WASHINGTON, April 20, 2023 (GLOBE NEWSWIRE) -- The Global Isopropyl Alcohol Market is valued at USD 2.5 Billion in 2022 and is projected to reach a value of USD 4.14 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 7.5% over the forecast period 2023-2030.
Market Overview
The isopropyl alcohol market is a rapidly growing industry. Isopropyl alcohol, or IPA or isopropanol, is a colorless, flammable chemical compound with a strong odor. The growth of these industries and the need for high-quality cleaning and disinfecting solutions drive the increasing demand for isopropyl alcohol.
The analysts at Vantage Market Research forecast that the pharmaceutical industry in Isopropyl Alcohol Market sales will account for more than 45% of total sales by 2030. The pharmaceutical industry is expected to be one of the key drivers of the isopropyl alcohol market. The increasing demand for pharmaceutical products and the growing focus on healthcare drive market growth.
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Market Dynamics
Increasing Demand from the Healthcare Industry to Support Market Expansion
The healthcare industry is a significant consumer of isopropyl alcohol, used as a disinfectant and antiseptic in hospitals and clinics. The outbreak of the COVID-19 pandemic has further increased the demand for isopropyl alcohol in the healthcare industry, particularly for the production of hand sanitizers and disinfectants. The increasing focus on healthcare and hygiene standards and the growing population is expected to continue driving the demand for isopropyl alcohol in the healthcare industry, leading to market growth.
Growing Demand for Electronic Devices in the Isopropyl Alcohol Industry Drives the Market Growth
The electronics industry is another significant consumer of isopropyl alcohol, which is used as a cleaning agent in manufacturing electronic components and devices. The increasing demand for electronic devices, particularly in emerging markets such as Asia-Pacific, is driving the growth of the electronics industry, leading to a higher demand for isopropyl alcohol. The increasing use of high-purity isopropyl alcohol in the electronics industry and the development of new technologies and applications contribute to market growth.
Top Players in the Global Isopropyl Alcohol Market
- Dow Chemical (United States)
- Mistral Industrial Chemicals (United Kingdom)
- INEOS Corporation (United Kingdom)
- ReAgent Chemicals Ltd. (United States)
- Lyondell Basell Industries (Netherlands)
- Linde Gas (Ireland)
- Ecolab (United States)
- Royal Dutch Shell (United Kingdom)
- ExxonMobil Corporation (United States)
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Top Trends in the Global Isopropyl Alcohol Market
- One trend that Vantage Market Research (VMR) expects to see in the Isopropyl Alcohol Market is the increasing demand for bio-based isopropyl alcohol. There is a growing trend toward using bio-based feedstocks to produce isopropyl alcohol. Bio-based isopropyl alcohol is produced from renewable feedstocks such as biomass, which reduces the reliance on petroleum-based feedstocks and helps reduce the chemical industry's carbon footprint. This trend is driven by the increasing concerns over sustainability and environmental impact and the growing demand for green and bio-based products from consumers.
- Another trend that VMR predicts will continue in the Isopropyl Alcohol Market is its rising demand for high-purity isopropyl alcohol. The demand for high-purity isopropyl alcohol is increasing in various industries, including electronics, pharmaceuticals, and cosmetics. High-purity isopropyl alcohol is required for the manufacturing of electronic components and medical devices and for use in pharmaceutical and cosmetic formulations. The growing demand for high-quality and reliable products and the increasing regulatory requirements for purity and safety standards in various industries drive the increasing demand for high-purity isopropyl alcohol.
Top Report Findings
- Based on the Application, most of the Isopropyl Alcohol market's revenue is controlled by the Astringent & Antiseptic category. Isopropyl alcohol is widely used as an antiseptic and disinfectant in various industries, including healthcare, pharmaceuticals, and cosmetics. It is also commonly used as an astringent in cosmetic formulations to help reduce skin oiliness and prevent acne.
