The growth of global isopropyl alcohol market is fueled by the rising demand for aromatic, economical, as well as fast acting sanitizers due to shifting trends towards hygiene, says this report
SELBYVILLE, Del., July 27, 2020 /PRNewswire/ -- As per Global Market Insights Inc., the global isopropyl alcohol market valuation is expected to surpass $8 billion by 2026, registering a CAGR of 6.1% from 2020 to 2026. The report offers a comprehensive analysis of the key investment avenue, opportunities & drivers, top winning strategies, market size as well as estimations, wavering industry trends, and competitive scenario.
The adoption for isopropyl alcohol is rising across the world due to the increasing demand for economical sanitizer solutions and increasing awareness regarding the ways one can protect oneself against viral breakouts. The product is also used extensively to manufacture preservative solutions for personal care products and cosmetics to extend shelf life and make the products less vulnerable to environmental aggressors.
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In terms of application, chemical intermediates segment is expected to record an impressive CAGR of more than 6% over the forecast timeframe. The projected growth of the segment is ascribed to its economical nature and its high resonance with synthetic chemicals.
Key reasons for isopropyl alcohol market growth:
- Increasing demand from solvent-based applications.
- Rising adoption of disinfectant solutions in commercial & residential sectors.
- Growing product use to manufacture cleaning solutions for the automotive industry.
2026 forecasts anticipate the 'pharmaceutical' end-use segment showing appreciative growth:
Based on end-use, the pharmaceutical segment is slated to grow with CAGR of more than 5% over the estimated time period due to increasing introduction of hygiene regulations across pharmaceutical industries. The adoption of regular hygiene checks is likely to further compliment the isopropyl alcohol market demand. Market players in the pharmaceutical industry are also increasingly adopting isopropyl alcohol solutions to exceed existing health & safety standards and boost brand recognition, stimulating isopropyl alcohol market sphere in the process.
Asia-Pacific & Europe to witness remunerative growth:
APAC is likely to exceed a valuation of $3.5 billion by the end of the analysis timeline due to the growing automotive industry as well as rising consumer inclination towards buying secondary vehicles. Isopropyl alcohol solutions are extensively used to manufacture solutions for automobiles because of their economical nature and low residual toxicity. Moreover, market players are frequently innovating their product lines and making heavy investments towards their marketing campaigns in an effort to spread awareness among consumers regarding the benefits of using quality cleaning products, which would further influence the isopropyl alcohol market revenue growth.
Europe isopropyl alcohol market is expected to grow with CAGR of more than 4.9% through the forecast time period due to the rapid adoption of antimicrobial, cleansing, as well as sanitizing ingredients in personal care and cosmetic products.
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Leading market players:
The key market players analyzed in the isopropyl alcohol industry report include LG Chem, Galaxy Chemicals, INEOS, LCY Chemical, ExxonMobil, Dow Chemical, LCY Chemical Corporation, Kellin Chemical, Shell, and Super Chemical among others. They have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
SOURCE Global Market Insights, Inc.