(MoneyNewsWire.Net, August 23, 2019 ) As per the latest report by IMARC Group, titled “Isopropyl Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global isopropyl alcohol market size reached US$ 3.8 Billion in 2018, growing at a CAGR of 5.7% during 2011-2018. Isopropyl alcohol, also known as 2-propanol, is volatile flammable alcohol that is employed in the production of acetone. It is a clear and colorless liquid with a distinct odor and is miscible in water, ether, ethanol, chloroform and various essential oils. Earlier, it was primarily used in the preparation of Cordite, a smokeless propellant, whereas, nowadays it is utilized as a disinfectant and cleaning agent and in the form of a de-icing agent for lacquers and liquid fuels.
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Global Isopropyl Alcohol Market Trends:
One of the primary factors that are bolstering the growth of the market is the increasing utilization of isopropyl alcohol as a solvent in industries such as pharmaceuticals and paints and coatings. Apart from this, the rising demand for flex cars and biofuels to promote environmental safety is contributing to the growth of the market. Besides this, isopropyl alcohol is used as a general cleaner for removing oil, grease and flux residues, and purifying as well as extracting natural products such as animal and vegetable oils, waxes, resins, flavoring agents, fats and vitamins. The growing demand for these products is influencing the market growth. Further, the burgeoning cosmetics and personal care industry, in confluence with inflating income levels, is resulting in the rising demand for isopropyl alcohol-based products. Looking forward, the market value is projected to reach US$ 4.8 Billion by 2024, expanding at a CAGR of nearly 4% during 2019-2024.
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Market Breakup by Application:
1. Process Solvent
2. Cleaning Agent
3. Coating Solvent
Based on the application, the market has been classified into process solvent, cleaning agent, coating solvent, intermediate and others. At present, isopropyl alcohol is primarily used as an intermediate in the manufacturing of industrially important chemical compounds including acetone, glycerol, isopropyl acetate and methyl isobutyl ketone (MIBK).
Market Breakup by Industry:
1. Cosmetic and Personal care
3. Food and Beverage
4. Paints and Coatings
On the basis of the industry, the market has been divided into cosmetic and personal care, pharmaceutical, food and beverage, paints and coatings, chemical, and others. Amongst these, isopropyl alcohol finds extensive application in the chemical industry as an intermediate and cleaning agent.
Market Breakup by Key Regions:
2. North America
4. South America
Region-wise, Asia represents the largest market for isopropyl alcohol around the world. This can be accredited to the burgeoning personal care and cosmetics industry in the region. Isopropyl alcohol is used in the production of skin cleansers and lotions, deodorants, nail paints, hair tonics and shampoos. Other major markets include North America, Europe and South America.
Market Breup by Export and Import:
On assessing the import and export scenario of the market, it has been found that the United States represents the biggest importer and exporter of isopropyl alcohol.
The competitive landscape of the market has been examined with some of the key players being The Dow Chemical Company, Exxon Mobil Corporation, Shell Chemicals Europe B.V., INEOS Enterprises Group Limited and Super Chemical Technology Co. Ltd.
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