Isopropyl Alcohol Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Industrial Isopropyl Alcohol Market is segmented by Application (Process and Preparation Solvent, Cleaning and Drying Agent, Coating and Dye Solvent, Intermediate, and Other Applications), End-user Industry (Cosmetic and Personal Care, Pharmaceutical, Electronics, Paints and Coatings, Chemical, and Other End-user Industries), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). The report offers market size and forecast for isopropyl alcohol in terms of volume (kilotons) and revenue (USD million) for the above segments.

Isopropyl Alcohol (IPA) Market Size

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Isopropyl Alcohol (IPA) Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 3.37 Billion
Market Size (2029) USD 4.21 Billion
CAGR (2024 - 2029) 4.58 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific

Major Players

Isopropyl Alcohol (IPA) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Isopropyl Alcohol (IPA) Market Analysis

The Isopropyl Alcohol Market size is estimated at USD 3.37 billion in 2024, and is expected to reach USD 4.21 billion by 2029, growing at a CAGR of 4.58% during the forecast period (2024-2029).

Due to the COVID-19 pandemic, production in various industries like chemicals and paints, and coatings decreased. However, this decrease was compensated by the growth in the production of sanitizers.

  • In the medium term, the increasing use of cosmetic and personal care products, the wide usage of IPA as cleaning agents, and continued demand for IPA from the pharmaceutical industry for sanitizer production are likely to drive the market's growth,
  • On the flip side, the availability of alternative ways to produce acetone remains one of the major concerns for the market.
  • Innovation in bio-based isopropyl alcohol is likely to create opportunities for the market in the coming years.
  • Asia-Pacific dominates the market worldwide, with huge demand generated from China, India, and Japan.

Isopropyl Alcohol (IPA) Market Trends

This section covers the major market trends shaping the Isopropyl Alcohol (IPA) Market according to our research experts:

The Pharmaceutical Segment to Dominate the Market

  • The pharmaceutical segment is an end-user of isopropyl alcohol. Isopropyl alcohol of 70% concentration is used in alcohol swabs and wipes for cleaning wounds. It is also found in hand sanitizers and ear drops. Oral mouthwash solutions also contain isopropyl alcohol in some quantity.
  • Isopropyl alcohol is also used in cleaning supplies. Generally, in the pharmaceutical industry, isopropyl alcohol can be used in small and safe quantities in capsule or tablet manufacturing processes. IPA is used in the formation of pharmaceutical intermediates using solvents.
  • Several countries, like India, the United States, and Germany, increased their expenditure on pharmaceuticals/medicines over the recent years, thus boosting the IPA market. For instance, the Indian pharma market grew by 12.1% during August 2022, as the All India Organization of Chemists and Druggists reported.
  • The increasing health concerns caused by the uncertainties of the COVID-19 pandemic have had a significantly positive impact on the pharmaceuticals segment of the market studied, which was especially reflected in the sales of hand sanitizers. This factor further boosted the demand for isopropyl alcohol.
  • The pharmaceutical sector is the third largest industry in the United Kingdom and, according to the Association of the British Pharmaceutical Industry (ABPI), it adds EUR 14 billion (USD 16.5641 billion) to the British economy per year.
  • The UK government pledged to continue R&D investment post-Brexit, increasing to 2.4% of GDP by 2027. The pharmaceutical industry already accounts for nearly half of total R&D spending in the United Kingdom and this additional investment will only help to continue to make the United Kingdom a very attractive location for multinational pharma companies.
Isopropyl Alcohol (IPA) Market, Revenue CAGR (%), By End-user Industry, Global, 2022-2027

Asia-Pacific to Dominate the Market

  • The Asia-Pacific region dominates the overall market. Factors such as investment in the chemical industry and increasing demand for cosmetic and pharmaceutical products in the region are expected to drive the growth of the isopropyl alcohol market.
  • China is the second-largest market for pharmaceuticals globally. The pharmaceutical sales of the country are expected to reach USD 175 billion by 2022.
  • The healthcare market is expected to reach nearly CNY 200 billion (USD 31.02 billion) in 2026, increasing tenfold from 2016 in China. This growth in the healthcare industry, added to the outbreak of COVID-19, spurred the demand for the pharmaceutical industry in the country, thereby driving the market demand.
  • Additionally, India has one of the world's most extensive paints and coatings industries. The rapidly increasing housing construction activity in the Asia-Pacific region is a positive sign for the paints and coatings sector and IPA. The Indian government's target of investing USD 120.5 billion to develop 27 industrial clusters is expected to boost commercial construction in the country. The government has also planned to construct 100 new airports by 2032.
  • According to the Japan Electronics and Information Technology Industries Association (JEITA), the total production value of the electronics industry in Japan accounted for JPY 10.95 trillion (USD 97637.5 million) in 2021. Further, in the first six months of 2022, the production value of the Japanese electronics industry reached JPY 5.39 trillion (USD 48060.83 million), registering a decline of 0.4% compared to the same period in 2021.
Isopropyl Alcohol (IPA) Market - Growth Rate by Region, 2022-2027

