What is Isopropanol Market Scope?
Isopropanol is an isomer that is a colorless liquid having disinfectant properties. It is used in the manufacturing of acetone and its derivatives and as a solvent. The rising investment in medical advancements, supported by infrastructural growth, and increasing auto sales are expected to drive the demand for the global Isopropanol market in the coming years. Topically, it is used as an antiseptic. Isopropyl Alcohol is an isomer of propyl alcohol with antibacterial properties. The chemical's application for isopropyl acetate has been growing with the highest rate of about 2.65% per year.
The Isopropanol market study is being classified by Type (Industrial grade, Pharmaceutical grade, Cosmetic grade and Electronic grade), by Application (Cosmetic & Personal care, Pharmaceutical, Food & Beverage Industry, Paints & Coatings, Chemical and Others) and major geographies with country level break-up. According to AMA, the Global Isopropanol market is expected to see growth rate of 1.6% and may see market size of USD4.0 Billion by 2026.
The market appears to be fragmented by numerous international Key players from China, Japan, and the United States. Some of the main players on the Isopropanol market are planning to open up additional production capacities in different regions. Leading stakeholders are adopting capacity extension strategies to keep up with the rising demand.The Vendors having a strong hold in the market are The Dow Chemical Company. Analysts at AMA predicts that Vendors from Chinese will contribute to the maximum growth of Global Isopropanol market throughout the predicted period.
Dow Chemical Company (United States), Sasol Ltd. (South Africa), Novapex (United States), Ineos Solvents GmBH (Germany), Azerkhimija (Veitnam), Shell Canada Ltd.(Canada), Equistar Chemicals LP (United States), ExxonMobil Chemical (United States), Chang Chun Plastics Co.Ltd.(Taiwan), Hi-Tech Spring Chem Ind (China), Jiangsu Evergreen New Material Technology (China), Jiangsu Xinhua Chemical (China), Kellin Chemical (Zhangjiagang) (China), Petrochina Jinzhou Pc (China), Shandong Dezhou Detain Chemical (China), Shandong Yuhuang Chemical (China), Taizhou Jianye Chemical (China), Mitsui Chemicals (Japan), Zhejiang Xinhua Chemical (China) and Sumitomo Chemicals (Japan) are some of the key players profiled in the study. Additionally, the Vendors which are also part of the research are Zhuhai Long Success (China), Zibo Nalcohol Chemical Co. (China), Tokuyama Corp.(Japan) and Yancheng Super Chemical Corp. (China).
Segmentation Analysis
Analyst at AMA have segmented the market study of Global Isopropanol market by Type, Application and Region.
On the basis of geography, the market of Isopropanol has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2020. North America on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement.
In 2017, Sumitomo Chemical commenced construction of a new plant for production of high purity Isopropanol in China.
"Any amount of 1-propanol with a concentration greater than or equal to 1% by volume that is unlisted in a product labeled as an ethanol-based hand sanitizer has a reasonable probability of acute toxicity from ingestion which can cause central nervous system depression, which could result in death, permanent impairment, or necessitate medical or surgical intervention. The product can be identified by Harmonic Nature as a hand sanitizer Topical Solution distributed only to and currently on hold at the US custom bróker, Aquiles INC."
Influencing Market Trend
- Growing demand for Isopropanol in Asia Pacific countries surpassing North America and Europe
- The increasing use of the compound as a biofuel
- Increasing demand from paint and coating industry and automobile industry in APAC region.
Market Drivers
- Development of new chemicals to meet the growing demand for ingredients required by the cosmetic and personal care industry
- Increasing use of Isopropyl alcohol as a solvent during the manufacturing process of cosmetic and personal care products
- Rising Demand from End Use Industries for Isopropanol
- Growing Investment in Infrastructure in Developing Countries.
Opportunities
- The demand for Isopropanol production is further expected to increase in the pharmaceutical and cosmetics segments, particularly in developing regions, such as China, India, etc. will provide an opportunity for the market players.
Restraints
- Price fluctuation of Isopropanol in recent years may hamper the growth of the market.
Challenges
- Feedstock price volatility is posing a challenge for the market.
Key Target Audience
Isopropanol Manufacturers, Suppliers/Traders/Distributors, Downstream Vendors, Government and Regulatory Agencies and Potential Investors
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