Isopropyl Alcohol Market – Segmentation:
The global isopropyl alcohol market, as read by MRFR analysts, has been segmented into production method, application, and end-use industry to facilitate a deeper reading. By digging deep, the regional market would understand the potential of various factors, and participating companies can explore them later to increase their profit margin.
By production method, the report containing details of the global isopropyl alcohol market encompasses indirect hydration and direct hydration. These segments are expected to fetch substantial revenues.
By application, the report containing various particulars about the global isopropyl alcohol market has been segmented into the cleaning agent, solvents, disinfectants, intermediate, and others. The solvents segment would gain easy access to various industries.
By end-use industry, the study on the global end-use industry market included pharmaceuticals, paints & coatings, chemicals, cosmetics & personal care, and others. The pharmaceutical boom would give the market substantial growth opportunities.
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Isopropyl Alcohol Market – Competitive Landscape:
The global isopropyl alcohol market is banking on the effective strategies of several top-notch companies like INEOS Enterprises (Germany), The Dow Chemical Company (US), China Petroleum & Chemical Corporation (China), Exxon Mobil Corporation (US), Royal Dutch Shell Plc (Netherlands), Avantor, Inc (US), LG Chem (South Korea), Jiangsu Denoir Technology Co. Ltd (China), Mitsubishi Chemical Corporation(Japan), Tokuyama Corporation (Japan), and Carboclor SA (Argentina). These companies are known for launching innovations, mergers, acquisitions, collaborations, marketing strategies, expansion plans, and others. MRFR’s profiling reveals a trend about market growth in the coming years, which could be leveraged to plan a proper strategic move.
In March 2020, researchers revealed that isopropyl alcohol could be the perfect way to ward off coronavirus. In normal hand sanitizers, isopropyl alcohol is often missing, which would not be much effective against coronavirus. Isopropyl alcohol is important in breaking the lipid shield of the virus and killing it. That is why hand sanitizer makers are now trying to develop products with this as an effective ingredient.
Isopropyl alcohol, also known as isopropanol, is a chemical compound which is one of the main ingredients in disinfectants, detergents, and antiseptics. The global isopropyl alcohol market report by Market Research Future (MRFR) covers insights and trends for the period of 2019 to 2025 (forecast period). It also provides customized versions amid the impact of the COVID-19 pandemic over the forecast period.
The global isopropyl alcohol market is slated to experience a growth rate of 4% over the forecast period. It stood at USD 2 billion in 2018. The market can thrive over the forecast period owing to its wide use in the pharmaceutical industry for the production of disinfectants, hand sanitizers, ear drops, and oral mouthwashes. The rise in standards of living of consumers and the growing population are growth drivers of the market. This is exemplified by the high demand of personal care products and cosmetics.
Burgeoning need for chemicals in Brazil, China, India, the U.S., and South Africa is likely to drive the need for solvents and in turn the market growth. Continuous sales of cars and luxury vehicles will bolster the demand in the global isopropyl alcohol market. The use of isopropanol as a cleaning agent can be used in removing flux residues, grease, and oil.
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The global isopropyl alcohol market, based on region, is divided into the Latin America, Europe, Asia Pacific (APAC), North America, and the Middle East and Africa (MEA).
APAC held the largest market share and touted to dominate throughout the forecast period. The high demand for the chemical from industries of chemicals, pharmaceuticals, personal care, and cosmetics can bode well for the regional market. China will be the biggest revenue generator followed by Japan and India. Isopropanol is used in the manufacture of nail paints, shampoos, hair tonics, deodorants, and skin cleansers and lotions. The large potential for IPA has led to companies such as Deepak Nitrite to commence production at a slow rate during the COVID-19 pandemic.
North America is the second-largest region in the global isopropyl alcohol market owing to the expansion of pharmaceutical and chemical industries. Similarly, Europe is expected to experience a similar growth trajectory till 2025.
Lastly, the MEA and Latin America regions are predicted to display steady growth rate owing to personal care and pharmaceuticals industries.
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