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Isopropyl Alcohol Market Growth Drivers, Key Trends, Size, Share Analysis And Forecast To 2033
Isopropyl Alcohol Market
As per the report, the isopropyl alcohol market size has grown strongly in recent years. It will grow from $4.5 billion in 2023 to $4.88 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The isopropyl alcohol market size is expected to see strong growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
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The Surge In Personal Care And Cosmetic Products Fuels The Isopropyl Alcohol Market
The rising usage of personal care products and cosmetic products is expected to propel the growth of the isopropyl alcohol market going forward. Personal care and cosmetic products refer to any product which is applied to the external part of the body for beautifying and basic grooming such as cleaning body parts, protecting from germs, preventing bad odor, changing in appearance, and keeping body parts in good condition. Isopropyl alcohol is used in various personal care and cosmetic products such as aftershave lotions, bath products, eye, nailcare, haircare, skincare products, and other make-up products due to their different functions which include antifoaming agents, cosmetic astringent, solvent, and viscosity decreasing agent. For instance, according to the survey carried out in 2022 by the Catalina Marketing Corporation, a UK-based media company, most respondents (71%) anticipate spending some amount or more on beauty and enhancement goods in the early 2022 period (when compared with 2020 and 2021) and 19% of people intend to raise their overall spending on personal care and cosmetic products. Therefore, the rising usage of personal care products and cosmetic products is driving the growth of the isopropyl alcohol market.
Basf's Ni 3354 E Sets New Standards In Isopropyl Alcohol Production
Product innovation is a key trend gaining popularity in the isopropyl alcohol market. Major companies operating in the market are focused on research and development for product innovations to sustain their position in the market. For instance, in September 2021, BASF SE, a Germany-based multinational chemical company introduced Ni 3354 E, a new chemical catalyst (high-performance oxo alcohol catalyst) for the efficient production of isopropyl alcohol. Ni 3354 E combines outstanding selectivity with a strong activity which enables manufacturers to operate at high throughput rates and temperatures without suffering a loss in selectivity, enhancing productivity, it has undergone testing and is certified to convert acetone into isopropyl alcohol using an acetone hydrogenation process.
The isopropyl alcohol market covered in this report is segmented -
1) By Grade: 70% IPA, 90% IPA
2) By Production Method: Indirect Hydration, Direct Hydration
3) By Application: Antiseptic And Astringent, Cleaning Agent, Solvent, Chemical Intermediate, Other Applications
4) By End-Use: Cosmetics And Personal Care, Pharmaceutical, Food And Beverages, Paints And Coatings, Chemical, Other End-Uses
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Major companies operating in the isopropyl alcohol market report are The Dow Chemical Company, INEOS Group Limited, Royal Dutch Shell plc, ExxonMobil Corporation, LG Chem Ltd., Kellin Chemicals Co. Ltd., LCY Chemical Corp, Zhejiang Xinhua Chemical Co. Ltd., China National Petroleum Corporation, Mitsui Chemicals Inc., ENEOS Corporation, Avantor Inc., Jiangsu Denoir Technology Co. Ltd., Tokuyama Corporation, Mitsubishi Chemical Corporation, Galaxy Chemicals, LyondellBasell Industries Holdings B.V., Carboclor S.A., Sasol Limited, Chang Chun Group, DuPont de Nemours Inc., Mistral Industrial Chemicals, Linde Gas, Ecolab Inc., BASF SE, Honeywell International Inc., ReAgent Chemicals Ltd., Guangfu Fine Chemicals, Petrochemical Corporation of Singapore Private Limited, Fushun Petrochemical Company, Yancheng Super Chemical Technology Co. Ltd.
Contents of the report:
1. Executive Summary
2. Isopropyl Alcohol Market Report Structure
3. Isopropyl Alcohol Market Trends And Strategies
4. Isopropyl Alcohol Market - Macro Economic Scenario
5. Isopropyl Alcohol Market Size And Growth
…..
27. Isopropyl Alcohol Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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