Advanced Materials and Chemicals

Isopropyl Alcohol Market is Expected to Reach USD 4,254.3 Million by 2031

Mar 2024

Advanced Materials and Chemicals

As per the report published by Kings Research, the Global Isopropyl Alcohol Market was valued at USD 2,767.7 million in 2022 and is projected to reach USD 4,254.3 million by 2031, growing at a CAGR of 5.72% from 2023 to 2031.

The isopropyl alcohol market is experiencing a robust expansion trajectory, mainly driven by the increasing demand from the pharmaceutical sector. Isopropyl alcohol is widely utilized in pharmaceutical manufacturing processes, including as a solvent for active pharmaceutical ingredients and as a disinfectant in cleanroom environments. The increasing prevalence of infectious diseases and ongoing efforts to combat them have spurred the demand for isopropyl alcohol-based sanitization products, thereby fostering market growth.

Moreover, the burgeoning cosmetics and personal care industry is significantly contributing to the expansion of the isopropyl alcohol market. Isopropyl alcohol finds extensive usage in cosmetic formulations, particularly as a solvent and antiseptic agent. The growing consumer inclination towards personal grooming and hygiene products, coupled with the increasing disposable incomes, is driving the demand for isopropyl alcohol in this sector.

Furthermore, the rise in automotive production and sales is augmenting the demand for isopropyl alcohol, primarily for its application in cleaning automotive parts and surfaces. With stringent regulations regarding vehicle cleanliness and maintenance, automotive manufacturers are increasingly incorporating isopropyl alcohol-based cleaning solutions into their production processes, thereby bolstering market growth.

Additionally, the expanding electronics industry, particularly in emerging economies, is fueling the demand for isopropyl alcohol as a cleaning solvent for electronic components and devices. The proliferation of smartphones, tablets, and other electronic gadgets is driving the need for efficient cleaning solutions, thereby propelling market expansion.

Key Insights

  • Based on application, the antiseptic & astringent segment held the largest market share of 34.63% in 2023
  • Based on end-use, the pharmaceutical segment generated the highest revenue of USD 921.1 million in 2023
  • On the basis of region, Asia-Pacific accounted for the largest market share of 34.55% in 2023

Mitsui Chemicals, Inc. Attains ISCC PLUS Certification for Two Additional Phenol-chain Products, Completing Certification for Entire Product Line

December 2023 - Mitsui Chemicals, Inc. officially obtained certification for two additional phenol-chain products through the International Sustainability and Carbon Certification (ISCC) PLUS system. This recent certification for IPA and MIBK marks the acquisition of ISCC PLUS certification for all seven of the Mitsui Chemicals Group’s phenol-chain products.

Versatility of Applications to Drive Isopropyl Alcohol Market Growth

The rising awareness of isopropyl alcohol's versatile applications across various industries, including paints & coatings, automotive, and cosmetics, is a pivotal factor propelling market growth. In the paints & coatings sector, it serves as a solvent, enabling uniform dispersion and application of coatings. Its eco-friendly and efficient properties make it a preferred choice amidst rising demand for high-performance coatings. Similarly, in the automotive industry, isopropyl alcohol's effectiveness as a cleaning agent for degreasing automotive parts and surfaces aligns with stringent cleanliness regulations, which has led to its widespread adoption. Additionally, in the cosmetics industry, its role as a preservative and antiseptic agent enhances product stability and safety, meeting consumer demands for personal care products.

Expansion of Healthcare Sector in Untapped Emerging Regions to Offer Opportunities for Isopropyl Alcohol Market Progress

Increasing investments in healthcare infrastructure, particularly in developing regions, offer promising opportunities for market expansion. The construction of new hospitals, clinics, and healthcare facilities, coupled with the growing emphasis on infection control and hygiene practices, is expected to drive the demand for isopropyl alcohol-based sanitization products and disinfectants. Market players can leverage these investments by offering tailored solutions and forging strategic partnerships with healthcare institutions and government agencies to address the evolving needs of the healthcare sector.

Robust Pharmaceutical and Personal Care Industries in Europe to Propel Market Growth at 5.59% CAGR

Based on region, the global isopropyl alcohol market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Europe is poised to play a pivotal role from 2024 to 2031, attributed primarily to the region's robust presence in industries such as pharmaceuticals, cosmetics, and automotive fuels demand for isopropyl alcohol across various applications. Countries like Germany, France, and the United Kingdom boast advanced manufacturing capabilities and stringent regulatory standards, driving the adoption of isopropyl alcohol for quality control and sanitation purposes. Europe is anticipated to contribute USD 1,013 million by 2031 to the market.

Moreover, the increasing focus on sustainability and environmental regulations in Europe is propelling the demand for eco-friendly and bio-based isopropyl alcohol variants. Additionally, the rising consumer awareness regarding personal hygiene and cleanliness fuels market growth, particularly in the cosmetics and personal care sector. With Europe's commitment to innovation and technological advancement, coupled with its established industrial infrastructure, the region is poised to experience significant growth in the isopropyl alcohol market in the coming years.

Major Companies Forge Agreements to Strengthen Industry Foothold

The isopropyl alcohol market is fragmented with key players such as Exxon Mobil Corporation, Shell International B.V., Dow, LyondellBasell Industries Holdings B.V., Mitsui Chemicals, Inc., LCY GROUP, LG Chem, Tokyo Chemical Industry Co., Ltd., Eastman Chemical Company, and Ecolab Inc., among others. Companies aim to expand their business globally through acquisitions, partnerships, product introductions, collaborations, and mergers.

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