Isopropyl Alcohol Market to Grow at a Robust Pace During 2022-2028

The market research report, entitled Isopropyl Alcohol Market shows good possibilities in the Isopropyl Alcohol Market during the next five-year period and ensures more information regarding market trends. The following summary will give an overview of the drivers, challenges, and key players in the market.

Global Isopropyl Alcohol Market Forecast:

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.

Key Players

The following are some of the key players in the Isopropyl Alcohol Market:

• China National Petroleum Corporation
• Dow Chemical Company
• Exxon Mobil Corporation
• INEOS
• LCY Chemical Corp
• LG Chem
• LyondellBasell Industries Holdings B.V.
• Mitsui Chemicals
• Shell Chemicals
• Yancheng Super Chemical Technology Co., Ltd.
• others

Isopropyl Alcohol Market Segmentation:

The report segments based upon demographics, geographics, benefits, and volume, etc, have different driving factors and identifies the most attractive segments and sub-segments. Isopropyl Alcohol and other resources also allows companies to learn about their target audience so that they can tailor campaigns and increase market share and revenue.

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.

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Stratview Research

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