Isopropyl Alcohol Market

Global Isopropyl Alcohol Market

As stated in our extensive report; the Global Isopropyl Alcohol Market accounted for USD 2.5 Billion in the year 2022 and is forecast to reach USD 4.14 Billion by 2030 at a CAGR of 7.5%.

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.

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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.

These are the primary factors that must be considered to propel the growth of the global {keyword}} Market. However, Health concerns pose a challenge due to its highly flammable and strong odour nature for the global Isopropyl Alcohol market. 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 factors influencing Isopropyl Alcohol Market Growth

The growth of the global Isopropyl Alcohol market can be attributable to the following:

1. Increasing disposable income, population growth, rapid urbanization, economic growth and changing consumer lifestyles are factors positively driving the Isopropyl Alcohol market.
2. The Pharmaceutical segment is the end user of Isopropyl Alcohol. An estimated of 70% Isopropyl Alcohol is used in alcohol swabs and surgical wipes. It’s also found in hand sanitizers and ear & eye drops. Oral mouthwashes also contain some Isopropyl Alcohol.
3. The growth of the Isopropyl Alcohol market is attributed to the growing demand for Isopropyl Alcohol due to its sanitizing properties.
4. New product launches could bring lucrative opportunities to market participants over the next five years.
5. Advanced manufacturing technologies are enabling the industry to achieve higher yields and produce high-purity products that are driving the development of the Isopropyl Alcohol market.
6. Several countries such as India, USA and Germany have increased their spending on pharmaceuticals/drugs in recent years, boosting the API market. For example, according to the All-India Organization of Chemists and Druggists, the Indian pharmaceutical market grew by 12.1% in August 2022.
7. Transition to electric mobility to create profitable opportunities in the Isopropyl Alcohol market.

Asia Pacific Region to Lead the Market 

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.

Conclusion

Increasing incomes, population growth, rapid urbanization, economic growth and changing consumer lifestyles, are positively influencing the overall Isopropyl Alcohol market.

Some of the key players in the Global Isopropyl Alcohol Market includes- 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.) and others.