The global isopropyl alcohol market size reached US$ 4.5 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 4% during 2023-2028.
Isopropyl alcohol is an organic chemical compound with the chemical formula C3H7OH. It is a colourless, volatile and flammable liquid compound which has a bitter taste and strong odour. Although miscible with water, few alcohols, ether and chloroform, isopropyl alcohol is insoluble in salt solutions. It majorly finds application as a solvent in essential oils, resins, alkaloids, gums, cellulose and coatings; de-icing agent in lacquers, liquid fuels and extraction processes; and an antiseptic in anti-freeze compositions. Isopropyl alcohol is also used in the production of glycerol, shellacs, quick drying inks, isopropyl acetate and creosote.
Isopropyl alcohol has been used to remove flux residues after soldering and as a general cleaner to remove oil, grease, and other handling soils. Apart from this, it is also used for purifying and extracting natural products such as animal and vegetable oils, waxes, resins, flavourings, fats, vitamins, etc., which is positively influencing the market growth.
One of the fastest-growing markets for isopropyl alcohol is Asia Pacific, wherein China represents the leading region. As isopropyl alcohol is readily available in the region, it can be purchased in bulk quantities at fairly low prices. Additionally, thriving cosmetics and personal care industry, rapid economic growth and elevating income levels have resulted into a heightened demand for isopropyl alcohol-based products.
Isopropyl alcohol is stable if it is properly handled and stored in adequate conditions. In addition to this, it has a shelf-life of two years from the manufacturing date. The chemical makeup and potency of isopropyl alcohol remain stable for two years in its original closed container.
The most popular technique for producing isopropyl alcohol on a commercial level is the indirect hydration of propylene. Demerits of this method such as high energy cost, corrosive condition and pollution problems had led to the development of a more efficient technique, called catalytic hydrogenation of acetone. Such technological advancements in the production have empowered the industry with higher yield rates and production of high-purity grades, thereby generating opportunities for new applications of isopropyl alcohol.
2. What is the expected growth rate of the global isopropyl alcohol market during 2023-2028?
3. What are the key factors driving the global isopropyl alcohol market?
4. What has been the impact of COVID-19 on the global isopropyl alcohol market?
5. What is the breakup of the global isopropyl alcohol market based on the application?
6. What is the breakup of the global isopropyl alcohol market based on the industry?
7. What are the key regions in the global isopropyl alcohol market?
8. Who are the key companies/players in global isopropyl alcohol market?
Isopropyl alcohol is an organic chemical compound with the chemical formula C3H7OH. It is a colourless, volatile and flammable liquid compound which has a bitter taste and strong odour. Although miscible with water, few alcohols, ether and chloroform, isopropyl alcohol is insoluble in salt solutions. It majorly finds application as a solvent in essential oils, resins, alkaloids, gums, cellulose and coatings; de-icing agent in lacquers, liquid fuels and extraction processes; and an antiseptic in anti-freeze compositions. Isopropyl alcohol is also used in the production of glycerol, shellacs, quick drying inks, isopropyl acetate and creosote.
Global Isopropyl Alcohol Industry Drivers:
Isopropyl alcohol finds diverse applications in several downstream industries like paint and coating, automotive, cosmetic, printing, pharmaceutical, etc. Economic reforms have resulted into a rise in the disposable incomes and changes in lifestyle of the consumers across the globe, thereby catalysing the growth of these industries.Isopropyl alcohol has been used to remove flux residues after soldering and as a general cleaner to remove oil, grease, and other handling soils. Apart from this, it is also used for purifying and extracting natural products such as animal and vegetable oils, waxes, resins, flavourings, fats, vitamins, etc., which is positively influencing the market growth.
One of the fastest-growing markets for isopropyl alcohol is Asia Pacific, wherein China represents the leading region. As isopropyl alcohol is readily available in the region, it can be purchased in bulk quantities at fairly low prices. Additionally, thriving cosmetics and personal care industry, rapid economic growth and elevating income levels have resulted into a heightened demand for isopropyl alcohol-based products.
Isopropyl alcohol is stable if it is properly handled and stored in adequate conditions. In addition to this, it has a shelf-life of two years from the manufacturing date. The chemical makeup and potency of isopropyl alcohol remain stable for two years in its original closed container.
The most popular technique for producing isopropyl alcohol on a commercial level is the indirect hydration of propylene. Demerits of this method such as high energy cost, corrosive condition and pollution problems had led to the development of a more efficient technique, called catalytic hydrogenation of acetone. Such technological advancements in the production have empowered the industry with higher yield rates and production of high-purity grades, thereby generating opportunities for new applications of isopropyl alcohol.
Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global isopropyl alcohol market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on application and industry.Breakup by Application:
- Process Solvent
- Cleaning Agent
- Coating Solvent
- Intermediate
- Others
Breakup by Industry:
- Cosmetic and Personal care
- Pharmaceutical
- Food and Beverage
- Paints and Coatings
- Chemical
- Others
Regional Insights:
- Asia
- North America
- Europe
- South America
- Others
Competitive Landscape:
The market is concentrated with the top 5 players accounting for more than half of the entire market. Some of the biggest players operative in the market are:- The Dow Chemical Company
- Exxon Mobil
- Shell Chemicals Europe B.V.
- INEOS Enterprises Group Limited
- Super Chemical Technology Co. Ltd.
Key Questions Answered in This Report
1. What was the size of the global isopropyl alcohol market in 2022?2. What is the expected growth rate of the global isopropyl alcohol market during 2023-2028?
3. What are the key factors driving the global isopropyl alcohol market?
4. What has been the impact of COVID-19 on the global isopropyl alcohol market?
5. What is the breakup of the global isopropyl alcohol market based on the application?
6. What is the breakup of the global isopropyl alcohol market based on the industry?
7. What are the key regions in the global isopropyl alcohol market?
8. Who are the key companies/players in global isopropyl alcohol market?
Table of Contents
1 Preface3 Executive Summary
2 Scope and Methodology
4 Introduction
5 Global Isopropyl Alcohol Industry
6 Performance of Key Regions
7 Market Breakup by Application
8 Market Breakup by Industry
9 Competitive Landscape
10 Isopropyl Alcohol Manufacturing Process
11 Isopropyl Alcohol Feedstock Market Analysis
List of Figures
List of Tables
Companies Mentioned
- The Dow Chemical Company
- Exxon Mobil
- Shell Chemicals Europe B.V.
- INEOS Enterprises Group Limited and Super Chemical Technology Co. Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 138 |
| Published | May 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 4.5 Billion |
| Forecasted Market Value ( USD | $ 5.6 Billion |
| Compound Annual Growth Rate | 3.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 4 |
