The global isopropyl alcohol market size is expected to witness potential gains in the future, and register a significant CAGR over the forecast period (2019 - 2027).
Isopropyl alcohol is an isomer of propyl alcohol used in the manufacture of a wide variety of industrial and household chemicals. It is used in the manufacture of acetone and glycerin and is a readily available alcohol. It is also used in aftershave lotions, hand lotions, and other cosmetics. Water and propene are combined in a hydration reaction to produce isopropyl alcohol. Hydrogenating acetone also yields isopropyl alcohol.
Isopropyl alcohol is mainly used as a solvent for coatings, which increases its demand from the paints and coatings industry. This in turn aids in growth of the global isopropyl alcohol. Isopropyl alcohol also acts as an intermediate in production of several chemicals such as Isopropyl acetate, sodium isopropylxanthate, titanium and aluminum isopropoxides.
Isopropyl alcohol also finds application in the medical sector as a sanitizer and disinfectant. Increasing prevalence of otitis externa is also expected to boost growth of the market as isopropyl alcohol is used as a water-drying aid for the prevention of otitis externa.
Isopropyl alcohol is used as major ingredient in gas dryer fuel additives in the automotive industry. Therefore, increasing demand for isopropyl alcohol from the automotive industry is also expected to boost the market growth.
On the basis of region, the market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The market in Europe is driven by significant growth in the automobiles industry. Growing paints and coatings industry in emerging economies of China and India is expected to boost market share of Asia Pacific in the global market. The market in North America is mainly driven by the U.S. The U.S. is one of the major manufacturers of isopropyl alcohol. Presence of major pharmaceutical companies in the region is also expected to contribute to the market growth.
Among end-use industries, the chemicals industry is a major user of isopropyl alcohol. Isopropyl alcohol is used for manufacturing chemical compounds such as isopropyl acetate, glycerol, acetone, isopropyl esters, methyl isobutyl ketone, and isopropyl amines.
Major players operating in the global isopropyl alcohol include, Denoir Ultra Pure, Avantor, Crystal Clean Chemicals, Guangfu Fine Chemicals, Huate Gas, OM group, Tokuyama Corporation, Linde, DongYing Naire Technology, and Puritan Products.
Several players in the isopropyl alcohol market are adopting various strategies such as plant capacity expansion in order to enhance their presence. For instance,