Isopropyl alcohol, also known as isopropanol, is a chemical compound which is one of the main ingredients in disinfectants, detergents, and antiseptics. The global isopropyl alcohol market report by Market Research Future (MRFR) covers insights and trends for the period of 2019 to 2025 (forecast period). It also provides customized versions amid the impact of the COVID-19 pandemic over the forecast period.
Market Scope
The global isopropyl alcohol market is slated to experience a growth rate of 4% over the forecast period. It stood at USD 2 billion in 2018. The market can thrive over the forecast period owing to its wide use in the pharmaceutical industry for the production of disinfectants, hand sanitizers, ear drops, and oral mouthwashes. The rise in standards of living of consumers and the growing population are growth drivers of the market. This is exemplified by the high demand of personal care products and cosmetics.
Burgeoning need for chemicals in Brazil, China, India, the U.S., and South Africa is likely to drive the need for solvents and in turn the market growth. Continuous sales of cars and luxury vehicles will bolster the demand in the global isopropyl alcohol market. The use of isopropanol as a cleaning agent can be used in removing flux residues, grease, and oil.
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Segmentation
The global Isopropyl Alcohol Market analysis has been segmented by production method, application, and end-use industry.
By production method, the global market is divided into direct hydration and indirect hydration.
By application, it is segmented into disinfectants, solvents, cleaning agent, intermediate, and others.
By end-use industry, the global isopropyl alcohol market is segmented into chemicals, pharmaceuticals, cosmetics & personal care, paints & coatings, and others.
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Regional Analysis
The global isopropyl alcohol market, based on region, is divided into the Latin America, Europe, Asia Pacific (APAC), North America, and the Middle East and Africa (MEA).
APAC held the largest market share and touted to dominate throughout the forecast period. The high demand for the chemical from industries of chemicals, pharmaceuticals, personal care, and cosmetics can bode well for the regional market. China will be the biggest revenue generator followed by Japan and India. Isopropanol is used in the manufacture of nail paints, shampoos, hair tonics, deodorants, and skin cleansers and lotions. The large potential for IPA has led to companies such as Deepak Nitrite to commence production at a slow rate during the COVID-19 pandemic.
North America is the second-largest region in the global isopropyl alcohol market share owing to the expansion of pharmaceutical and chemical industries. Similarly, Europe is expected to experience a similar growth trajectory till 2025.
Lastly, the MEA and Latin America regions are predicted to display steady growth rate owing to personal care and pharmaceuticals industries.
Competition Outlook
Avantor, Inc, INEOS Enterprises, Exxon Mobil Corporation, Royal Dutch Shell Plc, Mitsubishi Chemical Corporation, China Petroleum & Chemical Corporation, Carboclor SA, Jiangsu Denoir Technology Co. Ltd, Tokuyama Corporation, The Dow Chemical Company, and LG Chem are key players of the global isopropyl alcohol market.
Industry News
ExxonMobil has decided to increase its production capacity by a certain degree to cater to the paucity of hand sanitizers in lieu of the COVID-19 pandemic. The volume of isopropyl alcohol has been ramped up to 3,000 tons per month. This can accelerate the pace of production of hand sanitizers.
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