Global Isopropyl Alcohol Market Report and Forecast 2023-2028

Global Isopropyl Alcohol Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global isopropyl alcohol market reached a value of USD 4.48 billion in 2022. Aided by the widespread use of this compound in disinfection, as a solvent, and in the pharmaceutical sector, the market is projected to further grow at a CAGR of 4.3% between 2023 and 2028 to reach a value of USD 5.76 billion by 2028.

Isopropyl alcohol, frequently referred to as rubbing alcohol, is a colourless and flammable compound with a strong odour. It finds extensive application due to its properties of high volatility, quick evaporation, and its ability to dissolve a wide range of non-polar compounds. Commonly used for disinfection and as an antiseptic, it also holds significant importance in the manufacturing of cosmetics, pharmaceuticals, and as a solvent for resins and oils.

One of the primary factors propelling the global isopropyl alcohol market growth is its significant role in the medical and healthcare sectors. In the wake of the recent global health crises, the emphasis on sanitation and disinfection has skyrocketed, leading to a surge in the demand for isopropyl alcohol-based hand sanitisers and disinfectants. The pharmaceutical industry leverages it as a solvent in the production of various medicines and also as a cleaning agent for medical devices.

Additionally, the cosmetic and beauty industry is a robust consumer of isopropyl alcohol. Utilised as a cleaning agent, it ensures that products like make-up brushes are kept bacteria-free. Its use as a solvent in cosmetics ensures stability in formulations and extends the shelf-life of several beauty products.

The electronics industry further accentuates the isopropyl alcohol market demand. Given its rapid evaporation rate and non-residue property, it is an essential component for cleaning and degreasing electronic assemblies and optical devices.

Furthermore, the recent emphasis on sustainable and green solvents in industries and the potential use of isopropyl alcohol in biofuel formulation are predicted to provide a new direction to the isopropyl alcohol market. In terms of region, Asia Pacific holds a significant portion of the isopropyl alcohol market share, owing to the increasing demand for isopropyl alcohol in the construction sector.

Market Segmentation

The market can be divided based on application and region.

Market Breakup by Application

• Process Solvent
• Cleaning Agent
• Intermediate
• Coating Solvent
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global isopropyl alcohol market. Some of the major players explored in the report by Expert Market Research are as follows:

• Royal Dutch Shell plc
• The Dow Chemical Company
• Exxon Mobil Corporation
• Sasol Limited
• Chang Chun Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.