New York (US), July 28, 2023 (GLOBE NEWSWIRE) -- Electronic Grade Isopropyl Alcohol Market Overview
The study papers by MRFR imply that the “Electronic Grade Isopropyl Alcohol Market Research Report Information by Mode of Application, Region, and Purity- Forecast Till 2030”, the Electronic Grade Isopropyl Alcohol market is forecast to cultivate considerably over the valuation period from 2022 to 2030 at a substantial CAGR of nearly 5.27%. The study papers even offer predictions related to the global market's expanding revenue numbers, which will likely attain a market of USD 85.6 million by the end of 2030. As per the reports, the market was valued at nearly USD 56.7 million in 2022.
Market Scope: The global Electronic Grade Isopropyl Alcohol industry has progressed extremely recently. The primary parameter causing a surge in market performance is the rising focus on electronics manufacturing and assembly processes across the globe.
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Competitive Analysis
The listing of the prominent participants across the global Market for Electronic Grade Isopropyl Alcohol incorporates players such as:
- ExxonMobil
- Dow Chemical Company
- LCY Chemical
- KMG Electronic Chemicals
- LG Chem
- Hefei TNJ Chemical Industry Co., Ltd
- Mitsui Chemicals
- Linde Gas
- Tokuyama
- Fujifilm
- MG Chemicals
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 85.6 million |
| Compound Annual Growth Rate (CAGR) | 5.27% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 - 2021 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rapid digitalization along with growing consumer electronic demand is boosting the market growth |
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Market U.S.P. Covered
Market Drivers
The global Electronic Grade Isopropyl Alcohol industry has progressed extremely in recent years. The primary parameter causing a surge in market performance is the rising focus on electronics manufacturing and assembly processes across the globe. Furthermore, the escalating Demand for Electronic Grade Isopropyl Alcohol in the Semiconductor Industry, given the application of semiconductors in several electronic equipments, is another crucial parameter enhancing the development of the market.
Market Restraints
On the other hand, several parameters may have an adverse impact on the development of the global market for Electronic Grade Isopropyl Alcohol. One of the primary parameters restricting the advancement of the market's performance of the global market is the high prices associated with raw materials.
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COVID-19 Impact
The global health crisis of COVID-19 has affected more than 200 countries worldwide. The pandemic severely impacted the majority of the industry sectors as it led to several governments imposing partial or complete lockdowns across most parts of the world. The shortage of labor, disruption in the supply chain network, shortage of raw materials, and fluctuation in the prices of transport choices have caused a major revenue loss in the global market for Electronic Grade Isopropyl Alcohol. However, the rapid expansion in the population and fast vaccination rates around the globe is anticipated to positively affect the development of the global market for Electronic Grade Isopropyl Alcohol over the coming years.
Segment Analysis
Among all the purity types, the less than 99.99% segment ensured the leading spot across the global market for electronic-grade isopropyl alcohol in 2022. The main parameter supporting the performance of the market segment is the escalation in demand for less than 99.99% purity for various applications globally. Given the growing cloud computing, rapid digitalization, and others, the escalating demand for consumer electronics products is also likely to enhance the market segment's growth over the coming years.
Among all the application areas, the semiconductor segment ensured the leading spot across the global market for electronic-grade isopropyl alcohol in 2022. The main parameter supporting the performance of the market segment is the escalating demand for semiconductors for various electronic components such as consoles, automotive electronics components, computers, and others. Therefore, the rising application of electronic-grade isopropyl alcohol in the semiconductors industry will likely enhance the market segment's growth over the coming years.
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Regional Analysis
The global market for electronic-grade isopropyl alcohol is analyzed across five major geographies: South America, Asia-Pacific, the Middle East & Africa, Europe, and North America.
The study papers by MRFR imply that The Asia-pacific Region ensured the main position across the global Electronic Grade Isopropyl Alcohol industry in 2022. The regional market will display the maximum expansion rate over the assessment era. The region is known for the presence of vital expansion contributors such as India, China, and Indonesia. The main parameter supporting regional market expansion is the presence of regional manufacturing facilities. Furthermore, rapid digitalization is also projected to impact regional market development over the coming years positively. China is considered one of the biggest manufacturing hubs, likely to boost the regional market's growth over the review timeframe.
The European Region projects ensuring the second spot across the global Electronic Grade Isopropyl Alcohol industry over the coming years. The region is known for the presence of vital expansion contributors such as France, Germany, and the U.K. The region's main parameter supporting regional market expansion is the rapidly growing consumer electronic sector.
The North American Region is anticipated to ensure the maximum growth rate of the global Electronic Grade Isopropyl Alcohol industry over the assessment period. The region is known for the presence of vital expansion contributors such as Mexico, the U.S., and Canada. The main aspect backing the expansion of the regional Electronic Grade Isopropyl Alcohol market is the technological advancements.
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