Stratview Research has published a new research report on the ‘Isopropyl Alcohol Market’. This report covers the top regions & countries of the world and shows a region-wise development status, including market size, shares, revenue, opportunities, and strategies to enhance growth across the globe. This report provides a 5-year pre-historic and future forecast for the segment and a comprehensive overview of the global market size.
Isopropyl Alcohol Market: Report Highlights
The isopropyl alcohol market was estimated at USD 2.6 billion in 2021 and is likely to grow at a CAGR of 7.86% during 2022-2028 to reach USD 4.41 billion in 2028.
The prime factor that is contributing to the demand for isopropyl alcohols is the increasing awareness of cleanliness and the rising prevalence of bacterial outbreaks. Increasing demand for hand sanitizer and the rising need for hygiene-related products with the COVID-19 outbreak drive the market during the forecast period.
Isopropyl alcohol is a flammable and colorless chemical compound synthesized from the reaction of propylene with sulfuric acid, followed by hydrolysis. It is widely used in applications, such as cosmetics, toiletries, and personal care products, as a solvent, chemical agent, chemical intermediate, flavoring agent, disinfectant, or antiseptic, among others. Generally, it is available in 70% and 99% concentrations and designed for different uses.
Market Segments’ 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 2021 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.
The supply chain of this market comprises raw material manufacturers, distributors, and users. Some of the key players in the Isopropyl Alcohol Market are-
- China National Petroleum Corporation
- Dow Chemical Company
- Exxon Mobil Corporation
- LCY Chemical Corp
- LG Chem
- LyondellBasell Industries Holdings B.V.
- Mitsui Chemicals
- Shell Chemicals
- Yancheng Super Chemical Technology Co., Ltd.
Why invest in this report?
The report provides critical insights into the market dynamics and enables strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints,
- Market Trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, new product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Key success factors
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