PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1568017
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1568017
Isopropyl Alcohol
Global Isopropyl Alcohol Market to Reach US$3.6 Billion by 2030
The global market for Isopropyl Alcohol estimated at US$3.0 Billion in the year 2023, is expected to reach US$3.6 Billion by 2030, growing at a CAGR of 2.5% over the analysis period 2023-2030. Solvents Application, one of the segments analyzed in the report, is expected to record a 3.6% CAGR and reach US$1.6 Billion by the end of the analysis period. Growth in the Chemical Intermediates Application segment is estimated at 2.0% CAGR over the analysis period.
The U.S. Market is Estimated at US$824.8 Million While China is Forecast to Grow at 5.3% CAGR
The Isopropyl Alcohol market in the U.S. is estimated at US$824.8 Million in the year 2023. China, the world's second largest economy, is forecast to reach a projected market size of US$728.4 Million by the year 2030 trailing a CAGR of 5.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 0.6% and 1.9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 1.2% CAGR.
Global Isopropyl Alcohol Market - Key Trends and Drivers Summarized
What Is Isopropyl Alcohol and Why Is It So Widely Used?
Isopropyl alcohol (IPA), also known as isopropanol or rubbing alcohol, is a clear, colorless, and highly versatile chemical compound that has become indispensable in a variety of industries. It is classified as a secondary alcohol, with the chemical formula C3H7OH, and is characterized by its rapid evaporation, antiseptic properties, and ability to dissolve oils and other organic compounds. Isopropyl alcohol is commonly used as a cleaning agent, disinfectant, and solvent, making it a staple in both industrial and household applications. Its widespread use can be attributed to its effectiveness in killing bacteria, viruses, and fungi, which is why it’s often found in medical facilities for sterilizing surfaces, instruments, and even skin before injections. Additionally, isopropyl alcohol is a key ingredient in many personal care products, such as hand sanitizers, lotions, and cleaning wipes, particularly due to its fast-drying properties. In the industrial sector, it is utilized in electronics manufacturing, pharmaceutical production, and automotive care, demonstrating the broad scope of applications that make isopropyl alcohol a crucial compound in both everyday life and specialized fields.
How Has Isopropyl Alcohol's Role Evolved in Medical and Industrial Applications?
The role of isopropyl alcohol has evolved significantly since its discovery in the early 20th century, particularly in the medical and industrial sectors, where its disinfectant and solvent properties have been harnessed for a wide range of uses. In the medical field, isopropyl alcohol is a cornerstone in antiseptic solutions, widely used for disinfecting skin, cleaning minor wounds, and sterilizing medical instruments. Its efficacy in killing bacteria and viruses has made it a critical tool in infection control, especially in hospitals, clinics, and laboratories. The global COVID-19 pandemic further emphasized its importance, as demand for isopropyl alcohol surged due to its inclusion in hand sanitizers and surface disinfectants, products essential for curbing the spread of the virus. Additionally, its use in sanitizing pharmaceutical environments has ensured the safe production of medicines and vaccines. In the industrial sphere, isopropyl alcohol serves as an effective solvent for a variety of processes, especially in electronics manufacturing, where it is used to clean components and delicate surfaces without leaving residue. Its rapid evaporation and ability to dissolve oils, grease, and dirt make it ideal for cleaning electronic devices, circuit boards, and precision equipment. Isopropyl alcohol is also used in the automotive industry for tasks like cleaning windshields, degreasing parts, and removing paint or wax. Furthermore, its role in chemical manufacturing cannot be understated, as it serves as an intermediate in the production of acetone and other compounds.
What Factors Influence the Choice and Use of Isopropyl Alcohol Across Different Applications?
TABLE OF CONTENTS
I. METHODOLOGY
II. EXECUTIVE SUMMARY
- 1. MARKET OVERVIEW
- Influencer Market Insights
- Isopropyl Alcohol - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
- 2. FOCUS ON SELECT PLAYERS
- 3. MARKET TRENDS & DRIVERS
III. MARKET ANALYSIS
IV. COMPETITION
