Isopropyl Alcohol Market

The global Isopropyl Alcohol Market was 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% between 2023 and 2030.

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Isopropyl Alcohol is a colourless, flammable organic compound often accompanied by a pungent alcoholic odour. It is linked with the isopropyl group and is the simplest example of a secondary alcohol, wherein the alcohol carbon atom can be attached to two other carbon atoms. The global Isopropyl Alcohol market is expected to grow rapidly during the forecast period due to various factors. The flammable liquid Isopropyl Alcohol, commonly known as isopropanol, is colourless and has a pungent odour. It is also crucial to many chemical compositions, including detergents, disinfectants, and antiseptics. Indirect hydration, direct hydration, and hydrogenation of acetone are among the usual production procedures. Because of its superior solvency properties, Isopropyl Alcohol (Isopropyl Alcohol) is acknowledged as one of the most important solvents in end-use industries. Due primarily to its disinfection qualities, the chemical is vital in numerous medical facilities, pharmaceutical items, and medical gadgets.

The growing need for medicinal and solvent applications will lead to an increase in demand in developed nations. Major pharmaceutical corporations, including Abbott, Pfizer, Merck, and Johnson & Johnson, are present, promoting market expansion. The current downstream speciality chemical market space is also predicted to play a vital role in boosting product demand in the future. With the recent coronavirus outbreak worldwide, one of the most commonly used goods was sanitisers. High sales in the first quarter of 2020 were attributed to the formulation's capacity to shield the skin against the entrance of viruses or any other microbes. Early in 2020, ExxonMobil Corporation in Europe encountered a fire threat at one of the Isopropyl Alcohol production facilities. Despite this, the company recovered and resumed production at its highest level. The two Isopropyl Alcohol production facilities owned by INEOS Corporation run fully in Germany.

Furthermore, international corporations that manufacture Isopropyl Alcohol and other disinfectants began optimizing their production capabilities during the crisis to fulfil the fast-rising demand. Early in 2020, ExxonMobil Corporation in Europe encountered a fire threat at one of the Isopropyl Alcohol production facilities. Despite this, the company recovered and resumed production at its highest level. The two Isopropyl Alcohol production facilities owned by INEOS Corporation run fully in Germany. Yet, there is a lack of supplies due to increased demand, and travel limitations have worsened matters for regional formulators. These factors are expected to increase the footprint of the global Isopropyl Alcohol market during the forecast period.

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Economic Insights

According to various research, many government organizations are attempting to manage inflation at a lower rate. In addition, there is a slowdown in the job market, which should relieve wage pressure. Nonetheless, many industrialized and developing countries economies will be put under tremendous hardship. Even while these variables won't entirely tip the world economy into a recessive state, they are projected to cause it to contract and experience negative growth. On February 24, 2022, Russia began a full-scale invasion of Ukraine. Both directly and indirectly, the ongoing conflict affects several economic sectors. The sanctions have been imposed on the Russian economy by excluding Russian commodities from numerous international exchanges.

Top Market Trends

1. Rising Utilization within the Personal Care Industry: The personal care sector is expected to increase in young, independent firms due to rising e-commerce sales. Isopropyl Alcohol is the most widely used disinfectant in numerous industries worldwide (Isopropyl Alcohol). Due to its numerous solutions, purity levels, concentrations, and alcohol kinds, Isopropyl Alcohol is one of the most efficient disinfectants and a universal cleanser, producing disinfecting and cleaning products that swiftly eliminate infections and hazardous germs.

2. Increasing Applications in Various End-Industries: Because of its quick evaporation and low water content, 99% Isopropyl Alcohol is the perfect solvent or cleaning solution for companies that produce water-sensitive products. For delicate goods like integrated circuit adapters, computer chips, and circuit boards, quick evaporation is preferred by soldering and rework technicians, medical device manufacturers, printed circuit board producers, and computer technicians. As Isopropyl Alcohol is highly sought after across various sectors as a cleaning agent, the Isopropyl Alcohol market growth is anticipated to increase during the forecast period.

3. Innovations in Bio-based Isopropyl Alcohol: In response to the desire for greener, more sustainable chemicals, numerous investigations have been done on processing renewable feedstocks to produce platform molecules and downstream end products. Green Biologics plans to supply high purity 100% biobased Isopropyl Alcohol in addition to a variety of speciality esters of isopropanol, n-butanol, and other bio-based alcohols. Through ongoing and upcoming collaborations, the company seeks prospects in speciality solvents, plasticizers, monomers, food additives, and cosmetics. Mitsui Chemicals, INC, have also reported on initiatives and research into manufacturing isopropanol through fermentation. These breakthroughs for bio-based Isopropyl Alcohol are anticIsopropyl Alcoholted to change the trend toward sustainability in the future years.

