Dallas, Feb. 09, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global isopropanol market is expected to grow from USD 3.39 billion in 2020 to USD 5.95 billion by 2028, at a CAGR of 6.2% during the forecast period 2021-2028.
Isopropanol can be found in thinners for wood furnishings, paints, and inks. In the paints and coatings, isopropanol is mainly used as an inert solvent to reduce the flammability of coatings during transportation and storage. In inks, isopropanol is primarily used as an additive and thinner of water-based paints. Thus, rising construction activities across the globe, boosting the demand for paints and coating, which results in growth of isopropanol market.
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Isopropanol also called as Isopropyl alcohol is a colourless, non-corrosive, and limpid liquid with a pleasant smell. It is miscible with common organic solvents (including chlorinated solvents) including alcohol, water, and most organic solvents. It also dissolves substances such as natural resins, oils and gums, cellulose, and alkaloids. These characteristics allow its use for a variety of applications.
The increasing demand for isopropanol across the various industries is driving the growth of the market. It is used as a chemical catalyst, intermediate solvent, and viscosity adjusters in the industries such as healthcare, personal care, and paints and coatings industry. However, fluctuations in prices and stringent norm on the use of isopropanol in the regions such as North America and Europe, are anticipated to hamper the market growth over the forecast period.
Major players in the global isopropanol market are BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical among others. The key players are now concentrating on implementing strategies such as adopting new technology, product innovations, mergers & acquisitions, joint venture, alliances and partnerships to improve their market position in the global isopropanol industry.
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• In July 2019, BASF SE announced that the company had received new Isopropanol-azole fungicide with a unique mode of action to Australian farmers, that provides fast-acting and long-lasting disease control for a broad range of crops and disease combinations.
• In May 2018, OXEA GmbH announced the plan to build new world-scale propanol production unit at its Bay City site in Texas, USA, with a nameplate capacity of 100,000 mt per annum of n-propanol, Propanol 2 is currently one of Oxea’s largest investment projects.
The direct solvent segment accounted for the major market share of 35.44% in the year 2020
The end-use segment is divided into direct solvent, chemical intermediate, pharmaceutical solvents, pesticide formulations, chemical reagents, and others. The direct solvent segment accounted for the major market share of 35.44% in the year 2020. Isopropanol used as a direct solvent in many industries such as manufacturing of paints & coatings, pharmaceuticals, and cosmetics. Thus, increasing demand for isopropanol as a direct solvent, driving the growth of the market.
The offline segment accounted for the major market share of 75.25% in the year 2020
The sales channel segment includes online retailing and offline retailing. The offline segment accounted for the major market share of 75.25% in the year 2020. Wide availability of isopropanol in the offline market is one of the key factor driving the growth of the market. In addition to this, a large number of suppliers and distributors in the market, further boosting the market growth.
The medical use segment held the major market share and valued at USD 1.18 billion in the year 2020
The application segment includes medical use, paints and coatings, household & personal care, and others. The medical use segment held the major market share and valued at USD 1.18 billion in the year 2020. Isopropanol used for medical use to kill or to prevent the bacteria. In addition to this, increasing use of isopropanol in the hand sanitizers, antiseptic solutions, and for the preparation of the skin for patients before the treatment, boosting the growth of medical use segment.
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Regional Segment Analysis of the Isopropanol Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
The Asia Pacific region emerged as the largest market for the isopropanol market and valued at USD 1.17 billion in 2020. This is mainly due to increasing demand isopropanol in the medical use and in the textile industry. In addition to this, emerging countries such as India and China have high growth prospects in the global isopropanol market, over the forecast period. The isopropanol has a high demand for the use in household & personal care products market coupled with the massive demand in the intermediate chemical formulation. North America is anticipated to hold a significant market share in the global isopropanol market. This is mainly due to increasing demand for isopropanol in the pharmaceutical industry. Rapid influx of several products such as hand sanitizers, oral mouthwash, alcohol wipes and swabs, and eardrops has fuelled the demand for isopropanol in the region. Rising consumer health awareness of the antibacterial and antiseptic benefits of isopropanol will continue to spur the demand in the upcoming years. Middle East & Africa is anticipated to grow at the healthy growth rate in the global isopropanol market. This is mainly due to the growing application of isopropanol for the paints and coating used in the construction and automotive industry.
About the report:
The global isopropanol market is analysed on the basis of value (USD billion), volume (Kilotons), export (Kilotons), and import (Kilotons). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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