Global Isopropyl Alcohol Market Is Anticipated To Witness High Growth Owing To The Increasing Demand From The Personal Care Industry And Growing Partnerships Among Key Players

Isopropyl Alcohol

Overview:

Isopropyl Alcohol is a colorless, bitter liquid that's most often found in rubbing alcohol, skin lotion, hair tonics, aftershave, denatured alcohol and solvents. It is also used in industry as an inexpensive solvent for cosmetics, drugs, shellacs and gums, and to denaturate ethanol. It evaporates rapidly relative to water, doesn't leave oil traces when wiped off a surface and is relatively non-toxic compared to other common solvents like acetone and chlorinated hydrocarbons. IPA has a wide range of other uses, including cleaning fluid. It is effective at dissolving a wide variety of non-polar compounds, evaporates quickly, and tends to leave less oil traces than many other common solvents. It is a key ingredient in most commercially available rubbing alcohol, which is used as a hand sanitizer and a quick antiseptic. Rubbing alcohol is also used in industries such as printing and semiconductors to clean surfaces, remove glue, solder flux, stains, and dust.

Market Dynamics:

Rising partnerships among key players is estimated to fuel growth of the global Isopropyl Alcohol Market during the forecast period. For instance, Tokuyama Corporation and SK Geo Centric Co., Ltd., announced a joint venture for producing 30000 tpa IPA in Korea in in December 2021. As the demand for IPA is expected to rise, the venture is aiming to sell high-purity IPA to the electronic sector. Moreover, rising concerns regarding health and growing strict regulations are anticipated to restrain growth of the global isopropyl alcohol market during the forecast period.

Impact of COVID-19:

The pandemic caused disruptions in manufacturing and supply-chain operations. These disruptions were mainly caused due to strict restrictions imposed in many countries. These restrictions led to shutting down of many businesses around the world. During the pandemic people became more aware regarding their health and hygiene. Many countries also mandated the use of masks and washing hands became a regular practice. There was an increase in demand for alcohol-based hand sanitizer as it is an alternative to washing hands with soap and water. Isopropyl alcohol is used in several hand sanitizers in the pharmaceutical industry. Thus, there was a huge demand for isopropyl alcohol. COVID-19 had a positive impact on the growth of the global isopropyl alcohol market.

Key Takeaways:

The Isopropyl Alcohol Market is expected to witness robust growth, exhibiting CAGR of 3.80 % over the forecast period, due to rising acquisitions by key players. For instance, LyondellBasell Industries N.V., acquired 50% stake in Sasol's Louisiana-based Integrated Polyethylene Joint Venture in October 2020. This acquisition will strengthen LyondellBasell's position in the global specialty chemical market.

Asia Pacific is anticipated to witness robust growth in the global isopropyl alcohol market during the forecast period, due to rising urbanization and rowing disposable income.

Key players active in the global Isopropyl Alcohol Market are ENEOS Corporation, Dow, Mitsui Chemicals, Inc., Exxon Mobil Corporation, Mitsui Chemicals, Inc., Kailing Chemical (Zhangjiagang) Co., Ltd., Yancheng Super Chemical Technology Co., Ltd, INEOS, LCY GROUP, LG Chem, Royal Dutch Shell plc, China National Petroleum Corporation, and Zhejiang Xinhua Chemical Co., Ltd.