Market Synopsis
Isopropyl Alcohol, commonly known as isopropanol, is a colorless, flammable liquid with a strong alcoholic odor. The product is completely soluble in water, ethanol, ether, and chloroform. It can be synthesized by combining water and propene in a hydration reaction or through the hydrogenation of acetone. Isopropanol is mainly used in the pharmaceuticals industry to manufacture products such as hand sanitizers, disinfecting pads, oral mouthwashes, and ear drops due to its low toxicity. The product is widely used as an antiseptic to clean the skin before injections. In addition, isopropanol is used as a solvent in various chemical reactions, a coupling agent in cleaners and polishes, a dehydrating agent, and as a cleaning liquid in many household products. Also, the product finds application in laboratories as a preservative for biological specimens and in DNA extraction.
Moreover, isopropanol is used in the automotive industry as a major ingredient in gas dryer fuel additives.
The key driver for the growth of the Global Isopropyl Alcohol Market is the surging demand for the product as a solvent in the manufacturing of cosmetics and personal care products. The improved standards of living and increasing disposable income of the people globally is fueling the growth of the market. Moreover, the use of Isopropyl Alcohol in the pharmaceuticals industry for manufacturing various products such as disinfectants and sanitizers is expected to have a positive impact on the growth of the Global Isopropyl Alcohol Market during the forecast period. Isopropanol finds application as an intermediate in various compounds, such as isopropyl acetate, glycerol, and sodium isopropyl xanthate, which are commonly used in the chemicals industry. This is projected to fuel product demand during the assessment period.
Market Segmentation
The Global Isopropyl Alcohol Market has been segmented based on End-Use Industry, Grade, Production Method and Region.
By End-Use Industry, the Global Isopropyl Alcohol Market has been classified into cosmetics and personal care, pharmaceuticals, automotive, and chemicals.
Based on Grade, the Global Isopropyl Alcohol Market has been categorized into 70% IPA and 90%+ IPA.
Based on Production Method, the Global Isopropyl Alcohol Market has been divided into direct hydration, indirect hydration, and hydrogenation of acetone.
The Global Isopropyl Alcohol Market has been studied across five key regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Regional Analysis
The Global Isopropyl Alcohol Market has been segmented into five regions, namely, Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. Asia-Pacific held the largest share of the Global Isopropyl Alcohol Market in 2017 and is likely to maintain its dominance during the forecast period. This is mainly due to the high product demand in major industries such as cosmetics and personal care, automotive, pharmaceuticals, and chemicals. China is the largest producer and consumer of Isopropyl Alcohol in the region, followed by Japan and India.
North America and Europe are the other substantial markets for Isopropyl Alcohol. The US is the second-largest country in terms of production and consumption of IPA, with high demand in the cosmetics and automotive industries. The market in Europe is likely to witness significant growth due to developments in the automotive and pharmaceuticals industries. Lastly, the markets in the Middle East & Africa and Latin America are estimated to grow during the forecast period on account of the expanding personal care and cosmetics industry in the region.
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