The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Isopropyl alcohol market.
It was estimated prior to this unanticipated outbreak that the Isopropyl alcohol market was expected to grow at a CAGR of 6.3% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Isopropyl alcohol is a flammable and colorless chemical compound synthesized from the reaction of propylene with sulfuric acid, followed by hydrolysis. It is widely used in applications, such as cosmetics, toiletries, and personal care products; as solvent, chemical agent, chemical intermediate, flavoring agent, disinfectant or antiseptic, among others. Generally, it is available in 70% and 99% concentrations designed for different uses.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the application type, the market is segmented as solvent, cleaning agent, chemical intermediate, flavoring agent, disinfectant, and others. Solvents held the largest share of the market in 2019, 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.
Some of the major isopropyl alcohol manufacturers are-