Overview and Scope
Isopropyl alcohol is a colorless, volatile flammable organic compound consisting of carbon, hydrogen, and oxygen molecule in the C3H8O formula usually derived from the reaction of propylene with sulphuric acid followed by hydrolysis and commonly used in making cosmetics, skin, and hair preparations, pharmaceuticals, perfumes, lacquer formulations, dye solutions, antifreeze, soaps, window cleaners due to its antibacterial properties.
Sizing and Forecast
The isopropyl alcohol market size has grown strongly in recent years. It will grow from $4.5 billion in 2023 to $4.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to industrial solvent use, disinfectant and sanitizer demand, chemical intermediate, cleaning applications, medical and healthcare uses.
The isopropyl alcohol market size is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to pandemic preparedness and crisis management, environmental concerns and sustainable practices, raw material availability and pricing, consumer health and safety concerns, global industrial growth.. Major trends in the forecast period include emergency response preparedness, consumer product formulation, supply chain dynamics, environmentally friendly alternatives, consumer preferences for health and safety..
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Segmentation & Regional Insights
The isopropyl alcohol market covered in this report is segmented –
1) By Grade: 70% IPA, 90% IPA
2) By Production Method: Indirect Hydration, Direct Hydration
3) By Application: Antiseptic And Astringent, Cleaning Agent, Solvent, Chemical Intermediate, Other Applications
4) By End-Use: Cosmetics And Personal Care, Pharmaceutical, Food And Beverages, Paints And Coatings, Chemical, Other End-Uses
Asia-Pacific was the largest region in the isopropyl alcohol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the isopropyl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rising usage of personal care products and cosmetic products is expected to propel the growth of the isopropyl alcohol market going forward. Personal care and cosmetic products refer to any product which is applied to the external part of the body for beautifying and basic grooming such as cleaning body parts, protecting from germs, preventing bad odor, changing in appearance, and keeping body parts in good condition. Isopropyl alcohol is used in various personal care and cosmetic products such as aftershave lotions, bath products, eye, nailcare, haircare, skincare products, and other make-up products due to their different functions which include antifoaming agents, cosmetic astringent, solvent, and viscosity decreasing agent. For instance, according to the survey carried out in 2022 by the Catalina Marketing Corporation, a UK-based media company, most respondents (71%) anticipate spending some amount or more on beauty and enhancement goods in the early 2022 period (when compared with 2020 and 2021) and 19% of people intend to raise their overall spending on personal care and cosmetic products. Therefore, the rising usage of personal care products and cosmetic products is driving the growth of the isopropyl alcohol market.
Key Industry Players
Major companies operating in the isopropyl alcohol market report are The Dow Chemical Company, INEOS Group Limited, Royal Dutch Shell plc, ExxonMobil Corporation, LG Chem Ltd., Kellin Chemicals Co. Ltd., LCY Chemical Corp, Zhejiang Xinhua Chemical Co. Ltd., China National Petroleum Corporation, Mitsui Chemicals Inc., ENEOS Corporation, Avantor Inc., Jiangsu Denoir Technology Co. Ltd., Tokuyama Corporation, Mitsubishi Chemical Corporation, Galaxy Chemicals, LyondellBasell Industries Holdings B.V., Carboclor S.A., Sasol Limited, Chang Chun Group, DuPont de Nemours Inc., Mistral Industrial Chemicals, Linde Gas, Ecolab Inc., BASF SE, Honeywell International Inc., ReAgent Chemicals Ltd., Guangfu Fine Chemicals, Petrochemical Corporation of Singapore Private Limited, Fushun Petrochemical Company, Yancheng Super Chemical Technology Co. Ltd.
The isopropyl alcohol market report table of contents includes:
1. Executive Summary
2. Isopropyl Alcohol Market Characteristics
3. Isopropyl Alcohol Market Trends And Strategies
4. Isopropyl Alcohol Market – Macro Economic Scenario
5. Global Isopropyl Alcohol Market Size and Growth
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26. South America Isopropyl Alcohol Market
27. Brazil Isopropyl Alcohol Market
28. Middle East Isopropyl Alcohol Market
29. Africa Isopropyl Alcohol Market
30. Isopropyl Alcohol Market Competitive Landscape And Company Profiles
Top Major Players:
- The Dow Chemical Company
- INEOS Group Limited
- Royal Dutch Shell PLC
- ExxonMobil Corporation
- LG Chem Ltd
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