The main players in the isopropyl alcohol market are Dow Chemical, ExxonMobil, Shell, INEOS, LG Chem, Linde plc, Ecolab, LyondellBasell Industries, Alfa Aesar, MITSUI CHEMICALS EUROPE GmbH, DUTCH2, Huntsman Corporation, Seton Canada, Mistral Industrial Chemicals , Clariant AG and Perrigo Company plc.
Pune, India, January 12, 2022 (GLOBE NEWSWIRE) –
The global isopropyl alcohol market size is expected to increase significantly in the coming years, driven by the increasing demand for disinfectants around the world. The COVID-19 pandemic has had a favorable impact on the industry, increasing the use of the product in the healthcare sector. Healthcare companies have preferred isopropyl alcohol hand sanitizers and sanitizing pads because of their high effectiveness in killing germs. The trends mentioned below are fueling industry forecasts:
The medical segment to register an increase in North America
By 2026, North America Isopropyl Alcohol Market is expected to reach $ 1.9 billion, due to the emergence of several new pharmaceutical drug manufacturers in recent years. Since the number of COVID-19 patients has increased in the United States, the need for disinfectant sprays and wipes has increased. The medical segment is expected to grow at a CAGR of 6% over 2026 in North America, due to the increasing use of the products as a surgical spirit by medical institutions.
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Increased demand for disinfectants in the United States
The disinfectants segment is expected to post a CAGR of nearly 7% in the North American market between 2020 and 2026. As the product is highly effective against fungi, bacteria, and viruses, US-based healthcare facilities use 70% isopropyl alcohol for cleaning. effectively eliminating the risk of infections. Manufacturers across the United States are serving the ever increasing needs of healthcare organizations.
Increase in product consumption in Japan
The size of the Japanese isopropyl alcohol market is increasing, owing to the presence of a robust healthcare industry. Since the product is used in carbonated drinks, food flavorings and coloring and several other applications, the regional market is also making substantial progress in the food and drink segment.
The domestic production of consumer electronics has a positive impact on the industry. As of August 2021, the production of consumer electronics equipment across the country was estimated at $ 218.40 billion, according to statistics released by the Japan Electronics and Information Technology Industries Association (JEITA).
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Consumer electronics sales boom in Asia-Pacific
Steadily increasing sales of LED displays, flat panels and other electronic products in China, South Korea, Japan and India are driving the forecast for the Asia-Pacific market. The semiconductor industry in Taiwan, Indonesia and India is making significant progress amid the chip shortage issues that are being addressed by major players.
Due to the rapid evaporation of the product, its stain-free drying and its complete miscibility in water, its use for cleaning very sensitive electronic parts during and after production is increasing. End users include manufacturers of audio recorders, fiber optics and connectors, PC components, circuit boards, control systems, laptops and desktop computers. These companies have stepped up production, strengthening the prospects for the industry in Asia-Pacific.
Increased use in the paints and coatings industry in Asia-Pacific
By application, the solvent segment accounted for a significant share of the industry in Asia Pacific in 2020. The notable growth can be attributed to the increased use of the product as a solvent in the paints and coatings industry. With the emphasis on renovating buildings and improving aesthetics, the consumption of paints and coatings has increased in the construction and automotive sectors. In addition to being an added component in paints and coatings, 99% isopropyl alcohol is used as a solvent in the industrial production of drugs, cosmetics, gums, shellacs and for the denaturation of ethanol. .
Industrial achievement in Germany
The solid advance of the automotive, medical, pharmaceutical, cosmetics and food industries in Germany has paved the way for a constant expansion of the european market. By 2027, the market size for isopropyl alcohol in Germany is expected to exceed $ 415 million, due to growing concerns about sanitation and hygiene at home and in public places. Product sales are increasing due to the growing awareness regarding the use of personal care products.
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Europe to experience automotive industry revenue growth
The automotive segment generated over $ 230 million in 2020 in Europe. The COVID-19 pandemic has triggered a growing demand for auto care products and services, due to increased disposable income, current DIY trends and aesthetic concerns.
Automotive designers have recorded an increasing consumption of products for stripping waxes before painting vehicles. They add the product to fuel tanks and windshield washers as a thawing agent. The size of the European market is expected to exceed $ 1.5 billion by 2027.
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