Wilmington, Delaware , Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Isopropyl Alcohol Market by Application (Antiseptic & Astringent, Cleaning Agent, Solvent, Chemical Intermediate, and Others) and End-use Industry (Cosmetics & Personal Care, Pharmaceutical, Food & Beverage, Paints & Coatings, Chemicals, Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the global isopropyl alcohol market was valued at $2.7 billion in 2022 and is projected to reach $5.9 billion by 2032, growing at a CAGR of 8.1% from 2023 to 2032.
Prime determinants of growth
The isopropyl alcohol market is witnessing notable growth owing to the pivotal role of isopropyl alcohol in surface preparation for paints, electronics cleaning, and cosmetic formulations. In addition, increase in demand from the paints and coatings industry, coupled with the expanding electronics and personal care sectors, contributes to its widespread use. Moreover, advancements in manufacturing techniques and the substance's quick-drying properties fuel the market expansion, meeting diverse industry needs for cleaning, solvency, and surface treatment.
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Report coverage & details:
| Report Coverage | Details | |
| Forecast Period | 2023–2032 | |
| Base Year | 2022 | |
| Market Size in 2022 | $2.7 Billion | |
| Market Size in 2032 | $5.9 Billion | |
| CAGR | 8.1% | |
| No. of Pages in Report | 350 | |
| Segments Covered | Application, end-use industry, and region | |
| Drivers | Various applications of isopropyl alcohol in chemicals industry Several applications of isopropyl alcohol in the cosmetic and personal care industry | |
| Opportunity | Paints & coatings sector providing opportunity of isopropyl alcohol market | |
| Restraint | Fluctuating raw material prices Disruption in the supply chain | |
Impact of the Russia–Ukraine war on the isopropyl alcohol market
- Geopolitical instability led to uncertainty in commodity markets, resulting in price volatility. Prices of isopropyl alcohol was influenced by changes in supply and demand dynamics.
- The conflict led to trade restrictions or sanctions, which impacted the ability of affected countries to export or import isopropyl alcohol, thereby affecting the global market.
The astringent & antiseptic segment expected to grow at a notable pace throughout the forecast period
In 2022, the astringent & antiseptic category dominated the market, securing the highest revenue share, accounting for more than one-fourth of the global isopropyl alcohol market. This is attributed to the escalated focus on health and hygiene during the pandemic, which resulted in a significant surge in the use of sanitizers, personal care products, and various pharmaceutical formulations incorporating isopropyl alcohol. This heightened demand is expected to persist, driving increased utilization in pharmaceutical and personal care formulations.
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The pharmaceutical segment expected to lead by 2032
Depending on end-use industry, the pharmaceutical sector acquired the highest market share in 2022, accounting for nearly one-third of the global market revenue. This is attributed to the fact that isopropyl alcohol is extensively used for its potent antiseptic and disinfectant properties. Its effectiveness against bacteria and viruses makes it crucial for maintaining high hygiene standards in pharmaceutical manufacturing. In addition, stringent hygiene and sterilization are essential in pharmaceutical manufacturing, and isopropyl alcohol plays a key role in cleaning and disinfecting equipment, containers, and production facilities.
However, the chemicals segment is projected to register the highest CAGR of 8.8% from 2023 to 2032. Isopropyl alcohol's versatile applications in the chemical industry, spanning solvent usage, cleaning, and facilitating reactions, contribute to its growing demand. Its pivotal role in supporting diverse chemical processes positions it as a crucial component in the landscape of chemical manufacturing.
Asia-Pacific to maintain its dominance by 2032
Region wise, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global market revenue and is expected to continue the same trend during the forecast period. The market is propelled by the burgeoning pharmaceutical and healthcare sectors. This is attributed to the fact that isopropyl alcohol plays a vital role in pharmaceutical manufacturing, employed for sterilization, cleaning, and formulating diverse pharmaceutical products. The escalating population and growing healthcare consciousness in the region foster a heightened demand for pharmaceuticals, consequently boosting the demand for isopropyl alcohol in Asia-Pacific.
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Players: -
- Mistral Industrial Chemicals
- Dow Chemical
- Linde Gas
- INEOS Corporation
- Ecolab
- Royal Dutch Shell
- ExxonMobil Corporation
- ReAgent Chemicals Ltd.
- LyondellBasell Industries
The key strategies embraced by market participants involve entering joint ventures and undertaking new product development initiatives, particularly targeting emerging application industries. These concerted efforts underline the industry's commitment to innovation, global expansion, and meeting the evolving needs of consumers in various markets.
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