Transparency Market Research in its new report titled, “Isopropyl Alcohol Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 – 2026,” provides key insights on the isopropyl alcohol market. The TMR report anticipates that the isopropyl alcohol market will grow significantly during the forecast period i.e, 2018-2026 owing to its wide range of applications in diverse industries. The isopropyl alcohol market is anticipated to expand owing to its wide range of applications in diverse industries. However, oversupply exists in the isopropyl alcohol market. Therefore, the market is anticipated to expand at a sluggish pace during the forecast period, says the report.
Isopropyl alcohol is used for various purposes at home. It is also employed in different industrial processes and pharmaceutical applications, as per the report. Various products that are used in homes and hospitals contain isopropyl alcohol. The most common product that contains isopropanol is rubbing alcohol, containing 70% isopropanol or ethanol. Isopropyl alcohol is present in antiseptic wipes and hand sanitizers that can disinfect minor cuts and wounds. It is used in the manufacture of a wide variety of industrial and household chemicals. It is also a common ingredient in chemicals such as antiseptics, detergents, and disinfectants.
The TMR report has split the isopropyl alcohol market based on grade into industrial/technical grade, cosmetic grade, and pharmaceutical grade. Among these, industrial/technical is the commonly used grade in the isopropyl alcohol market. Based on application, the isopropyl alcohol market is split into solvent, cleaning agent, intermediate, coating solvent, and others. Isopropyl alcohol dissolves a wide range of non-polar compounds. It also evaporates quickly and leaves negligible oil traces compared to ethanol. It is relatively non-toxic compared to other solvents. Thus, isopropyl alcohol is used extensively as a solvent and cleaning fluid, specifically for dissolving oils. Based on end-use industry, the isopropyl alcohol market can be segregated into pharmaceutical, food & beverages, paints & coatings, personal care & cosmetics, and chemical. Isopropanol is used in soaps and lotions as an antiseptic. In the food & beverages industry, it is used for the extraction and purification of natural products, such as vegetable and animal oils and fats, gums resins, waxes, colors, flavorings, alkaloids, vitamins, kelp and alginates. It is also used as carrier solvent in the production of food products.
From a regional perspective, the isopropyl alcohol market is segregated into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa (MEA). Among these, North America and Europe are key regions of the isopropyl alcohol market in terms of value. Asia Pacific is a rapidly growing region of the isopropyl alcohol market. The isopropyl alcohol market in Latin America and MEA is anticipated to expand at a healthy pace during the forecast period. Some of major players operating in the isopropyl alcohol market are profiled in this report to give a better competitive analysis and these are Exxon Mobil Corporation, The Dow Chemical Company, Royal Dutch Shell Plc, Clariant AG, Mitsui Chemicals Inc., Perrigo Company plc, China Petroleum & Chemical Corporation, LyondellBasell Industries N.V., INEOS Enterprises, LG Chem, Mitsubishi Chemical Corporation, and Deepak Fertilisers and Petrochemicals Corporation Limited.
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