Isopropyl Market Size, Share, Industry, Forecast and outlook (2024-2031)

Isopropyl Market is Segmented By Application(Antiseptic and Astringent, Cleaning Agent, Solvent, Others), By End-User(Cosmetics & Personal Care, Pharmaceutical, Food & Beverages, Paints & Coatings, Chemical, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Market Overview

The global isopropyl market reached US$ XX million in 2022 and is projected to witness lucrative growth by reaching up to US$ XX million by 2030. The market is growing at a CAGR of 7.90% during the forecast period (2023-2030).

A chemical substance with the molecular formula C3H7OH is isopropyl or isopropyl alcohol. Isopropyl alcohol is a colorless, flammable liquid chemical with a strong aroma and harsh taste. Insoluble in salt solutions, isopropyl alcohol is miscible with water, a few other alcohols, chloroform and ether. Essential oils, resins, alkaloids, gums, cellulose and coatings are the main products that use isopropyl alcohol as a solvent. Further, isopropyl acts as an antibacterial and a deicing agent in formulations for anti-freeze, liquid fuels and extraction operations. Glycerol, shellacs, quick-drying inks, isopropyl acetate and creosote are other products made with isopropyl alcohol.

Scope

Dynamics

The growing demand for cleaning and sterilizing agents in the pharmaceutical industry

Isopropyl alcohol is a common solvent and cleaning agent used in the pharmaceutical industry. It is used in various applications, including as a sterilizing agent, a cleaning agent and as a solvent for extracting active pharmaceutical ingredients (API) from plant materials. The demand for isopropyl alcohol in the pharmaceutical industry has been growing in recent years due to the increasing need for sterilization and cleaning in manufacturing pharmaceutical products; it is particularly true for the production of injectable drugs and medical devices, where strict sterilization and cleaning procedures are required to ensure the safety and efficacy of the final product.

The environmental impact of isopropyl and its ability to affect air quality

The disinfectant and common solvent isopropyl alcohol, usually known as rubbing alcohol, is used in many different sectors. The substance's environmental impact may constrain the market for isopropyl alcohol. The quality of the air and water can be harmed once isopropyl alcohol is released into the environment. In addition, it may aid in creating ground-level ozone, which is bad for the environment and human health. Isopropyl alcohol is very flammable and improper handling might result in fire hazards. Due to its negative environmental effects, isopropyl alcohol use may be subject to legislation and restrictions, slowing the market's expansion.

Segment Analysis

The global isopropyl market is segmented based on application, end-user and region.

The growing use of isopropyl in the pharmaceuticals industry for manufacturing disinfectants, tablets and capsules has escalated the segmental growth of the product.

Isopropyl alcohol can dissolve the plasma membrane of the cell wall of microorganisms; therefore, in the pharmaceutical industry, the respective ability of isopropyl alcohol is widely employed for manufacturing disinfectants. Further, in the pharmaceutical industry, isopropyl alcohol is used in small quantities to manufacture tablets and capsules. The respective applications allow the pharmaceutical segment to have a major share in the end-user segment of the global isopropyl market.

Source: DataM Intelligence Analysis (2023)

Geographical Penetration

The growing pharmaceutical industry and increasing investments in Asia-Pacific’s chemical sector

Asia-Pacific region dominated the global isopropyl alcohol market in recent years. The leading industry positioning of the Asia-Pacific in the isopropyl alcohol market is attributed to several important factors, such as fast-paced growth, increasing demand for cosmetic products and rising demand for the construction industry. The growing pharmaceutical industry and increasing investments in the regional chemical sector are the main driving factors.

The demand for safety and hygiene products has been high across Asian-Pacific countries, such as Japan, China and India. The demand for isopropyl alcohol is likely to be extremely high across these regions owing to multiple companies demanding the isopropyl alcohol solvent for pharmaceutical applications with producing personal care products. It is the one major factor contributing to the isopropyl alcohol market growth in Asia-Pacific.

Source: DataM Intelligence Analysis (2023)

Competitive Landscape

The major global players include ExxonMobil, DOW Chemical Company, Evonik Industries, Formosa Plastics Corporation, LyondellBasell Industries, Mitsubishi Chemical Corporation, Nippon Shokubai Co., Ltd ReAgent Chemicals Ltd., Saudi Acrylic Monomer Company Limited and INEOS Corporation.

COVID-19 Impact Analysis

By Application

• Antiseptic and Astringent
• Cleaning Agent
• Solvent
• Others

By End-User

• Cosmetics & Personal Care
• Pharmaceutical
• Food & Beverages
• Paints & Coatings
• Chemical
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On September 2, 2021, BASF SE unveiled a new line of catalysts, including ones that more effectively manufacture isopropyl alcohol (IPA), a key component of hand sanitizers. Ni 3354 E, a high-performance oxo alcohol catalyst from BASF, combines remarkable selectivity with high activity. The catalyst has undergone testing and is approved to hydrogenate acetone to create IPA. Ni 3354 E enables IPA producers to work at high temperatures and throughput rates without experiencing a loss in selectivity, enhancing production. To further diversify its selection of hydrogenation catalysts, the business approved chromium-free copper extrudate catalysts as Cu 0560 E, allowing IPA makers to choose the best product to meet their needs.
• On October 23, 2020, Rosneft United Research and Development Center said it had created a novel method for turning the acetone generated by Rosneft's businesses into isopropyl alcohol (isopropanol). This high-margin commodity is presently primarily imported into Russia. The approach involves hydrogenating acetone using the company's unique heterogeneous metal-containing catalyst from locally accessible raw materials.
• On March 30, 2020, Ineos, a major European manufacturer of isopropyl alcohol (IPA) and ethanol, the two essential raw chemicals required for sanitizers, stated that the business will construct a hand sanitizer factory near Middlesbrough to manufacture one million bottles of sanitizer each month.

The global isopropyl market report would provide approximately 53 tables, 50 figures and 195 Pages.

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