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Isopropyl Alcohol Market size worth over $8 billion by 2026
- Published Date: July 24, 2020
According to a new research report by Global Market Insights Inc., the Isopropyl Alcohol Market size is set to surpass USD 8 billion by 2026. Industry players are rapidly adopting isopropyl alcohol solutions in their product line up in order to manufacture high quality products with sanitizing properties, thus boosting brand equity in competitive market sphere.
Isopropyl Alcohol is an isomer of propyl alcohol which gives it excellent antimicrobial properties. It is a flammable compound with cleansing, preservative, and sanitizing properties. It is utilized in various industries such as pharmaceutical, cosmetics, medical, electronics, and automotive.
Isopropyl alcohol from automobile segment is likely to grow with CAGR of over 5% through 2026 owing to growing demand for high performance vehicles. It is widely used in automotive industry in manufacturing aesthetic paints, coating, and paint removers. Furthermore, rising automobile industry and increasing trends car modification trends is likely to propel the isopropyl alcohol market share.
The expanding automotive sector and the increasing demand for high-performance vehicles are likely to boost the isopropyl alcohol market demand. Isopropyl alcohol solutions are widely used in manufacturing high quality paints & coatings as it helps in providing a layer of sheen to metals. The most common use of these solutions apart from manufacturing paints is cleaning, as it helps in removing wax, dirt, traces of rust, and sealants.Stringent regulations in Europe & North America towards the use of isopropyl alcohol are making manufacturers to invest in new product development and research. Industry players are rapidly expanding their product portfolio to manufacture high quality targeted solutions within strict regulatory compliances which is likely to stimulate the isopropyl alcohol market vlaue.
Browse key industry insights spread across 230 pages with 187 market data tables and 31 figures & charts from the report, “Global Isopropyl Alcohol Market By Application (Solvent, Cleaning Agent, Chemical Intermediate, Flavoring Agent, Disinfectant) By End-Use Industry (Food, Pharmaceutical, Cosmetic & Personal Care, Medical, Electronics, Automotive) Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Expanding electronics industry and increasing demand for high performance cleaning solutions is likely to augment market share
Electronics end user industry is likely to surpass USD 290 million by the end of 2026 owing to growing electronics industry and increasing demand for high-performance products. Isopropyl alcohol has industrial & commercial use in electronics. In the electronics sector, it is used to clean internal components & circuit boards before prior packaging. This helps to reduce the risks of component failures in the long run under difficult conditions.
Isopropyl alcohol solutions are also used to clean laptop & mobile screens, remove grease & oil from keyboards, and for sanitization purposes. Industry players are rapidly introducing easy-to-clean solutions made from isopropyl alcohol and fragrances to capitalize on the emerging cleanliness trends in the market. The rapid adoption of these solutions in mobile and electronics stores along with the easily available home sanitization solutions should foster the isopropyl alcohol market.
“As per industry forecasts, the electronics segment is likely to grow with CAGR of over 4.5% through 2026 owing to increasing trends towards sanitization and rapid demand for quick cleaning solutions”.
Increasing demand for antimicrobial agents in personal products and sanitizers in Europe is likely to propel market demand
European market should surpass USD 2 billion by the end of 2026 owing to increasing awareness on hygiene standards and strict sanitation norms. Isopropyl alcohol solutions are widely used in preparing economic sanitizers, personal care products and toiletries. Consumers in the region are rapidly moving towards products with cleansing and sanitizing properties which is likely to foster the regional business.
Increasing demand for high-quality toiletries & effective antimicrobial solutions owing to the rising awareness about the dermatological aspects of healthcare is likely to boost the isopropyl alcohol market growth. Isopropyl alcohol solutions are widely used in manufacturing soaps, shower gels, personal hygiene products, and shaving lotions. These products not only aid in extending the product life on shelves but also on opening the lid as toiletries products get exposure to air and water.
“As per industry forecasts, European isopropyl alcohol market is likely to grow with CAGR of over 4.9% through 2026 owing to rapid shift towards cleansing, antimicrobial, and sanitizing ingredients in personal care and cosmetic formulations”
Key players in isopropyl alcohol industry are rapidly engaged in increasing their production capacity and engaging in new product development. Manufacturers are rapidly expanding their product portfolio by offering targeted solutions in an attempt to capitalize on emerging trends in market sphere. Primary players in market sphere include Dow Chemical, ExxonMobil, Shell, INEOS, Kellin Chemical, LG Chem, LCY Chemical, and Super Chemical, Galaxy Chemicals, INEOS, and LCY Chemical Corporation.