Isopropyl Alcohol Market - By Application (Solvent, Cleaning Agent, Chemical Intermediate, Flavoring Agent, Disinfectant), By End Use Industry (Food, Pharmaceutical, Cosmetic & Personal Care, Medical, Electronics, Automotive) & Forecast, 2024-2032

Isopropyl Alcohol Market Size

Isopropyl Alcohol Market size achieved USD 6.3 billion in 2023 and will grow at 6.1% CAGR from 2024 to 2032. Changing perceptions on cleanliness, increasing prevalence of bacterial outbreaks, and strict hygiene trends are likely to boost product demand during the forecast period.
 

Isopropyl alcohol is a flammable & colourless chemical compound widely utilized across diverse industries in 70% and 99% concentrations. IPA caters as a solvent, cleaning agent, chemical intermediate, flavouring agent, disinfectant & antiseptic, among other potential uses. Its high performance, sanitizing, cleansing, economical and preservative characteristics make it ideal for cosmetic, toiletries, and personal care products which is likely to boost the market share. Isopropyl alcohol is widely used as a preservative in various cosmetic preparations such as creams, lotions, serums, shampoos, and hair conditioners. Additionally, rapid acceptance of alcohol bases sanitizers and cleansing solutions makes it easily acceptable in the eyes of customers.

The isopropyl alcohol (IPA) market is experiencing significant growth due to several key drivers. The COVID-19 pandemic has spurred a surge in demand for hand sanitizers and disinfectants, where IPA is a critical component. Concurrently, there is an increasing demand for cosmetic products, with IPA being used in formulations and as a solvent in the cosmetic and personal care industries. Additionally, the rapid expansion of the flat panel display and LED manufacturing sectors is boosting IPA consumption, as it is essential for cleaning and processing these technologies.
 

However, there are challenges to consider, health concerns associated with IPA exposure, such as respiratory and skin issues, are prompting regulatory scrutiny and pushing for safer usage practices. Balancing these health risks with growing demand requires careful management to ensure sustainable growth in the IPA market while addressing safety and regulatory issues effectively.
 

Isopropyl Alcohol Market Trends

The market has experienced significant growth within the global healthcare sector. This rise is driven by its widespread use as a disinfectant and antiseptic, critical for maintaining hygiene and preventing infection in medical settings. The pandemic amplified demand for IPA due to its effectiveness in sanitizing surfaces and hands. As healthcare facilities continue to prioritize infection control and hygiene, the market for IPA is expected to remain strong. Additionally, advancements in pharmaceutical manufacturing and increased awareness of infection prevention are further propelling market growth. Key players are focusing on innovation and expanding production capacities to meet the rising demand. Regulatory support and a growing emphasis on cleanliness in healthcare environments are also influencing market trends. Overall, the IPA market is poised for sustained expansion, reflecting broader trends in global healthcare and hygiene practices.
 

Isopropyl Alcohol Market Analysis

The solvent segment will capture USD 4.12 billion and demonstrate a 5.6% CAGR till 2032. Due to rapid adoption of high-quality cleaning agents at homes and commercial sites. Isopropyl alcohol has high resistance to microbes, viruses, bacteria, fungi, mold, and pathogens which makes it compatible with various cleaning solutions. Additionally, increasing demand for high performance cleaning solutions to reduce the spread of viral diseases is likely to augment the market revenue.
 

Increasing awareness on personal hygiene, rapid outbreak of COVID-19, and changing perceptions on sanitation methods are likely to boost the isopropyl alcohol market demand. Isopropyl alcohol is widely used in manufacturing high-quality cleaning agents. Additionally, it is compatible with various kinds of aromatic agents, synthetic, and natural fragrance solutions, which makes it compatible with manufacturing solutions in hospitals, offices, homes, schools, libraries, and shops.
 

The cosmetic and personal care segment held a 49.94% market share in 2023, amounting to USD 3.14 billion, and is projected to grow at a 6.7% CAGR from 2024 to 2032. Due to the expanding food & beverage sector and increasing demand for economic solutions. They are widely used in manufacturing artificial fruit flavours like lemon, orange and lime. Natural flavors deteriorate quickly which reduces the shelf life of products. Industry players are rapidly utilizing these solutions to increase shelf life and improve brand image.
 

Growing food sector and the rapid adoption of high-quality flavoring agents are likely to boost the overall market growth. The product’s dual role in the food industry includes its use as a flavoring agent and to prepare sanitization solutions owing to its compatibility with other chemicals. Its high resonance with lemon-like sourness, efferences, and slightly bitter taste profile makes it popular in manufacturing fast moving food & beverages.
 

Asia Pacific isopropyl alcohol industry is projected to achieve USD 6.12 million, with a CAGR of 7.2% from 2024 to 2032. Due to rapid demand for high quality disinfectants to reduce viral outbreaks and protect workforce. Isopropyl alcohol is widely utilized in manufacturing safe & high-quality sanitizing solutions. Changing consumer perceptions on health & safety and shift in consumer behavior trends owing to the COVID-19 epidemic are likely to increase the use of isopropyl alcohol disinfectant solutions.
 

Industry players in the region are rapidly moving towards expanding their production facilities in an attempt to meet growing demand. Furthermore, increasing cases of COVID-19 and increasing cleanliness & hygiene norms are likely to drive the global market. Manufactures are engaged in new product development to manufacture disinfectants with high susceptibility to wide variety of gram positive & gram-negative bacteria, virus, and pathogens.
 

Isopropyl Alcohol Market Share

Companies include, Dow Chemical, ExxonMobil, Shell, INEOS, and Kellin Chemical are key players in the isopropyl alcohol (IPA) market, each contributing significantly to its development.
 

Dow Chemical leverages its extensive chemical manufacturing expertise to offer high-purity IPA, crucial for medical and industrial applications. ExxonMobil provides a range of IPA products through its vast global distribution network, enhancing accessibility and supply chain efficiency. Shell focuses on sustainable production practices, integrating advanced technologies to improve IPA quality and environmental impact. INEOS stands out with its large-scale production capabilities and commitment to meeting the growing demand across various sectors, including healthcare and pharmaceuticals. Kellin Chemical is known for its specialized IPA formulations, catering to niche markets and contributing to product diversity.
 

Isopropyl Alcohol Market Companies

Top companies operating in the industry include:

• Dow Chemical
• ExxonMobil
• Shell
• INEOS
• Kellin Chemical
• LG Chem
• LCY Chemical
• Super Chemical
• Galaxy Chemicals
• INEOS
• LCY Chemical Corporation

Isopropyl Alcohol Industry News

• May 2022: ExxonMobil increased production of raw materials for manufacturing medical supplies such as sanitizer liquid, face masks, and gowns. It has increased its manufacturing capability of specialized polypropylene by 1000 tons/month and increased the isopropyl alcohol production by 3000 tons/month. Production of isopropyl or rubbing alcohol will take place in Baton Rouge, U.S. This will help the company to improve its brand image, stakeholder & workplace morale, and also will expand it production capacities significantly.
   

The Isopropyl Alcohol market research report includes in-depth coverage of the industry, with estimates and forecasts in terms of revenue and volume (USD Billion) (Tons) from 2024 to 2032, for the following segments:

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Market, By Application

• Solvent
• Cleaning Agent
• Chemical Intermediate
• Flavouring Agent
• Disinfectant
• Others

Market, By End-Use

• Food
• Pharmaceutical
• Cosmetic & Personal Care
• Medical
• Electronics
• Automotive
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA