According to the latest report by IMARC Group, titled “Isopropyl Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, the global isopropyl alcohol market reached a volume of 2.2 Million Tons in 2017, growing at a CAGR of around 3% during 2010-2017. Isopropyl alcohol is a propyl isomer which exhibits disinfectant properties and is used for the production of acetone as well as its derivatives. It is a volatile, flammable and colourless liquid having a strong odour and is miscible in water, ether, ethanol and chloroform. Isopropyl alcohol can not be mixed with salt solutions owing to which it can be separated from aqueous solutions by adding sodium chloride to them. Earlier, it was primarily used for the oxidation to acetone for the preparation of Cordite which is a smokeless propellant. Whereas, now isopropyl alcohol is utilised in the extraction process as well as in the form of a de-icing agent for lacquers and liquid fuels.
One of the major factors which is driving the isopropyl alcohol market is the increasing use of isopropyl alcohol as a solvent across numerous industries including cleaning, pharmaceutical, and paints and coatings among others. There has also been an increase in the demand for the development of flex cars and biofuels in order to promote the safety of environment which has, in turn, contributed towards the propelled demand for isopropyl alcohol across the globe. Moreover, isopropyl alcohol can be used for purifying and extracting natural products such as animal and vegetable oils, waxes, resins, flavourings, fats and vitamins, etc., which is positively influencing the market growth. However, the supply of raw materials used for the production of isopropyl alcohol is fluctuating due to which their prices are consistently rising. This remains as a key hindrance towards the growth of the market. Looking forward, the market value is projected to reach a volume of 2.53 Million Tons by 2023.
- On the basis of application, the market has been segmented into process solvent, cleaning agent, coating solvent and intermediate. Currently, isopropyl alcohol is excessively used in process solvent for shellacs, gums, drugs and cosmetics.
- Based on end-use, the market has been segregated into cosmetic and personal care, pharmaceutical, food and beverage, paints and coatings, and chemical industries. Amongst these, cosmetic and personal care industry holds the majority of the share on account of the increasing usage of isopropyl alcohol in the form of an antiseptic in soaps and lotions.
- On a geographical front, Asia dominates the global isopropyl alcohol market. This can be accredited to the rapid growth of the cosmetic and personal care sector as well as an increase in the demand for isopropyl alcohol for organic formulations and processing of food ingredients across the region. Asia is followed by North America, Europe and South America.
- The report has analysed the export and import trends of the market according to which the United States represented both largest exporter and importer of isopropyl alcohol.
- The competitive landscape of the market has also been examined with some of the key players being Shell Chemicals, DOW Chemicals, Exxon Mobil Chemical Company, Sasol Olefins and Chang Chun Plastics Co Ltd.
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