Global Isopropyl Alcohol Market Projected to Grow at 6.21% CAGR | Industry Forecast Report

Evolve Business Intelligence has published a research report on the Global Isopropyl Alcohol Market, 2023–2033. The global Isopropyl Alcohol Market is projected to exhibit a CAGR of around 6.21%during the forecast period of 2023 to 2033.

Evolve Business Intelligence has recognized the following companies as the key players in the global Isopropyl Alcohol Market: Exxon Mobil Corporation, Royal Dutch Shell Plc, The Dow Chemical Company, China Petroleum & Chemical Corporation, Mitsubishi Chemical Corporation, Mankind Pharma, BASF, Jiangsu Denoir Technology Co. Ltd, Avantor Inc and INEOS Enterprises.

Market Highlights

The Isopropyl Alcohol Market is projected to be valued at USD 2.14 Billion by 2033, recording a CAGR of around 6.21% during the forecast period. Isopropyl Alcohol (IPA) is a colorless, volatile, and flammable chemical compound widely used as a solvent and cleaning agent in various industries. It is also known as isopropanol or 2-propanol and is commonly found in disinfectants, hand sanitizers, pharmaceuticals, cosmetics, and industrial applications. IPA is crucial in pharmaceutical manufacturing as a solvent and intermediate, driving market growth alongside the expanding pharmaceutical sector.

The isopropyl alcohol market is experiencing steady growth driven by its versatile applications across multiple sectors. IPA’s use in cosmetics and personal care products as a solvent and antiseptic contributes to market expansion.

Segmental Analysis

The Isopropyl Alcohol Market has been segmented based on production Method, Application and End use.

Based on Production Method, the Isopropyl Alcohol Market is segmented into Indirect Hydration and Direct Hydration. The Direct Hydration segment is anticipated to dominate the market.

Based on Application, the Isopropyl Alcohol Market has been divided into Solvents, Cleaning Agent, Intermediate, Disinfectants and others. The Solvents segment is anticipated to dominate the market.

Based on End Use, the Isopropyl Alcohol Market has been divided into Indirect Cosmetics & Personal Care, Pharmaceuticals, Paints & Coatings, Chemicals and others. The Pharmaceuticals segment is anticipated to dominate the market.

Regional Analysis

The Isopropyl Alcohol Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. North America holds a significant share in the IPA market due to its well-established healthcare sector and high demand for disinfectants, especially after the COVID-19 pandemic. The U.S. is the largest consumer, driven by pharmaceutical, personal care, and industrial applications. Europe has a mature market for IPA, driven by stringent regulations on disinfectants, sustainable chemical production, and growing demand for pharmaceutical applications. Germany, France, and the UK are key markets. Asia-Pacific is the fastest-growing and largest regional market due to rapid industrialization, increasing healthcare investments, and rising demand for electronics cleaning applications. China, India, Japan, and South Korea are major IPA consumers. Latin America is an emerging market for IPA, with growing industrialization and healthcare investments. Brazil and Mexico lead the demand due to expanding pharmaceutical and automotive industries. The IPA market in MEA is relatively nascent but growing, driven by rising healthcare investments and increasing industrial applications. The UAE, Saudi Arabia, and South Africa are key markets.