According to ChemAnalyst report, “Global Isopropyl Alcohol (IPA) Market: Plant Capacity, Production, Operating Efficiency, Demand Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer Price Intelligence Market Analysis, 2015-2030”, Global Isopropyl Alcohol market has shown a significant growth in historic period and is anticipated to achieve an impressive CAGR of 6.02% during the forecast period until 2030. Due to rapid industrialization and infrastructure investments across the emerging economies, the demand of Isopropyl Alcohol from various industries including cosmetics, Personal care, pharmaceuticals, electronics and others is likely to augment the global Isopropyl Alcohol market in the upcoming years. The production of Adhesives is highly associated with safety standards of environment and human health, which further enhances the compliance standard.
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Isopropyl Alcohol is a structural isomer that possess the antibacterial properties. It is colorless and flammable in nature. IPA is synthesized by the reaction of Propylene with Sulphuric Acid which is further followed by Hydrolysis. Its production takes place by three routes, i.e., Indirect hydration of Propylene; direct hydration of Propylene; catalytic hydrogenation of Acetone. The most used process for the production of IPA is Propylene-based in the current market scenario, whereas the Acetone-based process is being phased out gradually. LG Chem Ltd. is the only Acetone-based manufacturer of Isopropyl Alcohol in the world. Alcohol is usually mixed with the water for antiseptic uses in the form of rubbing Alcohol. It is extensively used in cosmetics as lotions, drugs, detergents, Adhesives and sealant chemicals, fuels and fuel additives, intermediates, non-pesticidal agricultural chemicals, lubricants and others. IPA is easily miscible with water, ethers, ethanol and other solvents. Due to its quick evaporating, non-toxic and leaving no oil traces properties, it is highly used in solvents. The increasing demand of IPA in pharmaceutical sector for the production of hand sanitizers and disinfectants has tremendously increased amid pandemic which boosted the Isopropyl Alcohol market worldwide. The Solvent segment is a major growing segment of IPA due to its high consumption across the word.
Being extremely safe and highly evaporative, Isopropyl Alcohol is widely used for sterilization purposes in the medical sector. Increasing demands from consumers would enhance the consumption of IPA and its derivatives in cosmetics and personal care products. IPA is also used in electronics industry as a cleanser and is likely to witness a record growth during the forecast period as technology penetration in emerging countries would rise substantially. Many major players have gone for capacity expansions and merging acquisitions to accommodate for the sudden surge in demand of Isopropyl Alcohol in the US and Asia-Pacific.
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In 2020, due to the outbreak of Covid-19, The Isopropyl Alcohol market was significantly impacted during the pandemic due to government restrictions on travel ban and nationwide lockdowns which further affected the global supply chain. Many companies halted their operations which hindered the sales and demand from various industries. However, the demand from pharmaceutical sector for hand sanitizers, disinfectants, antiseptics and others has exponentially increased due to Covid which propelled the overall market of IPA worldwide.
Region wise, Asia Pacific region holds the largest share of the global Isopropyl Alcohol market followed by North America and Europe. The APAC market of IPA is driven by the rapid growth in pharmaceutical and healthcare, cosmetics and personal care sector, and few industries including food and beverages, chemicals and others.
According to ChemAnalyst report, Global Isopropyl Alcohol Market: Plant Capacity, Production, Operating Efficiency, Demand Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Global Isopropyl Alcohol market are The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., LG Chem Ltd., Royal Dutch Shell Plc., United States Petroleum Chemical Corporation, Clariant AG, Honeywell International Inc., JXTG Nippon Oil Energy Corporation, Mitsui Chemicals Inc., INEOS Enterprises, Deepak Fertilisers and Petrochemicals Corporation Limited etc. and Others.
“Being linked to the downstream application such as cosmetic, Pharmaceutical, electronics and others, the Global Isopropyl Alcohol Industry has shown a significant growth along with the growing population and change in the consumer preference. It is anticipated that India is expected to become the world's fifth largest consumer market in the upcoming years. In addition, growing per capita income worldwide poised a stronger outlook to the country’s acetone demand. The nationwide lockdowns and restrictions due to the global crises around the world affected the supply chain logistics and happens to cause immediate shortage of raw materials hence increased the prices of Isopropyl Alcohol. Meanwhile, China serves as the major holder as well with sufficiently installed capacities. With new competitors emerging across the Isopropyl Alcohol market, it is extremely important to keep an eye on which region will grab the biggest market shareduring the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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