Global Isopropyl Alcohol Market: Overview
Isopropyl alcohol or 2-propanol is an isomer of 1-propanol. It is a colorless liquid with disinfectant properties. Isopropyl alcohol is a volatile, colorless liquid with sharp musty odor. It has slightly bitter or burning taste. It emits acrid smoke and fumes when heated to decomposition. The chemical formula of isopropyl alcohol is C3H8O. It is used for various purposes at home. It is also employed in different industrial processes and pharmaceutical applications. Various products that are used in homes and hospitals contain isopropyl alcohol. The most common product that contains isopropanol is rubbing alcohol, containing 70% isopropanol or ethanol. Isopropyl alcohol is present in antiseptic wipes and hand sanitizers that can disinfect minor cuts and wounds. It is used in the manufacture of a wide variety of industrial and household chemicals. It is also a common ingredient in chemicals such as antiseptics, detergents, and disinfectants.
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Global Isopropyl Alcohol Market: Drivers
The isopropyl alcohol market is anticipated to expand owing to its wide range of applications in diverse industries. However, oversupply exists in the isopropyl alcohol market. Therefore, the market is anticipated to expand at a sluggish pace during the forecast period.
Based on grade, the isopropyl alcohol market can be segmented into industrial/technical grade, cosmetic grade, and pharmaceutical grade. Industrial/technical is the widely used grade in the isopropyl alcohol market.
In terms of application, the isopropyl alcohol market can be divided into solvent, cleaning agent, intermediate, coating solvent, and others. Isopropyl alcohol dissolves a wide range of non-polar compounds. It also evaporates quickly and leaves negligible oil traces compared to ethanol. It is relatively non-toxic compared to other solvents. Thus, isopropyl alcohol is used extensively as a solvent and cleaning fluid, specifically for dissolving oils.
Based on end-use industry, the isopropyl alcohol market can be segregated into pharmaceutical, food & beverages, paints & coatings, personal care & cosmetics, and chemical. Isopropanol is used in soaps and lotions as an antiseptic. In the food & beverages industry, it is used for the extraction and purification of natural products, such as vegetable and animal oils and fats, gums resins, waxes, colors, flavorings, alkaloids, vitamins, kelp and alginates. It is also used as carrier solvent in the production of food products.
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Global Isopropyl Alcohol Market: Regional Outlook
In terms of geography, the isopropyl alcohol market can be split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). North America and Europe are key regions of the isopropyl alcohol market in terms of value. Asia Pacific is a rapidly growing region of the isopropyl alcohol market. The isopropyl alcohol market in Latin America and MEA is anticipated to expand at a healthy pace during the forecast period.
Global Isopropyl Alcohol Market: Key Players
Key players operating in the isopropyl alcohol market are Exxon Mobil Corporation, The Dow Chemical Company, Royal Dutch Shell Plc, Clariant AG, Mitsui Chemicals Inc., Perrigo Company plc, China Petroleum & Chemical Corporation, LyondellBasell Industries N.V., INEOS Enterprises, LG Chem, Mitsubishi Chemical Corporation, and Deepak Fertilisers and Petrochemicals Corporation Limited.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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