Isopropyl Alcohol Global Market Report 2024

The global isopropyl alcohol market has grown strongly in recent years. It will grow from $4.5 billion in 2023 to $4.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth observed in the historical period can be attributed to increased use of industrial solvents, rising demand for disinfectants and sanitizers, utilization in chemical intermediates, applications in cleaning products, and the prevalent use within medical and healthcare sectors.

The global isopropyl alcohol market is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. Anticipated growth in the upcoming period is driven by preparedness for pandemics and crisis management, heightened environmental concerns leading to sustainable practices, availability and pricing of raw materials, increased focus on consumer health and safety, and the expansion of global industries. Key trends expected in this period encompass readiness for emergency responses, formulation of consumer products, dynamics within the supply chain, the adoption of environmentally friendly alternatives, and shifts in consumer preferences towards health and safety considerations.

The growing use of personal care and cosmetic products is poised to drive the expansion of the isopropyl alcohol market. These products encompass various grooming and beautification items applied externally, such as body cleansing, germ protection, and appearance enhancement. Isopropyl alcohol finds extensive use in aftershave lotions, bath products, skincare, and makeup due to its diverse functions as a solvent, antifoaming agent, and astringent. A 2022 survey by Catalina Marketing Corporation indicated a significant intent among respondents to spend more on beauty and personal care goods, with 19% planning increased expenditure.

The increasing emphasis on healthcare is expected to fuel growth in the isopropyl alcohol market. Isopropyl alcohol, renowned for its antiseptic properties, plays a vital role in medical settings for disinfecting skin before procedures, wound cleaning, and sterilizing medical equipment. Its rapid evaporation and broad-spectrum disinfection capabilities contribute significantly to infection control. A 2023 report by McKinsey & Company forecasts substantial growth in healthcare profit pools, attributing this expansion to a 4% CAGR reaching $790 billion by 2026.

Product innovation stands as a notable trend shaping the isopropyl alcohol market. Leading companies prioritize research and development to introduce innovative solutions, aiming to sustain their market positions. For instance, BASF SE introduced Ni 3354 E, a high-performance catalyst enhancing the efficient production of isopropyl alcohol from acetone. This catalyst enables high throughput rates and temperatures without compromising selectivity, thus boosting productivity.

Strategic partnerships and collaborations are becoming increasingly prevalent in the isopropyl alcohol market. Companies forge alliances to reinforce their market presence and capabilities. An example is the partnership between Twelve and LanzaTech Global Inc., combining their technologies to produce ethanol from carbon dioxide for various applications, including hand sanitizers and cleaning products.

In a significant business move, Xinjiang Tianye acquired Tianchen Chemical to optimize their industrial chain and enhance their business structure. This acquisition aligns with Tianyang Group's commitment to industry development and aims to bolster Xinjiang Tianye's standing in the capital market. The acquisition, undisclosed in amount, seeks to coordinate recycling industrial chains and foster healthy business growth.

Major companies operating in the isopropyl alcohol market report are The Dow Chemical Company, INEOS Group Limited, Royal Dutch Shell PLC, ExxonMobil Corporation, LG Chem Ltd., Kellin Chemicals Co. Ltd., LCY Chemical Corp, Zhejiang Xinhua Chemical Co. Ltd., China National Petroleum Corporation, Mitsui Chemicals Inc., ENEOS Corporation, Avantor Inc., Jiangsu Denoir Technology Co. Ltd., Tokuyama Corporation, Mitsubishi Chemical Corporation, Galaxy Chemicals, LyondellBasell Industries Holdings B.V., Carboclor S.A., Sasol Limited, Chang Chun Group, DuPont de Nemours Inc., Mistral Industrial Chemicals, Linde Gas, Ecolab Inc., BASF SE, Honeywell International Inc., ReAgent Chemicals Ltd., Guangfu Fine Chemicals, Petrochemical Corporation of Singapore Private Limited, Fushun Petrochemical Company, Yancheng Super Chemical Technology Co. Ltd.

Asia-Pacific was the largest region in the isopropyl alcohol market in 2023, and is expected to be the fastest-growing region in the forecast period. The regions covered in the isopropyl alcohol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the isopropyl alcohol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary classifications of isopropyl alcohol are 70% IPA and 90% IPA. The formulation of 70% IPA involves blending isopropyl alcohol with UV-sterilized deionized water in a 70:30 ratio. Production methods encompass indirect and direct hydration techniques, catering to diverse applications such as antiseptic and astringent uses, cleaning agents, solvents, chemical intermediates, and more. These applications span across industries like cosmetics, pharmaceuticals, food and beverages, paints and coatings, chemicals, and others.

This report provides Isopropyl alcohol market statistics, including Isopropyl alcohol industry global market size, regional shares, competitors with an Isopropyl alcohol market share, detailed Isopropyl alcohol market segments, market trends and opportunities, and any further data you may need to thrive in the Isopropyl alcohol industry. This Isopropyl alcohol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The isopropyl alcohol market consists of sales of technical grade, medical grade (USP), and spectrophotometric grade (ACS) isopropyl alcohol. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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