Isopropyl Alcohol Market By Grade (Industrial/Technical, Cosmetic, Pharmaceutical, Electronic grade), By End-Use Industry (Healthcare, Paints & Coatings, Household Cleaning, Beauty &Personal; Care, Chemical, and Electrical &Electronics;)- Global Analysis & Forecast 2020-2030
Report ID : 327 | Published Date : Jul 2020 | Pages : 150 | Region : Global | Report Code : CM-33
Isopropyl Alcohol Market Overview and Introduction
Isopropyl alcohol or isopropanol is a colorless & flammable liquid that is miscible with common organic solvents including chlorinated solvents. The compound is widely used for various applications as a solvent and intermediate in the production of different chemicals. Additionally, it is commonly used as a solvent in rubbing alcohol and possesses good disinfectant properties in the range of 60%-90% concentration with water.
The healthy market growth can be attributed to the high demand for isopropyl alcohol in medical applications. The pharmaceutical grade of isopropyl alcohol is used as a processing solvent during the manufacture of different drugs, medical wipes, among others. Some of its common uses in the healthcare industry include skin creams, sterilizers, disinfectants, and medicinal tables, among others. The extensive utilization of isopropyl alcohol for household cleaning products, such as sanitizers, cleaners, disinfectants, is further expected to boost market growth in the coming years. Furthermore, it is a commoningredient of after shave lotions, bath products, and cosmetics including eye, nail, and hair & skincare products. For instance, isopropyl alcohol is widely used in the nail care industry for the manufacture of nail polishes and nail cleaner, offering good shine to the nail surface. Leading manufacturers, such as Loreal and Shisheido, are some of the cosmetic giants using isopropyl alcohol in their cosmetic products. Additionally, isopropyl alcohol finds applications across other industries including electrical &electronics, paints &coatings, automotive, chemicals and others.
However, the price volatility of isopropyl alcohol stands to act as a major market barrier. In recent years, overproduction from China has been creating price volatility in this market. However, owing to the outbreak of COVID-19 worldwide, the demand for disinfectants, such as sanitizers, soaps, etc., is expected to witness considerable growth, further propelling the demand for isopropyl alcohol, a key ingredient of their manufacturing processes.
The global isopropyl alcohol market is segmented by grade, end use industry, and region.
Isopropyl Alcohol Market By Grade
Based on grade, isopropyl alcohol market can be segmented into industrial/technical, cosmetic, pharmaceutical, and electronic grade. The industrial/technical segment held the largest market share in 2019 owing to its solvent applications. The solvent applications of isopropyl alcohol include surface coatings, pesticide formulations, processing solvent for resins production and others. However, high demand for isopropyl alcohol in the beauty &personal care industry is expected to boost the demand for cosmetic grade isopropyl alcohol in the coming years.
Isopropyl Alcohol Market By End-Use Industry
In terms of end-use industry, the isopropyl alcohol market can be segmented into healthcare, paints and coatings, household cleaning, beauty &personal care, chemical, electrical &electronics, and others. The demand for isopropyl alcohol in chemical intermediates is expected to witness a high demand in the coming years owing to its utilization in the production of chemicals such as isopropylamines, isopropylacetates, methyl isobutyl ketone (MIBK), resins, etc., which are further used to manufacture other chemicals, agrochemicals and others. For instance, in 2019, BASF introduced Revysol, the first Isopropanol-Azole targeted at protecting crops from fungal diseases.
Isopropyl Alcohol Market By Region
The global Isopropyl alcohol market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW).Asia Pacific stands to be the largest market for isopropyl alcohol owing to its extensive utilization in chemical, paints &coatings, and personal care industries, among others. China is the largest market for isopropyl alcohol followed by India in the Asia Pacific region. Rising economic activities in these countries and the growing demand for personal care products driven by the western culture is generating a high demand in the market. Additionally, growing healthcare and automotive industries in China, India, and South Korea are also generating new opportunities for isopropyl alcohol in this region. Furthermore, the increasing production of isopropyl alcohol in this region is expected to support market growth owing to its utilization in the manufacture of sanitizers and disinfectants, owing to the recent outbreak of COVID-19.
Isopropyl Alcohol Market Prominent Players
Some of the prominent players in the global Isopropyl alcohol market are Solvay, DowRoyal Dutch Shell, Exxon Mobil Corporation., Lyondell Basell Industries Holdings B.V., Tokuyama Corporation., LG Chem., INEOS, JXTG Nippon Oil & Energy Corporation, MITSUI CHEMICALS AMERICA, INC.,and ISU CHEMICAL, among others.