According to the Market Statsville Group (MSG), the Global isopropyl alcohol market the size should go from $2.5 billion in 2021 at $5.7 billion by 2030 at a CAGR of 8.1% from 2022 to 2030. Isopropyl alcohol has the chemical formula C3H7OH and is an organic chemical compound. It is a colorless, flammable and volatile liquid compound with a bitter taste and strong odor. Isopropyl alcohol is insoluble in salt solutions although it is miscible with water, some alcohols, ether and chloroform. It is mainly used as a solvent in essential oils, resins, alkaloids, gums, cellulose and coatings; as a de-icing agent in liquid fuels, lacquers and extraction processes; and as an antiseptic in antifreeze formulations. Glycerol, shellacs, quick-drying inks, isopropyl acetate, and creosote are all made from isopropyl alcohol.
Isopropyl alcohol (IPA) is an isomer of propyl alcohol with antibacterial properties. It is a major component of rubbing alcohol and common household items like cleaners, disinfectants, and hand sanitizers. It also has its application in pharmaceuticals. The increasing use of cosmetics and personal care products and the widespread use of IPA as a cleaning agent is expected to drive the market growth. On the other hand, the availability of alternative methods of producing acetone remains one of the major concerns of the market.
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covid–19 Isopropyl Alcohol Market Impact
The global economy is shrinking due to the coronavirus pandemic, which is wreaking havoc on global economic activity. Companies around the world are taking a virtual stand to stop the spread of the virus. The COVID-19 pandemic has limited manufacturing operations in various industries, including chemicals, paints and coatings. However, this decline was compensated by the increase in demand for the production of disinfectants and the growth of the pharmaceutical industry. To meet the growing demand for sanitizer, various companies have moved their manufacturing operations. Isopropyl alcohol is currently used in hand sanitizers by the pharmaceutical industry. Other items, including alcohol wipes, swabs, sanitizers, and oral mouthwashes, are increasing the demand for isopropyl alcohol during this outbreak. Isopropyl is also used to make inks, agricultural chemicals, resin, and various other things.
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Isopropyl Alcohol Market Scope
The study categorizes the isopropyl alcohol market on the basis of product method, end-use industries, and application regionally and globally..
By End-Use Industries Outlook (Sales, billion USD, 2017–2030)
- Cosmetics and personal care
- Paints and coatings
- Chemical products
- Other end user industries
By Outlook production method (Sales, billion USD, 2017–2030)
- Indirect hydration
- Direct hydration
By Outlook app (Sales, billion USD, 2017–2030)
- Process and preparation solvent
- Cleaning and drying agent
- Coating and staining solvent
- Other Apps
Outlook by region (Sales, billion USD, 2017–2030)
- North America
- the Netherlands
- Czech Republic
- The rest of Europe
- Asia Pacific
- South Korea
- The Philippines
- Australia and New Zealand
- Rest of Asia-Pacific
- South America
- Rest of South America
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- South Africa
- North Africa
- Rest of MEA
The pharmaceutical industry segment expected to account for the largest market share by end-use industry
Based on end-use industry, the global isopropyl alcohol market is divided into cosmetics and personal care, pharmaceutical, electronics, paints and coatings, chemicals, and other end-user industries. The pharmaceutical industry will dominate the market growth in 2021. Alcohol swabs and wipes with a concentration of 70% isopropyl alcohol are used to clean wounds. It is also found in antibacterial hand sanitizers and ear drops. Isopropyl alcohol is present in some oral solutions for mouthwashes. Cleaning products also contain isopropyl alcohol. In general, isopropyl alcohol can be used in small quantities and safely in capsule or tablet manufacturing processes in the pharmaceutical industry. IPA is used in the solvent-assisted formation of pharmaceutical intermediates.
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Several countries including India, USA and Germany have increased their spending on pharmaceuticals/medicines in recent years, boosting the API market. Rising health concerns caused by the COVID-19 pandemic have had a significant positive impact on the pharmaceutical segment of the market studied, as evidenced by sales of hand sanitizers. This factor has further increased the demand for isopropyl alcohol. Due to the above-mentioned factors, the pharmaceutical segment is expected to dominate the market.
Asia Pacific represents the highest CAGR over the forecast period
The Asia-Pacific region is expected to grow with the highest CAGR from 2022 to 2030. Factors such as robust construction growth in the region, investments in the chemical industry, growing demand for cosmetics and increasing pharmaceuticals are expected to drive isopropyl alcohol market growth. Paints and coatings also contain a significant amount of isopropyl alcohol, which is widely used in the building and automotive industries.
The personal care industry makes heavy use of isopropyl alcohol. The Asia-Pacific region is also experiencing rapid growth in the demand for personal care and cosmetic products, mainly due to the influence of Western culture. This factor leads to an increase in the use of cosmetics by teenagers, an increase in the desire to look presentable due to an increase in the employment of women, and an increase in hygiene awareness. As a result, the production of these products in the region has increased. Foreign countries are making significant investments in the pharmaceutical industries of India, China, South Korea and ASEAN countries to take advantage of market opportunities.
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Key Market Players in Isopropyl Alcohol Market
The Isopropyl Alcohol Market is slightly concentrated in nature, with few global players operating in the market, such as:
- Ardagh Group SA
- Royal Dutch Shell PLC
- ExxonMobil Corporation
- Kailing Chemical (Zhangjiagang) Co.Ltd.
- The Dow Chemical Company
- Shell Chemicals Europe B.V.
- INEOS Enterprises Group Limited
- Super Chemical Technology Co.Ltd.
- Mistral Industrial Chemicals
- ReAgent Chemicals Ltd.
- LyondellBasell Industries
- Linde Gas
- Deepak Phenolics