- Based on End-Use Industry, most of the Isopropyl Alcohol market's revenue is controlled by the Cosmetics & Personal Care category. Isopropyl alcohol is commonly used as a solvent, preservative, and astringent in cosmetics and personal care products, including lotions, hair sprays, and deodorants.
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Recent Developments in the Global Isopropyl Alcohol Market
- In 2022, Exxon Mobil stated that it was expanding its offering of healthcare solutions to address the evolving demands of the medical industry for wholesome and secure materials.
- In 2021, Tokuyama Corporation and SK Geo Centric Co., Ltd. (SKGC) announced a joint venture to manufacture 30000 tpa of IPA in Korea.
Pharmaceutical Category of the End-Use Industry Segment of Isopropyl Alcohol Market Expected to Generate a Considerable Revenue
Based on the end-user, the Isopropyl Alcohol Market is divided into Cosmetics & Personal Care, Pharmaceuticals, Food & Beverage, Agrochemicals, Paints & Coatings, Chemical Industry, and Other End-Use Industries.
The Pharmaceutical market was the largest by application and is anticipated to hold the top spot during the projected period. Isopropyl alcohol is widely used in the pharmaceutical industry as a solvent, intermediate, and cleaning agent. It is used to produce various pharmaceutical products, including medications, vaccines, and medical devices.
On the other hand, the Cosmetics & Personal Care category is expected to grow significantly. The primary factor propelling the Isopropyl Alcohol Market during the forecast period is the increasing demand for cosmetic and personal care products and the growing trend toward natural and organic products.
Asia Pacific Region Expected to Generate a Huge Chunk of the Global Revenue in Isopropyl Alcohol Market
The Asia Pacific region is expected to maintain its dominance in the isopropyl alcohol market in the coming years, driven by the increasing demand from various end-use industries and the growing trend of using bio-based feedstocks for isopropyl alcohol production.
The Asia Pacific region is expected to grow the fastest in the Isopropyl Alcohol market. The growth of the isopropyl alcohol market in the Asia Pacific region can be attributed to several factors, including the presence of a large number of manufacturing facilities, the increasing demand for isopropyl alcohol in various industries such as healthcare, cosmetics, and electronics, and the growing trend of using bio-based feedstocks for isopropyl alcohol production. The rapidly growing population and the rising disposable incomes in countries like China and India also drive the demand for isopropyl alcohol in the region.
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on Isopropyl Alcohol Market Forecast Report (2023-2030).
Global Isopropyl Alcohol market segmentation
By Application
- Antiseptic & astringent
- Cleaning agent
- Solvent
- Chemical intermediate
- Other Applications
By End-Use Industry
- Cosmetics & Personal Care
- Pharmaceutical
- Food & Beverage
- Agrochemicals
- Paints & Coatings
- Chemical Industry
- Other End-Use Industries
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2.5 Billion |
| Revenue Forecast by 2030 | USD 4.14 Billion |
| CAGR | 7.5% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Dow Chemical, Mistral Industrial Chemicals, INEOS Corporation, ReAgent Chemicals Ltd., Lyondell Basell Industries, Linde Gas, Ecolab, Royal Dutch Shell, ExxonMobil Corporation |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/isopropyl-alcohol-market-2078/request-sample |
Key Questions Answered in the Isopropyl Alcohol Market Report are:
- What is the current size of the isopropyl alcohol market, and how is it projected to grow in the coming years?
- What are the main drivers of demand for isopropyl alcohol, and how are they expected to evolve over time?
- What are the key application areas for isopropyl alcohol, and what are the major trends in each of these areas?
- Who are the leading players in the isopropyl alcohol market, and what are their market shares and strategies?
- What are the major challenges facing the isopropyl alcohol market, such as regulatory issues or supply chain disruptions, and how are these being addressed?
- What are the regional dynamics of the isopropyl alcohol market, including trends in supply and demand, pricing, and market share?
- What are the major technological developments in the production of isopropyl alcohol, and how are they impacting the market?
- What is the competitive landscape of the isopropyl alcohol market, and how is it expected to evolve in the future?
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