Isopropyl Alcohol (IPA) Industry Overview

The isopropyl alcohol (IPA) market is consolidated in nature. Some of the major players in the market include Shell PLC, INEOS, ExxonMobil Corporation, Dow, and Kailing Chemical (Zhangjiagang) Co. Ltd. among others (not in any particular order)

Isopropyl Alcohol (IPA) Market Leaders

  1. Dow

  2. INEOS

  3. ExxonMobil Corporation

  4. Kailing Chemical (Zhangjiagang) Co. Ltd

  5. Shell PLC

*Disclaimer: Major Players sorted in no particular order

Isopropyl Alcohol (IPA) Market Concentration
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Isopropyl Alcohol (IPA) Market News

  • In September 2022, Exxon Mobil announced the expansion of its portfolio of healthcare solutions to meet changing medical needs for healthy and safe material options. The portfolio includes ExxonMobil Isopropyl Alcohol (IPA) with other performance polymers and specialty polymers, targeting various applications, including medical supplies, infection protection products, and pharmaceutical and laboratory supplies.
  • In December 2021, Tokuyama Corporation announced a joint venture with SK Geo Centric Co., Ltd. (SKGC) to produce 30000 tpa IPA in Korea. With demand for IPA expected to rise due to the expanding semiconductor market, the venture aims to sell high-purity IPA to the electronics industry.

Isopropyl Alcohol (IPA) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Growing Personal Care Industry Globally

      2. 4.1.2 Wide Usage of IPA as Cleaning Agents

      3. 4.1.3 Growing Demand for IPA from the Pharmaceutical Industry for Sanitizer Production

    2. 4.2 Restraints

      1. 4.2.1 Alternative Ways Available to Production of Acetone

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION (Market Size in Value and Volume)

    1. 5.1 Application

      1. 5.1.1 Process and Preparation Solvent

      2. 5.1.2 Cleaning and Drying Agent

      3. 5.1.3 Coating and Dye Solvent

      4. 5.1.4 Intermediate

      5. 5.1.5 Other Applications

    2. 5.2 End-user Industry

      1. 5.2.1 Cosmetics and Personal Care

      2. 5.2.2 Pharmaceutical

      3. 5.2.3 Electronics

      4. 5.2.4 Paints and Coatings

      5. 5.2.5 Chemicals

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle-East and Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis (%)**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 China National Petroleum Corporation

      2. 6.4.2 Dow

      3. 6.4.3 ENEOS Corporation

      4. 6.4.4 ExxonMobil Corporation

      5. 6.4.5 Ineos

      6. 6.4.6 Kailing Chemical (Zhangjiagang) Co. Ltd

      7. 6.4.7 LCY GROUP

      8. 6.4.8 LG Chem

      9. 6.4.9 Mitsui Chemicals Inc.

      10. 6.4.10 Shell PLC

      11. 6.4.11 Yancheng Super Chemical Technology Co. Ltd.

      12. 6.4.12 Zhejiang Xinhua Chemical Co. Ltd.

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovation in Bio-based Isopropyl Alcohol

**Subject to Availability
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Isopropyl Alcohol (IPA) Industry Segmentation

Isopropyl alcohol (IPA) is an isomer of propyl alcohol with antibacterial properties. It is a clear, colorless liquid that is a major component of rubbing alcohol and regular household items, such as cleaners, disinfectants, and hand sanitizers. The isopropyl alcohol market is segmented by application, end-user industry, and geography. By application, the market is segmented into process and preparation solvent, cleaning and drying agent, coating and dye solvent, intermediate, and other applications. By end-user industry, the market is segmented into cosmetic and personal care, pharmaceutical, electronics, paints and coatings, chemical, and other end-user industries. The report also covers the market size and forecast for the isopropyl alcohol (IPA) market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (kiloton) and revenue (USD million).

Application
Process and Preparation Solvent
Cleaning and Drying Agent
Coating and Dye Solvent
Intermediate
Other Applications
End-user Industry
Cosmetics and Personal Care
Pharmaceutical
Electronics
Paints and Coatings
Chemicals
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Isopropyl Alcohol (IPA) Market Research FAQs

The Isopropyl Alcohol (IPA) Market size is expected to reach USD 3.37 billion in 2024 and grow at a CAGR of 4.58% to reach USD 4.21 billion by 2029.

In 2024, the Isopropyl Alcohol (IPA) Market size is expected to reach USD 3.37 billion.

Dow, INEOS, ExxonMobil Corporation, Kailing Chemical (Zhangjiagang) Co. Ltd and Shell PLC are the major companies operating in the Isopropyl Alcohol (IPA) Market.

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Isopropyl Alcohol (IPA) Market.

In 2023, the Isopropyl Alcohol (IPA) Market size was estimated at USD 3.22 billion. The report covers the Isopropyl Alcohol (IPA) Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Isopropyl Alcohol (IPA) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Isopropyl Alcohol Industry Report

Statistics for the 2024 Isopropyl Alcohol market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Isopropyl Alcohol analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Isopropyl Alcohol Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)