Isopropyl Alcohol Market to Grow at a Robust Pace During 2023-2028

Market Insights

The isopropyl alcohol market was estimated at USD 2.8 billion in 2022 and is likely to grow at a CAGR of 7.79% during 2023-2028 to reach USD 4.41 billion in 2028.

Market Dynamics

The major factors driving the growth of the market are primarily driven by-

• Rising use of chemical products – The demand for end-use products such as personal care products, pharmaceuticals, and other cleaning agents, etc. is growing and with this, the demand for isopropyl alcohol is growing parallelly, since it is a key solvent. The demand for isopropyl alcohol is also growing as it is also used in fertilizers, pesticides, paints, coatings, inks, etc.
• Use in the medical sector – Isopropyl alcohol is popularly used in the medical industry as a disinfectant and antiseptic. Its antimicrobial properties efficiently kill bacteria, viruses, and fungi. The market for isopropyl alcohol leapfrogged during the COVID-19 pandemic period since there was a huge demand for surface disinfectants, medical equipment sterilization, etc.
• Electronic industry and its maintenance – Isopropyl alcohol finds applications in cleaning tablets, smartphones, and other electronic devices. With the rapid expansion of the electronic sector, the demand for this product as a disinfecting agent also grows.
• Automotive Sector – Isopropyl alcohol is used as a cleaning and degreasing agent in the automotive sector. The increasing production and sales of automobiles globally have resulted in a significant demand for isopropyl alcohol in this sector.

𝗞𝗲𝘆 𝗙𝗲𝗮𝘁𝘂𝗿𝗲𝘀 𝗼𝗳 𝗥𝗲𝗽𝗼𝗿𝘁:-

-        Assessment of the market

-        Competitive Landscape

-        COVID Impact Analysis

-        Value Chain Analysis

-        Historic Data, Estimates, and Forecast

-         Company Profiles

-        Global and Regional Dynamics

-        Future Business Scope & Opportunities Forecast

Segment Analysis

Based on the application type, the market is segmented as a solvent, cleaning agent, chemical intermediate, flavoring agent, disinfectant, and others. Solvents held the largest share of the market in 2022 and are expected to remain dominant during the forecast period. Isopropyl alcohol is used in surface coating, inks, pesticides & herbicides, resin, and disinfectants, and cleaning products.

Based on the end-use industry type, the isopropyl alcohol market is segmented as food, pharmaceuticals, cosmetics & personal care, medical, electronics, automotive, and others. Cosmetic & personal care and pharmaceuticals industries are expected to drive the demand for isopropyl alcohol during the forecast period. Isopropyl alcohol is used in alcohol wipes, swabs, hand sanitizers, disinfectants, mouthwash, and other products.

In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market for isopropyl alcohol during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is bolstered by the demand for cosmetics & personal care products, pharmaceuticals, and electronics generating huge demand for isopropyl alcohols. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.

Custom Research:

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Critical Questions Answered in the Report

-        What are the key trends in the Isopropyl Alcohol Market?

-        How the market (and its various sub-segments) has grown in the last five years and what growth trajectory will it follow in the next five years?

-        On what scale has COVID-19 impacted the Isopropyl Alcohol Market?

-        What are some key strategies adopted by the market leaders in the Isopropyl Alcohol Market?

-        How much share of the Isopropyl Alcohol Market do the top players own?

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:-

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