Isopropyl Alcohol Market to Reach Valuation of USD 4.14 Billion by 2030 – Increasing Incomes, Population Growth, Rapid Urbanization, Economic Growth and Changing Consumer Lifestyles are Driving the Market

Growing health concerns related to the uncertainty surrounding the COVID-19 pandemic had a significant positive impact on the analyzed pharma segment, which was reflected in hand sanitizer sales. This factor has further increased the demand for isopropyl alcohol. Increasing disposable income, population growth, rapid urbanization, economic growth and changing consumer lifestyles are positively driving the Isopropyl Alcohol market. These factors are catalyzing the growth of different downstream industries such as pharmaceuticals, paints & coatings, automobiles and cosmetics and driving the market demand for Isopropyl Alcohol during the forecast period. It is also used to purify and extract natural products such as animal and vegetable oils, waxes, resins, flavors, fats, vitamins, etc. Accelerating market expansion. Advanced manufacturing technologies are enabling the industry to achieve higher yields and produce high purity grades to fuel the growth of the Isopropyl Alcohol market.

Key Highlights from the Report

· Among Components, the Solutions market segment is anticipated to dominate theIsopropyl Alcohol market with the largest market share in the forecast period considering the variety of products industry players are offering.

· By Business Function, the Human Resource market segment accounted for the maximum CAGR during the forecast period because it is extensively utilized in talent management among organizations.

· In terms of Region, Asia Pacific held the major market share in 2021 and is likely to be the most gainful market in the future. Elements including strenuous technological R&D, greater competition, and an evolving trend of data proliferation are aiding this market expansion.

Market Dynamics

Isopropyl Alcohol (IPA) is an isomer of propyl alcohol with antibacterial properties. It's a clear, colorless liquid that's the main ingredient in denatured alcohol and common household items like cleaning, disinfecting, and hand sanitizers. Growing health concerns due to the uncertainty surrounding the COVID-19 pandemic have had a significant positive impact on the reviewed pharma segment, which was particularly reflected in hand sanitizer sales. This factor has further increased the demand for isopropyl alcohol. Increasing disposable income, population growth, rapid urbanization, economic growth and changing consumer lifestyles are factors positively driving the Isopropyl Alcohol market. These factors are catalyzing the growth of various downstream industries such as pharmaceuticals, paints and coatings, automotive and cosmetics, which are driving the demand for the Isopropyl Alcohol market during the forecast period. It is also used to purify and extract natural products, including animal and vegetable oils, waxes, resins, flavors, fats, vitamins, etc., accelerating market expansion.

However, high energy costs, corrosive conditions and contamination problems are the main limitations of the Isopropyl Alcohol market. To overcome these problems, an advanced and more efficient technique called catalytic hydrogenation of acetone is used. Health issues are challenging due to its highly flammable nature and strong odor.

Asia Pacific Isopropyl Alcohol market is expected to witness a noteworthy development with a significant growth rate over the analysis period. Notable industry participants like Royal Dutch Shell PLC, LG Chem, Exxon Mobil Corporation are anticipated to accelerate market growth in the area. Additionally, the regional movement of Isopropyl Alcohol is likely to depend on recent industry trends and countries' economic recovery after the coronavirus outbreak. The Asia Pacific region dominates the overall market. Factors such as investments in the chemical industry and the growing demand for cosmetics and pharmaceuticals in the region are expected to drive the growth of the Isopropyl Alcohol market. Also, India has one of the largest paint and coatings industries in the world. Booming housing activity in the Asia Pacific region is sending a positive signal to the paints and coatings and IPA industries. China is the second largest pharmaceutical market in the world. Drug sales in the country are expected to reach $175 billion by 2022. Europe saw the highest consumption of disinfectants and personal care products, followed by the virus outbreak in 2020.

The Global Isopropyl Alcohol Market is Segmented as follows

• Application
  • Antiseptic & Astringent
  • Clearing Agent
  • Solvent
  • Chemical Intermediate
  • Other Applications
• End-Use Industry
  • Cosmetics & Personal Care
  • Pharmaceutical
  • Food & Beverage
  • Agrochemicals
  • Paints & Coatings
  • Chemical Industry
  • Other End-Use Industries
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Isopropyl Alcohol Market is

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.)

The Global Isopropyl Alcohol Market Scope can be Tabulated as below