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Versatile Solutions: Isopropyl Alcohol's Role Across Industries
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According to The Business Research Company's, 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 growth in the historic period can be attributed to industrial solvent use, disinfectant and sanitizer demand, chemical intermediate, cleaning applications, medical and healthcare uses.
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%. The growth in the forecast period can be attributed to pandemic preparedness and crisis management, environmental concerns and sustainable practices, raw material availability and pricing, consumer health and safety concerns, global industrial growth. Major trends in the forecast period include emergency response preparedness, consumer product formulation, supply chain dynamics, environmentally friendly alternatives, consumer preferences for health and safety.
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Market Drivers and Trends:
An increased focus on healthcare is expected to propel the growth of the isopropyl alcohol market going forward. Healthcare refers to the organized provision of medical services, preventive care, diagnosis, treatment, and management of illnesses or injuries to individuals or communities. Isopropyl alcohol, commonly known as rubbing alcohol, plays a crucial role in healthcare settings for its versatile applications. Widely recognized for its antiseptic properties, isopropyl alcohol is utilized as a disinfectant for skin preparation before medical procedures, wound cleaning, and sterilization of medical equipment. Its fast-evaporating nature and ability to eliminate a broad spectrum of microorganisms make it an essential component in hand sanitizers and surface disinfectants, contributing significantly to infection control in healthcare environments. For instance, in January 2023, McKinsey & Company, a US-based management consulting company published an article according to which the healthcare profit pools are estimated to grow at a 4% CAGR from $654 billion in 2021 to $790 billion in 2026 and an estimated 6% growth from 2021 to 2025. Therefore, an increased focus on healthcare is driving the isopropyl alcohol market.
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.
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Major Key Players of the Market:
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.
Isopropyl Alcohol Market 2024 Key Insights:
• 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%.
• The Surge In Personal Care And Cosmetic Products Fuels The Isopropyl Alcohol Market
• Basf's Ni 3354 E Sets New Standards In Isopropyl Alcohol Production
• Asia-Pacific was the largest region in the isopropyl alcohol market in 2023, and is expected to be the fastest-growing region in the forecast period
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