According to the Market Statsville Group (MSG), the Global Isopropyl Alcohol Market size is expected to grow from USD 2.5 billion in 2021 to USD 5.7 billion by 2030 at a CAGR of 8.1% from 2022 to 2030. Isopropyl alcohol has the chemical formula C3H7OH and is an organic chemical compound. It is a colorless, flammable, volatile liquid compound with a bitter taste and strong odor. Isopropyl alcohol is insoluble in salt solutions despite being miscible with water, a few alcohols, ether, and chloroform. It is primarily used as a solvent in essential oils, resins, alkaloids, gums, cellulose, and coatings; as a de-icing agent in liquid fuels, lacquers, and extraction processes; and as an antiseptic in anti-freeze formulations. Glycerol, shellacs, quick-drying inks, isopropyl acetate, and creosote are all made from isopropyl alcohol.
Isopropyl alcohol (IPA) is a propyl alcohol isomer with antibacterial properties. It is a major component of rubbing alcohol and common household items like cleaners, disinfectants, and hand sanitizers. It also has its application in pharmaceuticals. The growing use of cosmetic and personal care products and the widespread use of IPA as a cleaning agent are expected to drive market growth. On the other hand, the availability of alternative methods of producing acetone remains one of the market's major concerns.
COVID-19 Impact on the Isopropyl Alcohol Market
The world economy is shrinking due to the coronavirus pandemic, which is causing havoc on global economic activity. Businesses all over the world are taking a virtual stand to stop the virus's spread. The COVID-19 pandemic has limited manufacturing operations in various industries, including chemicals, paints, and coatings. However, this decrease was offset by increasing demand for sanitizer production and the growing pharmaceuticals industry. To meet the growing demand for sanitizer, various companies have shifted their manufacturing operations. Isopropyl alcohol is currently being used in hand sanitizers in the pharmaceutical industry. Other items, including alcohol wipes, swabs, disinfectants, and oral mouthwash, are driving up the demand for isopropyl alcohol during this epidemic. Isopropyl is also utilized to manufacture inks, agricultural chemicals, resin, and various other things.
The study categorizes the Isopropyl Alcohol Market based on product method, end-use industries, and application at regional and global levels.
Based on the end-use industry, the global isopropyl alcohol market is divided into cosmetics and personal care, pharmaceutical, electronics, paints and coatings, chemicals and other end-user industries. The pharmaceutical industry will dominate the market’s growth in 2021. Alcohol swabs and wipes with a 70% concentration of isopropyl alcohol are used to clean wounds. It's also in antibacterial hand sanitizers and ear drops. Isopropyl alcohol is present in some oral mouthwash solutions. Cleaning supplies also contain isopropyl alcohol. In general, isopropyl alcohol can be used in small and safe amounts in capsule or tablet manufacturing processes in the pharmaceutical industry. IPA is used in the solvent-assisted formation of pharmaceutical intermediates.
Several countries, including India, the United States, and Germany, have increased their pharmaceutical/medicine spending in recent years, boosting the IPA market. The rising health concerns caused by the COVID-19 pandemic have had a significant positive impact on the pharmaceuticals segment of the market studied, as evidenced by the sales of hand sanitizers. This factor increased the demand for isopropyl alcohol even more. As a result of the aforementioned factors, the pharmaceutical segment is expected to dominate the market.
Asia Pacific accounts for the highest CAGR during the forecast period
The Asia-Pacific region is expected to grow with the highest CAGR from 2022-to 2030. Factors such as the region's robust construction growth, investment in the chemical industry, rising demand for cosmetic products, and increased pharmaceutical products are expected to drive the isopropyl alcohol market's growth. Paints and coatings also consider a significant amount of isopropyl alcohol, widely used in the building and automotive industries.
The personal care industry makes extensive use of isopropyl alcohol. The Asia-Pacific region is also experiencing rapid growth in demand for personal care and cosmetic products, owing primarily to the influence of Western culture. This factor is causing an increase in the use of cosmetic products by teenagers, an increase in the desire to look presentable due to an increase in women's employment, and an increase in hygiene awareness. As a result, the region's production of such products has increased. Foreign countries are making significant investments in India, China, South Korea, and ASEAN countries' pharmaceutical industries to capitalize on market opportunities.
The Isopropyl Alcohol Market is mildly concentrated in nature, with few numbers of global players operating in the market, such as:
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