Chicago, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The Isopropyl Alcohol Market is projected to reach USD 3.8 billion by 2027, at a CAGR of 7.8% from USD 2.8 billion in 2022 during the forecast period, as per the new report by MarketsandMarkets™. Isopropyl alcohol (IPA) exhibits excellent solvency characteristics and is therefore recognized as one of the key solvents across end-use industries. The substance is also a key component used across several medical facilities, pharmaceutical products, medical devices, mainly due to its disinfectant properties.
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Browse in-depth TOC on the report “Isopropyl Alcohol Market”
231 - Tables
79 - Figures
List of Key Players in Isopropyl Alcohol Market:
- Dow Inc. (US),
- LyondellBasell Industries N.V. (US),
- Linde plc (UK),
- Ecolab Inc. (US),
- ExxonMobil Corporation (US),
- Shell USA, Inc. (US),
- INEOS Group Ltd (UK),
- Mitsubishi Chemical Holdings Corporation (Japan),
- Tokuyama Corporation (Japan) and
- LG Chem (South Korea).
Isopropyl Alcohol Market Dynamics:
- Driver: Increasing incomes, population growth, rapid urbanization, economic growth, and changes in the lifestyle of the consumers to drive the market
- Restraints: High energy costs, corrosive conditions, and pollution problems to pose as a threat for market growth
- Opportunities: Advanced technologies can drive the growth of market
- Challenges: Health concerns to pose as a challenge
Key Findings of the Study:
- Antiseptic and astringent were the largest type of Isopropyl alcohol market in 2021, in terms of value.
- Pharmaceutical was the largest end-use industry for isopropyl alcohol market in 2021, in terms of value.
- Asia Pacific was the largest market for Isopropyl alcohol in 2021, in terms of value.
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“Antiseptic and astringent were the largest type of Isopropyl alcohol market in 2021, in terms of value”
Antiseptic and astringent held the largest share. The recent pandemic in 2020 has resulted in rapidly growing demand for the product as an astringent and antiseptic. The outbreak of virus shall directly lead to regular consumption of sanitizers, personal care products, and other pharmaceutical formulations to maintain personal hygiene worldwide. This is projected to reflect high demand in pharmaceutical as well as personal care product formulation.
“Pharmaceutical was the largest end-use industry for isopropyl alcohol market in 2021, in terms of value”
The pharmaceutical segment held the largest share in 2021. Proven the high ethanol content in isopropyl alcohol, it has widespread applications across a multitude of industries. Demand for the chemical is growing rapidly from the pharmaceutical sector, personal care and cosmetics, chemicals, food and beverages, and paints and coatings industries worldwide. The personal care segment is likely to grow rapidly post the virus outbreak in the first quarter of 2020.
“Asia Pacific was the largest market for Isopropyl alcohol in 2021, in terms of value.”
The regional movement of isopropyl alcohol is likely to depend on the recent industry trends and economic upturn of countries, post the coronavirus epidemic. In 2018, the U.S., followed by Western Europe and China respectively, were the leading consumers of the product. However, provided the current global scenario, Europe has recorded the highest consumption of sanitizers and personal hygiene products, followed by the U.S. and China. Major capacity additions occurred in the European countries, especially in Germany, to contain the 2020 virus outbreak.
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