Isopropanol Market Size To Surpass US$ 6.95 Billion By 2033, The Brainy Insights

(MENAFN- GlobeNewsWire - Nasdaq) Rising construction activities across the globe, boosting the demand for paints and coating, which results in growth of isopropanol market. North America is growing at the steady growth in the global isopropanol market, due to increasing demand for isopropanol in the pharmaceutical industry.

Newark, Aug. 27, 2024 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global isopropanol market is expected to grow from USD 3.43 billion in 2023 to USD 6.95 billion by 2033, at a CAGR of 7.3% during the forecast period 2024-2033. The Asia Pacific region emerged as the largest market for the isopropanol market, with a 34.8% share of the market revenue in 2023. This is mainly due to increasing demand isopropanol in the medical use and in the textile industry. North America is anticipated to hold a significant market share in the global isopropanol market. This is mainly due to increasing demand for isopropanol in the pharmaceutical industry. Rapid influx of several products such as hand sanitizers, oral mouthwash, alcohol wipes and swabs, and eardrops has fuelled the demand for isopropanol in the region.

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Isopropanol, also known as isopropyl alcohol, is a colorless, non-corrosive, and clear liquid with a pleasant odor. It is highly versatile, being miscible with water, alcohol, and most organic solvents, including chlorinated ones. Additionally, isopropanol can dissolve substances such as natural resins, oils and gums, cellulose, and alkaloids, making it useful for a wide range of applications.

The growing demand for isopropanol across various industries is driving market growth. It is commonly used as a chemical catalyst, intermediate solvent, and viscosity adjuster in sectors such as healthcare, personal care, and paints and coatings. However, market growth is expected to be hindered by fluctuations in isopropanol prices and strict regulations in regions like North America and Europe during the forecast period.

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Report Metrics Details

Report Metrics	Details
Market size available for years	2024–2033
Base year considered	2023
Forecast period	2024-2033
Market Size in 2023	$3.43 billion
Projected Market Value in 2033	$6.95 billion
CAGR	7.3% From 2024 to 2033
Segments covered	End-Use, Sales Channel, Application, Regions
Geographies covered	North America, Asia Pacific, Europe, Middle East and Africa, and Latin America
Companies covered	BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical

Some of the major companies in the global isopropanol market are BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical among others. To enhance their market position in the global isopropanol market, the key players are now focusing on adopting strategies such as product innovations, joint venture, collaborations, and partnership. For instance, in May 2018, OXEA GmbH announced the plan to build new world-scale propanol production unit at its Bay City site in Texas, USA, with a nameplate capacity of 100,000 mt per annum of n-propanol, Propanol 2 is currently one of Oxea's most significant investment projects.

The end-use segment is divided into direct solvent, chemical intermediate, pharmaceutical solvents, pesticide formulations, chemical reagents, and others. The direct solvent segment accounted for the major market share of 44% in 2023. Isopropanol used as a direct solvent in many industries such as manufacturing of paints & coatings, pharmaceuticals, and cosmetics. The sales channel segment includes online retailing and offline retailing. The online retailing is expected to register a CAGR of around 7.7% in the market during the forecast period. Increase in the online retailing of chemical and materials, across the globe, boosting the demand for online retailing segment. The application segment includes medical use, paints and coatings, household & personal care, and others. The medical use segment held the major market share of 35.4% in 2023. Increasing use of isopropanol in the hand sanitizers, antiseptic solutions, and for the preparation of the skin for patients before the treatment, boosting the growth of medical use segment.

The increasing demand for isopropanol across the various industries is driving the growth of the market. It is used as a chemical catalyst, intermediate solvent, and viscosity adjusters in the sectors such as healthcare, personal care, and paints and coatings industry. However, fluctuations in prices and stringent norm on the use of isopropanol in the regions such as North America and Europe, are anticipated to hamper the market growth over the forecast period.

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