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NEW YORK, Aug. 28, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global isopropyl alcohol market size is estimated to grow by USD 689.1 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 4.07% during the forecast period. High volume consumption in solvents is driving market growth, with a trend towards capacity expansions and new plants. However, volatility in crude oil prices poses a challenge. Key market players include
Deepak Fertilisers and Petrochemicals Corp. Ltd., ENEOS Holdings Inc., Exxon Mobil Corp., GJ Chemical, Greenfield Global Inc., Honeywell International Inc., INEOS AG, LCY Chemical Corp., LG Chem Ltd., LyondellBasell Industries N.V., Mitsui Chemicals Inc., Penta s.r.o, Sasol Ltd., SEQENS GROUP, Shell plc, Soft Jamb Co., Spectrum Laboratory Products Inc., Tokuyama Corp., Tokyo Chemical Industry Co. Ltd., and Vizag Chemical International.
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Technavio has announced its latest market research report titled Global Isopropyl alcohol market 2024-2028
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| Isopropyl Alcohol Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 4.07% |
| Market growth 2024-2028 |
USD 689.1 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
3.85 |
| Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
| Performing market contribution |
APAC at 51% |
| Key countries |
US, China, Japan, India, and Germany |
| Key companies profiled |
Deepak Fertilisers and Petrochemicals Corp. Ltd., ENEOS Holdings Inc., Exxon Mobil Corp., GJ Chemical, Greenfield Global Inc., Honeywell International Inc., INEOS AG, LCY Chemical Corp., LG Chem Ltd., LyondellBasell Industries N.V., Mitsui Chemicals Inc., Penta s.r.o, Sasol Ltd., SEQENS GROUP, Shell plc, Soft Jamb Co., Spectrum Laboratory Products Inc., Tokuyama Corp., Tokyo Chemical Industry Co. Ltd., and Vizag Chemical International |
Market Driver
The isopropyl alcohol market has experienced significant growth, with expanding production capacities in key regions like China and India. This growth is driven by the increasing demand for isopropyl alcohol in various industries, including consumer products, pharmaceuticals, and household cleaning. Developed economies have been the primary producers, but the limited production capacity has led to increased reliance on imports. To meet the growing demand and ensure supply, new production facilities and capacity expansions of existing ones are expected in the coming years. Overall, the global isopropyl alcohol market is poised for continued growth throughout the next decade.
The Isopropyl Alcohol Market is experiencing significant growth due to its diverse applications in various industries. Key sectors include Disinfectants, Paints & Coatings, and Petrochemicals. In the Petrochemicals industry, IPA is used as a chemical intermediate for producing Olefins, Polyolefins, and Aromatics. In the Pharmaceuticals industry, high-purity grades of IPA are in high demand for Antiseptics, Astringents, Sanitizers, and Pharmaceutical formulations. IPA is also used in Personal Hygiene products and Food and Beverages as an Antiseptic & Astringent. The Electronics sector and Pharmaceuticals industry are major consumers of IPA in the form of Solvents and Intermediates. The market is driven by population growth, increasing demand for plastics, resins, fertilizers, and pesticides, and the shift towards Indirect Hydration and Direct Hydration processes. IPA is also used in the production of Chemical Intermediates like Acetone, Glycerol, Isopropyl acetate, and Cleaning Agents. The market faces challenges due to corrosive conditions and pollution problems.
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Market
Challenges
The isopropyl alcohol market is currently experiencing challenges due to the volatility of crude oil prices. As propylene, the primary raw material for isopropyl alcohol production, is derived from oil or its derivatives, fluctuations in crude oil prices directly impact the production capacity and cost of propylene. The decline in oil prices in recent years has forced oil and gas industry players to implement cost-cutting measures, including workforce reductions. The Energy Information Administration anticipates a decrease in crude oil prices in the coming months, which may further impact the supply and demand of isopropyl alcohol raw materials. The exchange rates, import/export levels, and production capacity adjustments also contribute to the price fluctuations of natural gas and crude oil, ultimately affecting the price of isopropyl alcohol. These factors may negatively impact the global isopropyl alcohol market during the forecast period.
