Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) --
The global isopropyl alcohol market size is set to rise substantially in the coming years, thanks to the increasing demand for disinfectants worldwide. The COVID-19 pandemic has had a favorable impact on the industry, augmenting the utilization of the product across the healthcare sector. Healthcare firms have been preferring isopropyl alcohol hand sanitizers and disinfecting pads due to their high efficiency in destroying germs. The below-mentioned trends are powering the industry forecast:
Medical segment to register uptick across North America
By 2026, North America isopropyl alcohol market is slated to reach $1.9 billion, owing to the emergence of several new pharmaceutical drug manufacturers over the last few years. Since the number of COVID-19 patients has been increasing across the United States, the need for sanitizing sprays and wipes has been rising. The medical segment is likely to expand at 6% CAGR over 2026 in North America, driven by the growing product usage as surgical spirit by medical facilities.
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Surging demand for disinfectants in U.S.
The disinfectant segment is anticipated to demonstrate a CAGR of nearly 7% in North America market between 2020 and 2026. As the product is highly effective against fungi, bacteria, and viruses, U.S.-based healthcare establishments are using 70% isopropyl alcohol for cleaning for efficiently eliminating the risk of infections. Manufacturers across the U.S. are catering to the ever-expanding needs of the healthcare organizations.
Surging product consumption across Japan
Japan isopropyl alcohol market size is on an increase, due to the presence of a robust healthcare sector. Since the product is used in carbonated drinks, food flavoring & coloring, and several other applications, the regional market is making substantial progress across food & beverage segment as well.
The national production of consumer electronics is having a positive impact on the industry. As of August 2021, consumer electronic equipment production across the nation was estimated to be worth $218.40 billion, as per the statistics published by Japan Electronics and Information Technology Industries Association (JEITA).
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Soaring sales of consumer electronics in Asia Pacific
The steady rise in the sales of LED displays, flat screens, and other electronic products across China, South Korea, Japan, and India is steering Asia Pacific market forecast. The semiconductor industry in Taiwan, Indonesia, and India is making a significant headway amidst the chip shortage issues that are being addressed by leading players.
On account of the product’s fast evaporation, spot-free drying, and complete miscibility in water, its use for cleaning highly sensitive electronic parts during and after production is growing. End-users include manufacturers of audio recorders, fiber optics and connectors, PC components, circuit boards, control systems, laptops, and desktops. These enterprises have accelerated their production, strengthening Asia Pacific industry outlook.
Increased use across paints & coatings industry across Asia Pacific
By application, the solvent segment accounted for a major industry share in Asia Pacific during 2020. The notable growth can be ascribed to the augmented product use as a solvent across the paints and coatings industry. With the trending focus toward building renovation and enhanced aesthetics, the consumption of paints and coatings has increased across the construction and automotive sectors. Apart from being an added component in paints and coatings, 99% isopropyl alcohol is deployed as a solvent in the industrial production of drugs, cosmetics, gums, shellacs, and for denaturing ethanol.
Industrial prowess in Germany
The robust advancement of the automotive, medical, pharmaceutical, cosmetic, and food & beverage industries in Germany has been paving the way for a steady expansion of the European market. By 2027, Germany isopropyl alcohol market size is projected to cross around $415 million, driven by the growing concerns over sanitation and hygiene at home and in public places. Product sales are growing due to the expanding awareness regarding the use of personal care products.
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Europe to see growing revenue from automotive industry
The automotive segment generated more than $230 million during 2020 in Europe. The COVID-19 pandemic has sparked a growing demand for car care products and services, owing to the expanding disposable incomes, ongoing DIY trends, and preoccupation with aesthetics.
Car detailers have been registering an escalating product consumption for stripping waxes before painting vehicles. They are adding the product to fuel tanks and windshield washes as a thawing agent. Europe market size is slated to cross $1.5 billion by 2027.
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