Isopropyl Alcohol Market Forecast & Growth Analysis | 2023-2028

Market Insights

The isopropyl alcohol market was estimated at USD 2.8 billion in 2022 and is likely to grow at a CAGR of 7.79% during 2023-2028 to reach USD 4.41 billion in 2028.

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What is isopropyl alcohol?

Isopropyl alcohol is a colourless liquid having antibacterial properties. It is a key ingredient in many consumer and industrial products. Isopropyl alcohol is used majorly in regular household cleaners, disinfectants, and hand sanitizers, and it is used as a solvent for a wide range of cosmetics, drugs, gums, etc.

Market Dynamics

The major factors driving the growth of the market are primarily driven by-

• Rising use of chemical products – The demand for end-use products such as personal care products, pharmaceuticals, and other cleaning agents, etc. is growing and with this, the demand for isopropyl alcohol is growing parallelly, since it is a key solvent. The demand for isopropyl alcohol is also growing as it is also used in fertilizers, pesticides, paints, coatings, inks, etc.
• Use in the medical sector – Isopropyl alcohol is popularly used in the medical industry as a disinfectant and antiseptic. Its antimicrobial properties efficiently kill bacteria, viruses, and fungi. The market for isopropyl alcohol leapfrogged during the COVID-19 pandemic period since there was a huge demand for surface disinfectants, medical equipment sterilization, etc.
• Electronic industry and its maintenance – Isopropyl alcohol finds applications in cleaning tablets, smartphones, and other electronic devices. With the rapid expansion of the electronic sector, the demand for this product as a disinfecting agent also grows.
• Automotive Sector – Isopropyl alcohol is used as a cleaning and degreasing agent in the automotive sector. The increasing production and sales of automobiles globally have resulted in a significant demand for isopropyl alcohol in this sector.

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Segments' Analysis

By Application Type

Based on the application type, the market is segmented as a solvent, cleaning agent, chemical intermediate, flavoring agent, disinfectant, and others. Solvents held the largest share of the market in 2022 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.

By End-Use Industry Type

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.

Regional Insights

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.

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Market Segmentation

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.

The market is segmented into the following categories.

By Application Type

• Solvent
• Cleaning Agent
• Chemical Intermediate
• Flavoring Agent
• Disinfectant
• Others

By End-Use Industry Type

• Food
• Pharmaceuticals
• Cosmetics & Personal Care
• Medical
• Electronics
• Automotive
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major isopropyl alcohol manufacturers are-

• China National Petroleum Corporation
• Dow Chemical Company
• Exxon Mobil Corporation
• INEOS
• LCY Chemical Corp
• LG Chem
• LyondellBasell Industries Holdings B.V.
• Mitsui Chemicals
• Shell Chemicals
• Yancheng Super Chemical Technology Co., Ltd.
• others

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the application types by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.