Isopropyl Alcohol Market is anticipated to grow at a CAGR of 2.3% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Isopropyl Alcohol Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global Isopropyl Alcohol Market is anticipated to grow at a CAGR of 2.3% from 2020 to 2030.
The healthy market growth can be attributed to thehigh demand for isopropyl alcohol owing to its solvent applications.For instance, isopropanol is used as a solvent in beauty &personal care products, degreasers, paints &resins, food, inks, adhesives, and pharmaceuticals, among others. In the beauty &personal care industry, isopropyl alcoholfinds applications in bath products, makeup products, and others. Hence, the growing cosmetics industry across the globe is expected to create a high demand for isopropyl alcohol. Owing to its disinfectant properties, it is widely used for sterilizing medical equipment, skin treatment, and dressing. Additionally, it is also used to sanitize surfaces at premises and equipment in industries. Additionally, the recent outbreak of COVID-19 has created a high demand for disinfectants, such as soaps and sanitizers, which is further expected to supplement market growth as isopropyl alcoholserves as a key ingredient in the manufacture of these products. Other than this, in the electrical &electronics industry, it is used as a common cleaner and degreaser for cables, LCDs, connectors, fiber optics,and others. Isopropyl alcohol also finds applications in the chemical industry for the manufacture of different chemical compounds such as isopropyl esters, and isopropylamines, among others.
However, the price volatility of isopropyl alcoholstands to act as a major market barrier. Additionally, the US FDA is reviewing whether the utilization of isopropyl alcoholis recognized as safe for the OTC antiseptic rub products. Hence, a ban on the use of isopropyl alcoholin the coming years by regulatory bodies will impede market growth.
Asia Pacific stands to dominate the market owing to the high demand from China, India, Japan, and South Korea, among others. The growing utilization of industrial-grade isopropyl alcohol for solvent applications stands to act as a major growth driver in this region. Additionally, with surging economic activities in countries, such as India and China, where the utilization of isopropyl alcohol for industries,including chemical, personal care, and paints &coatings are further expected to boost the demand in the coming years.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/isopropyl-alcohol-market/327
Some of the prominent players in the global isopropyl alcohol market are Solvay, Dow, Royal 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., andISU CHEMICAL, among others.
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