Market Segmentation

The global Isopropyl Alcohol market can be segmented into Application, End-Use Industry, and Region. Based on Application, the market can be categorized into Antiseptic & Astringent, Clearing Agent, Solvent, Chemical Intermediates, and Other Applications. Furthermore, by End-Use Industry, the market can be split into Cosmetics & Personal Care, Pharmaceutical, Food & Beverage, Agrochemicals, Paints & Coatings, Chemical Industry, and Other End-Use Industries. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Based on Application

Antiseptic & Astringent to Hold Largest Market Share Owing to the Recent Pandemic

The global Isopropyl Alcohol market is expected to be dominated by the segment of antiseptic and astringent in terms of revenue and sales during the forecast period. The product is in high demand as an astringent and antiseptic due to the current epidemic in 2020. The virus outbreak directly influenced the global consumption of sanitisers, personal care items, and other pharmaceutical formulations to preserve personal hygiene. This is expected to indicate a high demand for pharmaceutical and personal care product formulation. Since the substance has great disinfecting qualities, one of its main uses is formulating antiseptics. Isopropyl Alcohol is typically diluted to 70% while making hand sanitisers worldwide. The substance is also used to manufacture cleaning agents, serving as a household solvent, surface disinfectant, and cleaner of electronic components. The solvent segment is expected to grow with the fastest-growing CAGR during the forecast period owing to herbicide and pesticide formulation, ink manufacture, surface coatings, and resin production are a few of its direct applications. Because of its toxicity, low boiling point, and decreased density, the material is also used to dilute essential oils.

Based on End-Use Industry

Pharmaceutical Sector to Account for a Dominant Share Owing to Widespread Applications

The pharmaceutical sector is expected to lead the segment in terms of sales and revenue during the forecast period in terms of revenue and share. As Isopropyl Alcohol contains a lot of ethanol, it has several uses in the pharmaceutical sector. Following the viral epidemic in the first quarter of 2020, the pharmaceutical market is projected to expand quickly. Isopropyl Alcohol is also used as a finished product in the pharmaceutical business. For cleansing wounds, alcohol wipes and alcohol swabs with a 70% Isopropyl Alcohol concentration are required. Moreover, ear drops, hand sanitisers, and oral mouthwash treatments contain Isopropyl Alcohol. The cosmetics and personal care industry is expected to grow with the fastest growing CAGR during the forecast period owing to Isopropyl Alcohol being present in a variety of cosmetic and personal care products, such as aftershave lotions, bath products, eye and other makeup, as well as nail, hair, and skincare items. Antifoam decreases foaming in liquid end products and stops foam from forming during manufacture. The global market for cosmetics and personal care products is predicted to expand significantly over the forecast period due to rising consumer disposable incomes, awareness of natural and organic products, and rising consumer expenditure on exclusive personal care products.

Based on Region

Asia Pacific to Lead Global Sales Owing to an Expanding Personal Care Sector

The global Isopropyl Alcohol market is expected to be dominated by the region of Asia Pacific in terms of revenue and share during the forecast period. Regarding GDP, China has the largest economy in the Asia-Pacific area. Personal care and cosmetics are two industries with the fastest growth rates in the country. During the forecast period, the Chinese cosmetics and personal care market will grow positively, with segments like makeup, skincare, hair care, personal hygiene, perfumes, etc. Moreover, China is the second-largest pharmaceutical market in the world. The pharmaceutical market is booming due to the nation's ageing population, growing middle class, rising earnings, and quickening urbanization. China has the largest base for manufacturing electronics. Products including cell phones, TVs, wires, cables, portable computer devices, gaming systems, and other personal devices experienced the highest increase in the electronics sector. The country supplies not only domestic demand but also exports electronic goods. This is expected to contribute highly to the growth of Asia Pacific.

North America is expected to grow with the fastest-growing CAGR during the forecast period. The pharmaceutical industry has historically been one of the biggest and most R&D-intensive industries in the United States. The United States has the largest pharmaceutical industry in the world, accounting for more than 40% of all pharmaceutical sales. The United States' ageing and expanding population are fueling this increase. Also, it is anticIsopropyl Alcoholted that by 2023, 15% of Americans will be over 65. The rising need in the pharmaceutical industry is projected to be the main driver of Isopropyl Alcohol market demand.

Competitive Landscape

The global Isopropyl Alcohol market is expected to be fragmented due to the presence of numerous players. Players invest heavily in research and development departments to widen their product portfolios. The market leaders are also focused on integrating with regional and local players to widen their manufacturing outreach. During COVID-19, companies operating internationally enhanced their production capabilities to suffice the growing demand for sanitisers and personal care products.

The key players in the global Isopropyl Alcohol market include - Dow Chemical (U.S.), Mistral Industrial Chemicals (UK), INEOS Corporation (UK), ReAgent Chemicals Ltd. (U.S.), Lyondell Basell Industries (Netherlands), Linde Gas (Ireland), Ecolab (U.S.), Royal Dutch Shell (UK), ExxonMobil Corporation (U.S.) among others.

Recent Market Developments

· September 2022: The whole range of Mobility Science technologies for electric vehicle (EV) battery systems and power electronics will be highlighted by Dow at the Battery Show North America in Novi, Michigan.

· September 2022: To address evolving medical demands for healthy and secure material options, Exxon Mobil announced the development of its portfolio of healthcare solutions. ExxonMobil Isopropyl Alcohol (Isopropyl Alcohol) is part of the portfolio along with other performance and speciality polymers used in various applications, such as medical equipment, products for preventing infections, and pharmaceutical and laboratory supplies.

· December 2022: Tokuyama Company and SK Geo Centric Co., Ltd. (SKGC) have announced a joint venture to produce 30000 TPA of Isopropyl Alcohol in Korea. The partnership plans to provide high-purity Isopropyl Alcohol to the electronics industry, where demand for Isopropyl Alcohol is anticipated to increase due to the expanding semiconductor market.

Segmentation of the Global Isopropyl Alcohol Market