The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Isopropyl Alcohol Market.

The isopropyl alcohol market was estimated at USD 2.8 billion in 2022 and is likely to grow at a CAGR of 7.79% during 2023-2028 to reach USD 4.41 billion in 2028.

What is isopropyl alcohol?

Isopropyl alcohol is a colourless liquid having antibacterial properties. It is a key ingredient in many consumer and industrial products. Isopropyl alcohol is used majorly in regular household cleaners, disinfectants, and hand sanitizers, and it is used as a solvent for a wide range of cosmetics, drugs, gums, etc.

Segment Analysis:

Based on the application type, the market is segmented as a solvent, cleaning agent, chemical intermediate, flavoring agent, disinfectant, and others. Solvents held the largest share of the market in 2022 and are expected to remain dominant during the forecast period. Isopropyl alcohol is used in surface coating, inks, pesticides & herbicides, resin, and disinfectants, and cleaning products.

Based on the end-use industry type, the isopropyl alcohol market is segmented as food, pharmaceuticals, cosmetics & personal care, medical, electronics, automotive, and others. Cosmetic & personal care and pharmaceuticals industries are expected to drive the demand for isopropyl alcohol during the forecast period. Isopropyl alcohol is used in alcohol wipes, swabs, hand sanitizers, disinfectants, mouthwash, and other products.

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for isopropyl alcohol during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is bolstered by the demand for cosmetics & personal care products, pharmaceuticals, and electronics generating huge demand for isopropyl alcohols. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Market Dynamics

The major factors driving the growth of the market are primarily driven by-

• Rising use of chemical products – The demand for end-use products such as personal care products, pharmaceuticals, and other cleaning agents, etc. is growing and with this, the demand for isopropyl alcohol is growing parallelly, since it is a key solvent. The demand for isopropyl alcohol is also growing as it is also used in fertilizers, pesticides, paints, coatings, inks, etc.
• Use in the medical sector – Isopropyl alcohol is popularly used in the medical industry as a disinfectant and antiseptic. Its antimicrobial properties efficiently kill bacteria, viruses, and fungi. The market for isopropyl alcohol leapfrogged during the Covid-19 pandemic period since there was a huge demand for surface disinfectants, medical equipment sterilization, etc.
• Electronic industry and its maintenance – Isopropyl alcohol finds applications in cleaning tablets, smartphones, and other electronic devices. With the rapid expansion of the electronic sector, the demand for this product as a disinfecting agent also grows.
• Automotive Sector – Isopropyl alcohol is used as a cleaning and degreasing agent in the automotive sector. The increasing production and sales of automobiles globally have resulted in a significant demand for isopropyl alcohol in this sector.

Features of the Report

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

Based on the research, a proper report is crafted with the following key features:

·        Market structure: Overview, industry life cycle analysis, supply chain analysis

·        COVID-19 Impact Assessment

·        Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis

·        Market trend and forecast analysis

·        Market segment trend and forecast

·        Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.

·        Attractive market segments and associated growth opportunities

·        Emerging trends

·        Strategic growth opportunities for the existing and new players

·        Key success factors 

Key Players

• China National Petroleum Corporation
• Dow Chemical Company
• Exxon Mobil Corporation
• INEOS
• LCY Chemical Corp
• LG Chem
• LyondellBasell Industries Holdings B.V.
• Mitsui Chemicals
• Shell Chemicals
• Yancheng Super Chemical Technology Co., Ltd.
• others

About Stratview Research

Stratview Research is a global market intelligence firm providing wide range of services including syndicated market reports, custom research and sourcing intelligence across industries, such as Advanced Materials, Aerospace & Defense, Automotive & Mass Transportation, Consumer Goods, Construction & Equipment, Electronics and Semiconductors, Energy & Utility, Healthcare & Life Sciences, and Oil & Gas.

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