Asia Pacific Isopropyl Alcohol Market share was over USD 1 billion in 2019 and industry expects to witness significant gains at over 6.5% by 2026
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Isopropyl alcohol or 2-propanol is an isomer of 1-propanol. It is a colorless liquid with excellent disinfecting properties. Besides, the increasing applications of isopropyl alcohol as a solvent and chemical intermediate in various manufacturing industries is expected to promote the market growth. The increasing occurrence of chronic health disorders such as diabetes, blood pressure, heart problems, etc. is likely to raise the product demand from the pharmaceutical sector.
The rapid growth of the food & beverage industry across the Asia Pacific region coupled with the increasing utilization of isopropyl alcohol as a preservative, food flavoring agent, oils, fats and sweetners and probiotic in food sector is likely to further raise the product demand. Presence of major food & beverages manufacturers in the region including Kellogg company, Mondelez International, Nestle, Hershey Company, FrieslandCampina, Coca-Cola should accelerate growth of regional food industry. Isopropyl alcohol is increasingly being used as a preservative in different cosmetic products such as skin creams, face wash, body lotions, shampoos and conditioners, thus boosting the market growth.
Solvent application dominated the Asia Pacific market share in 2019. This is mainly attributed to the increasing applications of IPA as a solvent in the industrial production of cosmetics, drugs, shellacs, and gums, as well as for denaturing ethanol. The rising demand for isopropyl alcohol as a solvent from the paint and coating industry is likely to propel the market growth. Paints and coatings are witnessing increasing demand from the construction and automotive industries, thus raising the product demand. For instance, China is one of the major automotive manufacturing countries in the region.
APAC market from disinfectant application was valued over 300 million in 2019 and is expected to grow at the highest CAGR of 8.5% over the forecast period. This is mainly ascribed by the increasing prevalence of bacterial and viral infections such as COVID-19 coupled with the increasing consumer awareness regarding the need to maintain personal health and hygiene.
Japan isopropyl alcohol market is expected to witness significant gains over the forecast period owing to the presence of well-educated and cultured people with high disposable income. Furthermore, the increasing consumption of hand sanitizers and surface disinfectants containing isopropyl alcohol with 60% to 99% concentration amidst the global pandemic of COVID-19 may further escalate the product demand.
Asia Pacific market share is competitive with key players including The Dow Chemical Company, LG Chem, Exxon Mobil Corporation, INEOS Enterprises, Mitsui Chemicals Inc., LyondellBasell Industries N.V., China Petroleum & Chemical Corporation Royal Dutch Shell Plc., Clariant AG, Perrigo Company plc, Mitsubishi Chemical Corporation.