Global Isopropyl Alcohol Market, By Grade (70% IPA, 90% IPA), Production Method (Indirect Hydration, Direct Hydration), Application (Antiseptic and Astringent, Cleaning Agent, Solvent, Chemical Intermediate, Others), End-User Industry (Cosmetics and Personal Care, Pharmaceutical, Food and Beverages, Paints and Coatings, Chemical, Other End-user Industries) – Industry Trends and Forecast to 2029
Market Analysis and Size
The isopropyl alcohol is used as a solvent in essential oils, resins, alkaloids, gums, cellulose, and coatings; as a de-icing agent in lacquers, liquid fuels, and extraction operations; and as an antiseptic in anti-freeze formulations. Moreover, it is largely gaining popularity as an important product in sanitizers, which is estimated to aid the market growth over the forecast period.
Global Isopropyl Alcohol Market was valued at USD 5.26 billion in 2021 and is expected to reach USD 7.09 billion by 2029, registering a CAGR of 3.80% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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By Grade (70% IPA, 90% IPA), Production Method (Indirect Hydration, Direct Hydration), Application (Antiseptic and Astringent, Cleaning Agent, Solvent, Chemical Intermediate, Others), End-User Industry (Cosmetics and Personal Care, Pharmaceutical, Food and Beverages, Paints and Coatings, Chemical, Other End-user Industries)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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Dupont (U.S.), SOLVAY (Belgium), DAIKIN (Japan), Dow (U.S.), Halocarbon, LLC (U.S.) Freudenberg SE (Germany), The Chemours Company (U.S.), Metalubgroup (Israel), M&I Materials Limited (U.K), Nye Lubricants, Inc. (U.S.), Lubrilog (France) ECCO Gleittechnik GmbH (Germany), HUSK-ITT Corporation (U.S.), Setral Chemie GmbH (Germany) and IKV Tribology Ltd (Germany)
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Market Opportunities
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Market Definition
Isopropyl alcohol basically has a sharp, musky odor and is a colorless, flammable liquid. It is usually formed by the hydration reaction or hydrogenation of acetone by mixing water and propene. This compound is entirely water-missile and is used as a solvent for various compounds such as ethyl cellulose, natural resins, acrylic and epoxy resins, polyvinyl butyral, gum alkaloids, and others essential oils.
Isopropyl Alcohol Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Demand for Isopropyl Alcohol
The rising demand for the pharmaceutical business product is used to make hand sanitizers, disinfection pads, oral mouthwashes, and eardrops. Furthermore, rising product demand due to low toxicity and high evaporation rates, rising product usage in the cosmetic and personal care industry, and the rapidly growing flat panel display and LED manufacturing industries are some of the major and vital factors that will likely augment the growth of the isopropyl alcohol market in the forecast timeframe.
Furthermore, the increasing levels of disposable income of the people, rising population, and rapid urbanization across the globe will further propel the growth rate of the isopropyl alcohol market. Additionally, the existing downstream specialty chemical marketspace will also drive market value growth.
Opportunities
- Awareness and Advanced Manufacturing
Furthermore, the increasing awareness on personal hygiene extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the advanced manufacturing technologies enable the industry to achieve better yield rates and produce high-purity grades, which will further expand the future growth of the isopropyl alcohol market.
Restraints/Challenges
- Concerns Regarding Health
Health concerns from exposure and the availability of alternative methods for producing acetone would likely function as market limitations for the expansion of isopropyl alcohol in the forecasted timeframe.
- Stringent Regulations
The increasing government regulations will be the biggest and most significant impediment to the market's growth.
Moreover, the diminishing market for CD drives are also expected to hamper growth of the global isopropyl alcohol market.
This isopropyl alcohol market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the isopropyl alcohol market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Isopropyl Alcohol Market
The recent outbreak of coronavirus had a positive impact on the isopropyl alcohol market. Hand washing and wearing a mask are two of the most common safety elements during COVID. As a result, individuals choose alcohol-based hand sanitizer as a quick alternative to washing their hands with soap and water. Isopropyl alcohol accounts for 70% of the volume of this sanitizer. The need for hand sanitizers has increased as a result of the COVID-19 outbreak. Chemical manufacturing companies moved output at sites to accommodate the global demand for hand sanitizers. Isopropyl alcohol is currently being used mostly in hand sanitizers in the pharmaceutical industry. Other pharmaceutical items such as swabs, alcohol wipes, disinfectants, hand sanitizers, oral mouthwash, and others are driving up demand for isopropyl alcohol during this epidemic. Isopropyl is also utilised in manufacturing inks, agricultural chemicals, and resin, among other things. Therefore, the demand for the market has largely seen an accelerated growth.
The severe disruptions in various manufacturing and supply-chain operations due to the various precautionary lockdowns imposed by governments to curb the spread of disease les to huge financial setbacks for the market. Furthermore, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak. Over the forecast period, the aforementioned determinants will weigh the market's revenue trajectory over the forecast period.
On the brighter side, the market is estimated to revive as individual regulatory bodies begin to relax these enforced lockdowns. The suspended and cancelled operations will continue and as a result the market is estimated to expand.
Recent Developments
In September 2021, BASF announced a new range of catalysts that would aid in the production of isopropyl alcohol, a key ingredient in hand sanitizers, which are in high demand due to the novel coronavirus epidemic. Ni 3354 E, a firm's high-performance and high-quality oxo alcohol catalyst, combines remarkable selectivity and activity. This catalyst has been tested and approved for the production of isopropyl alcohol from acetone hydrogenation.
Global Isopropyl Alcohol Market Scope
The isopropyl alcohol market is segmented on the basis of grade, production method, end-user industry and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Grade
- 70% IPA
- 90% IPA
Production Method
- Indirect Hydration
- Direct Hydration
Application
- Antiseptic and Astringent
- Cleaning Agent
- Solvent, Chemical Intermediate
- Others
End-User Industry
- Cosmetics and Personal Care
- Pharmaceutical
- Food and Beverages
- Paints and Coatings
- Chemical
- Other End-user Industries
Isopropyl Alcohol Market Regional Analysis/Insights
The isopropyl alcohol market is analyzed and market size insights and trends are provided by country, grade, production method, end-user industry and application as referenced above.
The countries covered in the isopropyl alcohol market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the increasing demand from various industries such as pharmaceuticals, cosmetics and personal care, and chemicals within the region.
North America on the other hand, is estimated to show lucrative growth over the forecast period of 2022-2029, due to the increasing chemical and pharmaceutical industry within the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Isopropyl Alcohol Market Share Analysis
The isopropyl alcohol market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to isopropyl alcohol market.
Some of the major players operating in the isopropyl alcohol market are
- Exxon Mobil Corporation (U.S.)
- Shell (Netherlands)
- Dow (U.S.)
- China Petrochemical Corporation (China)
- Mitsubishi Chemical Corporation (Japan)
- Tokuyama Corporation (Japan)
- LG Chem (South Korea)
- Jiangsu Denoir Technology Co. Ltd (China)
- Avantor, Inc (U.S.)
- INEOS AG (Germany)
- LyondellBasell Industries Holdings B.V. (U.S.)
- Huntsman International LLC. (U.S.)
- Hefei TNJ Chemical Industry Co., Ltd (China)
- GALAXY (Egypt), DuPont (U.S.)
- Clariant (Switzerland)
- Carboclor SA (Argentina)
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