The global Isopropanol Market to reach USD 4,273.2 Million by 2028. Isopropanol, or isopropyl alcohol, is a highly flammable, colorless laboratory and household chemical and is the primary type of alcohol. Isopropanol has a twin molecule with a slightly different chemical structure, n-propanol, and is more readily available and cheaper due to its simple chemical structure. Isopropanol is mainly used in medical applications and also as a direct or intermediate solvent chemical in various chemical processes. However, the market growth is potentially hindered by the stringent Volatile organic compounds’ (VOC) emission norms in Europe and North America.
The Asia Pacific region is expected to grow at the highest rate of 6.7% during the period of 2019-2027 due to the rise in demand for household and personal care products, paints and coatings, and medical use products, especially in highly populous regions like India and Bangladesh.
Key findings from the report indicate that isopropanol is widely used as a disinfectant and is expected to have the highest market share in medical use applications by 2027. Additionally, isopropanol is one of the safest synthetic alcohols to be used in direct solvents and is widely used in chemical formulations for various end-use applications.
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The Notable innovation of Isopropanol Market:
One notable innovation in the isopropanol market is the growing use of online retailing businesses for chemicals and materials, particularly in emerging nations in the Asia Pacific region. This trend has helped broaden the outreach of the market, especially in areas where offline vendors are not available. The absence of distributors in the supply chain model and higher profit margins than offline retailing make online retailing an attractive option. Another innovation is the utilization of isopropanol as a disinfectant to prevent bacterial growth on the skin, with the medical use applications sub-segment expected to gain the highest market possession. Additionally, isopropanol is widely used as a direct solvent in chemical formulations, and as a chemical intermediate in the processing of propyl amines, halides, and propyl acetate.
Major Companies of Isopropanol Market:
BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical.
Some Key Factors of Isopropanol Market:
- Isopropanol is a colorless and highly flammable laboratory and household chemical and primary type of alcohol.
- The global isopropanol market is projected to reach USD 4,273.2 Million by 2028.
- Isopropanol is more readily available and cheaper than its twin molecule n-propanol due to its simple chemical structure.
- Isopropanol is mostly used in medical applications and is also widely utilized as a direct or intermediate solvent chemical in the formulation of various chemical processing.
- The market growth is potentially being restrained by the stringent Volatile organic compounds’ (VOC) emission norms in European and North American continents.
- The Asia Pacific region is forecasted to have the highest growth rate of 6.7% in the period 2019 - 2027, owing to higher demand in the household personal care products and paints coatings industries, coupled with propulsion of the medical use products due to the rise in infectious diseases in highly populous regions like India and Bangladesh.
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