The Isopropyl Alcohol Market faces challenges in various industries such as Disinfectants, Paints & Coatings, and Petrochemicals. Corrosive conditions and pollution problems are key concerns in the production of IPA. High-purity grades are in high demand for Antiseptics, Astringents, Sanitizers, and Pharmaceutical formulations in Personal Hygiene and the Pharmaceutical industry. In Food and Beverages, IPA's antiseptic and astringent properties are used, but the Ethanol content must be low. IPA is a crucial Chemical Intermediate in the Electronics sector, Agrochemicals, and Paints & Chemicals. Propylene, a raw material for IPA production, is derived from Olefins, Polyolefins, and Aromatics. Indirect Hydration and Direct Hydration methods are used for IPA production, and it is also used as a Solvent and Intermediate in various industries. Population growth drives demand for IPA in Plastics, Resins, Fertilizers, and Pesticides. Competitors include Ethanol, Acetone, Glycerol, Isopropyl acetate, and Cleaning agents. The Isopropyl Alcohol Market must address these challenges to maintain growth.
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Segment Overview
This isopropyl alcohol market report extensively covers market segmentation by
Application
1.1 Solvents
1.2 Chemical intermediates
1.3 Pharmaceutical
1.4 Others
End-user
2.1 Cosmetics and personal care
2.2 Cleaning agent
2.3 Food and beverages
2.4 Others
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 South America
3.5 Middle East and Africa
1.1
Solvents-
Isopropyl alcohol is a versatile solvent with extensive applications in various industries and everyday life. In surface coatings, it functions as a solvent for paint stripping and in the production of paints and coatings. It's also a common carrier solvent in refractory coatings. For ink manufacturing, isopropyl alcohol is used as a solvent for natural products like fats, gums, oils, waxes, and vegetable and animal derivatives. In cleaning and disinfectant solutions, it's the go-to choice for household and commercial uses, particularly in hospitals where it's the primary disinfectant for alcohol wipes and sanitizers, effective against bacteria, fungi, viruses, including COVID-19. Additionally, isopropyl alcohol is used in the aerospace industry for cleaning gauges and as a flavor component in food and beverages, such as lemon essence. These applications contribute significantly to the growth of the isopropyl alcohol market.
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Research Analysis
Isopropyl Alcohol, also known as IPA, is a versatile chemical compound widely used in various industries due to its unique properties. It is produced through the hydration of propylene, a byproduct of crude oil refining and natural gas processing. IPA is used as a solvent in various applications, including paints and coatings, plastics, and pharmaceuticals. It is also used as an intermediate in the production of other chemicals such as acetone, glycerol, isopropyl acetate, and isopropyl acetate. The Isopropyl Alcohol Market is driven by economic growth and increasing demand from various end-use industries. Its applications in paints and coatings, plastics, and pharmaceuticals are significant. However, the use of IPA as a solvent in corrosive conditions and its potential pollution problems are concerns for the industry. High-purity grades of IPA are in high demand for use in antiseptics, sanitizers, personal hygiene products, and pharmaceutical formulations. IPA is used as a cleaning agent and an astringent in various industries. Its use as a chemical intermediate is also increasing due to its role in the production of agrochemicals. Despite its benefits, the production of IPA involves the use of hazardous chemicals and requires strict safety measures to ensure safe handling and disposal.
Market Research Overview
Isopropyl Alcohol (IPA) is a versatile chemical compound used extensively in various industries due to its unique properties. It is produced through indirect hydration of propylene or direct hydration of isobutene. IPA is an essential intermediate in the production of acetone, glycerol, isopropyl acetate, and other chemicals. Isopropyl Alcohol Market is driven by its wide applications in cleaning agents, plastics, resins, fertilizers, pesticides, and solvents. The growing population and increasing demand for personal hygiene products have boosted the market for IPA in antiseptics, astringents, and sanitizers. The pharmaceutical industry uses high-purity grades of IPA as a solvent, antiseptic, and astringent in pharmaceutical formulations. IPA is also used as a denaturant in food and beverages, especially in alcoholic beverages to prevent illegal distillation. Isopropyl Alcohol Market faces challenges due to corrosive conditions during production and pollution problems. However, the market continues to grow due to its applications in various sectors such as electronics, pharmaceuticals, agrochemicals, paints & chemicals, and the petrochemicals industry. IPA is used as a solvent in the production of propylene, olefins, polyolefins, aromatics, and specialty products. The electronics sector uses IPA as a cleaning agent in semiconductor manufacturing. IPA's role as a chemical intermediate in the production of isopropyl acetate, glycerol, and acetone further expands its market potential.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Application
Solvents
Chemical Intermediates
Pharmaceutical
Others
End-user
Cosmetics And Personal Care
Cleaning Agent
Food And Beverages
Others
Geography
APAC
North America
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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