LONDON--(BUSINESS WIRE)--The global isopropyl alcohol market size is expected to grow by 521.75 thousand tons during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. As per Technavio, the impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio.
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Isopropyl alcohol is among one of the most widely used solvents owing to its superior solvency properties. In 2019, the solvents segment accounted for 48.17% of the total global consumption of isopropyl alcohol. Isopropyl alcohol can be directly used in applications, including surface coatings, inks, pesticides and herbicides formulations, resins production, and disinfectants and cleaning products. Isopropyl alcohol is used in acrylic emulsions and resins to create various textures. It can also be used in formulating polyvinyl butyral (PVB), alkaloids, and oils. In addition, due to its low toxicity, less density, and low boiling point, isopropyl alcohol can be used to dilute essential oils. Isopropyl alcohol is also extensively used in hand sanitizers. In hand sanitizers used by hospitals, alcohol such as isopropanol and ethanol are combined with quaternary ammonium cations such as benzalkonium chloride. Such wide application of isopropyl alcohol is contributing to the growing consumption of isopropyl alcohol as a solvent, which in turn, is expected to impact the global isopropyl alcohol market positively during the forecast period.
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In the pharmaceuticals sector, isopropyl alcohol is used to produce a wide range of products, including alcohol wipes, swabs, hand sanitizers, disinfectants, oral mouthwash, and various other products. Isopropyl alcohol is also used as an antiseptic before administering injections to kill the surface bacteria. The global outbreak of novel coronavirus, COVID-19, is further stimulating the demand for hand sanitizers and other hygiene products, thereby driving the growth of the isopropyl alcohol market.
As per Technavio, the capacity expansions and installation of new plants will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Isopropyl Alcohol Market: Capacity Expansions and Installation of New Plants
The global isopropyl alcohol market has been witnessing expansions in production capacities over the past few years. The growing demand for isopropyl alcohol-based consumer products, pharmaceuticals, and household cleaning products has compelled the producers to expand their production capacities. For instance, in October 2018, Covestro announced its plans to invest USD 1.7 billion in a chemical plant in Texas. Similarly, DFPCL, a manufacturer of isopropyl alcohol in India, announced its plans to invest USD 66.89 million to expand the production capacity of isopropyl alcohol at its Taloja plant near Mumbai. With this expansion, the company will increase its isopropyl alcohol capacity by 0.1 million tons per annum. The installation of new production facilities and capacity expansions of the existing production facilities are expected to boost market growth during the forecast period.
“Factors such as the increasing demand from the cosmetics and personal care sector, and the rising demand for disinfectants and cleaners in the medical sector will have a major impact on the growth of the isopropyl alcohol market value during the forecast period,” says a senior analyst at Technavio.
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Isopropyl Alcohol Market: Segmentation Analysis
This market research report segments the isopropyl alcohol market by application (solvents, chemical intermediates, pharmaceuticals, and others) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The APAC region led the isopropyl alcohol market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rapidly growing in pharmaceutical and sector, food and beverages industry, cosmetics and personal care sector, and chemicals industry in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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