The global isopropyl alcohol market size is projected to reach USD 4.85 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.2% from 2020 to 2027. Increasing demand for solvents across a wide range of industries globally is anticipated to remain a key factor favoring growth.
The substance is one of the highly used industrial solvents in industries, such as pharmaceuticals, personal care and cosmetics, paints and coatings, and food industry. The chemical is highly preferred in formulating personal hygiene products, including sanitizers, due to its properties of being an excellent disinfectant that works against viruses, bacteria, and other microorganisms.
Isopropyl alcohol (IPA) is the third largest produced lower alcohol globally, after ethanol and methanol. The key applications of isopropyl alcohol is its utility as a solvent in producing various pesticides and herbicides for the agricultural industry, formulating various surface coatings, and producing antiseptic products for personal hygiene industry. Formulations with 70% concentration of IPA against 30% water is proven to be effective as sanitizers by healthcare organizations and other regulatory authorities worldwide.
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The recent outbreak of coronavirus is one of the key factors that induced the need for personal hygiene and safety for humans globally. The global pandemic highlighted the use of IPA in formulating hand sanitizers across North America, Middle East, Europe, and Asia Pacific. The first quarter of 2020 reflected high sales of sanitizers, which directly implied hefty consumption of isopropyl alcohol in the marketspace. Companies such as INEOS and ExxonMobil ramped up their production capacities of IPA induced sanitizers in Germany and other parts of Europe. The future demand is expected to be driven by demand stability of polypropylene, which has been one of the major applications.
Isopropyl Alcohol Market Report Highlights
- By application, the cleaning agent segment is anticipated to expand at a CAGR of 7.3% from 2020 to 2027 based on volume owing to rising demand for disinfectant cleaning formulations
- Europe is projected to expand at a revenue-based CAGR of 7.9% over the forecast period due to high demand for sanitizers and personal hygiene products from Germany, Italy, France, and U.K.
- Increasing construction spending in Asia Pacific, which accounts for around 46% share of the global construction expenditure, followed by Europe with a 24% share, will lead to high demand for paints and coatings, thereby directly increasing demand for IPA across these regions
- The chemical end-use segment is anticipated to reach USD 900.8 million by 2027 backed by rising demand for chemicals, such as methyl isobutyl ketone, methyl isobutyl carbinol, and isopropyl acetate.
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Isopropyl Alcohol Market Segmentation
Grand View Research has segmented the global isopropyl alcohol market on the basis of application, end use, and region:
Isopropyl Alcohol Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Antiseptic & Astringent
- Cleaning Agent
- Chemical Intermediate
Isopropyl Alcohol End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Cosmetics and Personal Care
- Food and Beverages
- Paints and Coatings
Isopropyl Alcohol Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- North America
- Asia Pacific
- South Korea
- Central & South America
- Middle East & Africa
- South Africa
- Saudi Arabia
List of Key Players of Isopropyl Alcohol Market
- Dow Chemical
- Mistral Industrial Chemicals
- INEOS Corporation
- ReAgent Chemicals Ltd.
- LyondellBasell Industries
- Linde Gas
- Royal Dutch Shell
- ExxonMobil Corporation
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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