinfectants and others), End-Use Industry (Cosmetics & Personal Care, Pharmaceuticals, Paints & Coatings, Chemicals and others) and Region, Competitive Market Size, Share, Trends, and Forecast to 2028

/EIN News/ -- New York, USA, June 29, 2022 (GLOBE NEWSWIRE) -- Isopropyl Alcohol Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Isopropyl Alcohol Market Information by Production Method, Application, End-Use Industry and Region - Forecast till 2030”, the market is estimated to grow at a 7.5% CAGR to reach USD 5.10 Billion by 2030.

Market Synopsis

Isopropyl alcohol (IPA) has outstanding solvency properties and is thus widely recognized as a critical solvent in various industries. Because of its disinfection qualities, the chemical is also a vital component utilized in numerous medical facilities, pharmaceutical items, and medical gadgets. Isopropyl alcohol, commonly known as isopropanol, is a colorless, flammable liquid with a pungent odor. It's a colorless, transparent liquid found in rubbing alcohol and other common household goods like cleansers, disinfectants, and hand sanitizers. Also, the material is used to make a variety of home and commercial chemicals in various industries. It's also a key component in various chemical compositions, including surfactants, disinfectants, and antiseptics. Indirect hydration and hydrogenation are two standard manufacturing techniques.

Natural flavors decay quickly, reducing the product's shelf life. Industry players quickly adopt these methods to extend shelf life and maintain brand image. Isopropyl alcohol market expansion is expected to be boosted by the growing food sector and the increased usage of high-quality flavoring agents. Because of its affinity with other chemicals, the substance can be used as a flavoring ingredient and make sanitization solutions in the food business. It is often used in the production of fast-moving food and beverages due to its high coherence with efferences, lemon-like sourness, and slightly bitter taste profile.

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Report Scope:

Report Attribute Details
2030 Market Size USD 5.10 Billion
CAGR 7.5% (2021–2028)
Base Year 2020
Forecast Period 2022–2030
Historical Data 2019
Forecast Units Value (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 Market Drivers Increasing disposable incomes, population growth, rapid urbanization, economic growth
The growth of various downstream industries like pharmaceuticals, paints & coatings, automotive

Market Competitive Landscape:

The prominent players in the isopropyl alcohol market are:

  • China Petroleum & Chemical Corporation (China)
  • INEOS Enterprises (Germany)
  • Mitsubishi Chemical Corporation (Japan)
  • Tokuyama Corporation (Japan)
  • Exxon Mobil Corporation (US)
  • Royal Dutch Shell Plc (Netherlands)
  • The Dow Chemical Company (US)
  • LG Chem (South Korea)
  • Jiangsu Denoir Technology Co. Ltd (China)
  • Avantor, Inc (US)
  • Carboclor SA (Argentina)

Market USP Covered:

Market Drivers:

Developing disposable incomes, population increase, fast urbanization, economic expansion, and changes in consumer lifestyles are all positively impacting the isopropyl alcohol market. These factors fuel the expansion of downstream industries such as pharmaceuticals, paints and coatings, automobiles, and cosmetics, which spur growth for isopropyl alcohol over the projection period. It is robust and has a two-year shelf-life from the production date if appropriately handled and stored in proper conditions.

Advanced manufacturing technologies enable the industry to achieve better yield rates and produce high-purity grades, allowing the isopropyl alcohol market to expand. Increased awareness of personal cleanliness, the quick spread of COVID-19, and shifting attitudes toward sanitation practices are expected to drive demand for isopropyl alcohol.

Market Restraints:

The Isopropyl Alcohol Market is hampered by corrosive conditions, high energy costs, and pollution issues. A more complex process known as catalytic hydrogenation of acetone is performed to solve these issues.

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COVID 19 Analysis

COVID-19 vaccinations or antiviral medications are now being tested, and while immunization is necessary, personal cleanliness is even more essential in this pandemic condition. Hand washing and wearing a mask are two of the most common safety elements. Hands should be washed with water and soap for 20 seconds to neutralize the virus's influence effectively. However, it is not always possible to wash with soap and water. As a result, individuals choose alcohol-based hand sanitizer as a convenient alternative to washing their hands with soap and water. Moreover, isopropyl alcohol accounts for 70% of the volume of this sanitizer. Production in numerous industries, such as chemicals and, paints & coatings, declined due to the COVID-19 epidemic. However, the increase in the manufacturing of sanitizers offset this decline.

The need for hand sanitizers has increased due to the COVID-19 outbreak. Chemical manufacturing companies moved output at sites to accommodate the global demand for hand sanitizers. Isopropyl alcohol is currently used primarily in hand sanitizers in the pharmaceutical industry. Other pharmaceutical items, such as alcohol wipes, swabs, sanitizers, hand sanitizers, oral rinse, and others, are driving up demand for isopropyl alcohol during this epidemic. The rising health concerns brought on by the COVID-19 pandemic have had a considerable positive impact on the medicines area of the market analyzed, as evidenced by the increased sales of hand sanitizers. This aspect elevated the need for isopropyl alcohol even further.

Market Segmentation

Based on Application

The cleaning agent segment increases market share because of its extensive utilization of cleaning agents at residences and business sites.

Based on the Production Method

The indirect hydration segment will display the most traction through the forecast period.

Based on End-use Industry

The pharmaceuticals segment is predicted to gain the top position in the forecast period.

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Regional Insights

Due to high interest from various industries such as pharmaceuticals, cosmetics, personal care, and chemicals, Asia-Pacific currently owns the most significant market share and is likely to maintain its dominance during the projection period. China is predicted to be the most populous and fastest-growing market in this area, followed by Europe and India. The Asia-Pacific region dominated the total market. The isopropyl alcohol market is predicted to rise due to the construction sector's robust expansion, expenditure in the chemical industry, rising demand for beauty items, and an increase in pharmaceutical products in the region.

Augmented investment in the medical and biopharmaceutical industries and amplified non-residential construction activity in Europe have kept the European region growing steadily during the study period. Africa, the Middle East, and Latin America regions will likely expand into new markets as the pharmaceutical, personal care, and cosmetics industries rise.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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