(MENAFN- ChemAnalysts) According to ChemAnalyst report, “Isopropyl Alcohol (IPA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, The Isopropyl Alcohol (IPA) market showcased considerable growth as its demand reached 2.98 million tonnes in 2020 and is expected to reach 5.19 million tonnes by 2030, growing at an impressive CAGR of 6.02% in the forecast period until 2030. Rapidly increasing demand for Isopropyl Alcohol due to its increased consumption as an important solvent across pharmaceuticals and healthcare industries coupled with favorable socio-economic factors is likely to boost the IPA market in the next ten years.
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Isopropyl Alcohol (IPA), also referred to as Isopropanol or 2-Propanol, is a clear, colorless, and flammable chemical compound that is easily miscible in water, ethanol, ethers, and other solvents. IPA falls into the category of secondary alcohols, which means an alcohol carbon atom is bonded with two other carbon atoms. The production of IPA can be done via three routes, i.e., indirect hydration of Propylene, direct hydration of Propylene, and catalytic hydrogenation of Acetone. Among these, Propylene-based Isopropyl Alcohol production remains the widely used production routes in the current market scenario. At the same time, Acetone-based IPA is on the verge of phasing out as LG Chem Ltd. is the only Acetone-based IPA manufacturer across the globe. Among various grades of IPA available, Industrial grade IPA accounted for the highest share in 2019 as consumption of solvents and chemical intermediates took an upswing during the year.
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Isopropyl Alcohol (IPA) market is segmented based on end-use, grade, sales channel, and region. On the basis of grade, the IPA market can be divided into Industrial/Technical, Cosmetic, Pharmaceutical, Reagent, Electronic, and others. Among these, the Industrial grade segment held the largest share in the Isopropyl Alcohol market in 2019 as consumption of solvents and chemical intermediates took an upswing during the same year.
Based on various end-use, the Isopropyl Alcohol market is segregated into Pharmaceutical, Cosmetics & Personal Care, Chemicals, Paints & Coatings, Food & Beverages, and Others. The pharmaceutical segment holds the largest share in the market as 60–70% of Isopropyl Alcohol is utilized in the manufacturing of rubbing alcohol, hand sanitizer, and disinfecting pads. As IPA is extremely safe and highly evaporative, it is highly used for sterilization applications in the healthcare sectors.
Isopropyl Alcohol also finds application in many other industries such as industrial and household chemicals. Household chemicals include detergents, disinfectants, antiseptics and others. Increasing use of these chemicals is bolstering the growth of the market. Depending upon several applications, the market is segmented into process solvent, cleaning agent, chemical intermediate, coating solvent, and others. The growing demand for IPA from consumers would create a need for higher consumption of IPA-based derivatives in cosmetics and personal care products.
In 2020, due to the unprecedented outbreak of COVID-19, the demand for Isopropyl Alcohol skyrocketed around the globe. Huge demand for hand sanitizers to stop the spread of the novel coronavirus elevated the demand for IPA across the world. Several end-use industries, including paint and coatings, chemicals, cosmetic and personal care, and others, witnessed negative growth on account of disruption in the supply chain. Moreover, rising infrastructural investments and increasing industrialization across the major economies are expected to create a strong demand for IPA in the forecast period.
Among different regions, the Asia Pacific region is the fastest-growing region in the Isopropyl Alcohol market around the globe and is likely to hold the maximum share in terms of demand in the forecast period until 2030 owing to rapid industrialization, increasing population, and a large consumer base in the region. IPA’s multi-faceted application across several downstream industries is anticipated to increase the demand to unprecedented levels during the forecast period.
Isopropyl Alcohol (IPA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Isopropyl Alcohol (IPA) market include The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., LG Chem Ltd., Royal Dutch Shell Plc., Clariant AG, Honeywell International Inc., JXTG Nippon Oil & Energy Corporation, Mitsui Chemicals Inc., United States Petroleum & Chemical Corporation, INEOS Enterprises, Deepak Fertilisers And Petrochemicals Corporation Limited, Indian Petrochemicals Corporation Limited etc., and Others.
“The rapidly increasing demand for disinfectants, hand sanitizers, and detergents is expected to drive the demand for Isopropyl Alcohol in the upcoming years. The demand for IPA is consistently increasing from end-use industries including pharmaceuticals, cosmetic and personal care, paints & coatings, food & beverages, and others, which will further boost the IPA market in the forecast period. Increasing industrialization and growing disposable are some of the other factors that are supporting the growth of the market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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