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Isopropyl Alcohol Market Size
- Report ID: GMI3789
- Published Date: Sep 2024
- Report Format: PDF
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.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Isopropyl Alcohol Market Size in 2023: | USD 6.3 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 6.1% |
| 2024 – 2032 Value Projection: | USD 12.1 Billion |
| Historical Data for: | 2021-2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 203 |
| Segments covered: | By Application, By End Use |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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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.
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Isopropyl Alcohol Market Scope
