The new report by Expert Market Research titled, ‘Global Isopropyl Alcohol Market Size, Share, Price Trends, Report and Forecast 2020-2025’, gives an in-depth analysis of the global isopropyl alcohol market, assessing the market based on its segments like applications and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2015-2025)
1. Historical Market Size (2019): 2.15 Million Tons
2. Forecast CAGR (2020-2025): 2.4%
3. Forecast Market Size (2025): 2.48 Million Tons
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The global isopropyl alcohol market is driven by the rising demand for isopropyl alcohol in solvent applications that accounts for the bulk of its global market. Isopropyl alcohol is used in disinfectants, which include hand sanitizers, surface cleaners, and clinical instrument cleaners, in combination with either ethyl alcohol or N-propyl alcohol. Isopropyl alcohol finds extensive applications in hand sanitizers. In hand sanitizers utilised by the hospitals, alcohols like isopropyl alcohol and ethanol are mixed with quaternary ammonium cations like benzalkonium chloride. Other drivers supporting the market are its uses in various industries like automotive, laboratory, medical, solvents, and others. Due to the growing economy and increased awareness of hygiene, the demand for isopropyl alcohol is currently growing more in developing countries.
Industry Definition and Major Segments
Isopropyl Alcohol or isopropanol or 2-propanol is a colourless, flammable liquid and has a strong odour.
On the basis of application, the market is divided into:
1. Process Solvent
2. Cleaning Agent
4. Coating Solvent
The regional markets for isopropyl alcohol include:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East and Africa
Region-wise, the Asia Pacific dominated the market, with a share of nearly 45% of the global production. The Asia Pacific was followed by North America and Europe.
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The World Health Organization (WHO) has said hand hygiene is extremely critical in preventing the COVID-19 virus from spreading. It has advised the use of any alcohol-based hand rubs for 20-30 seconds as part of hand hygiene recommendations. In accordance with these recommendations, the use of ethyl alcohol or isopropyl alcohol-based hand rubs for manual hygiene has been encouraged by numerous governments around the world, which has significantly aided the growth of the global isopropyl alcohol market.
The global isopropyl alcohol market’s long-term growth is expected to remain positive, guided by socio-economic factors, such as increasing disposable incomes, population growth, rapid urbanisation, and global economic development. These socio-economic factors are catalysing the growth of various downstream industries, such as pharmaceuticals, paints and coatings, automotive, and cosmetics, and are, thus, expected to boost the consumer demand for isopropyl alcohol during the forecast period. In addition, the increase in chemical production, particularly in countries such as India, China, the United States, Brazil, and South Africa, is expected to be another major driver for the market growth.
Key Market Players
The major players in the market are Shell Chemicals, Dow Chemicals, Exxon Mobil Chemical Company, Sasol Olefins, and Chang Chun Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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