Europe Isopropyl Alcohol Market size surpassed USD 1.5 billion in 2020 and is anticipated to exhibit a CAGR of 5% from 2021 to 2027.
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There has been growing demand for isopropyl alcohol in Europe owing to increasing demand for personal hygiene products and sanitizers due to COVID-19 coupled with developed healthcare sector. Rapid growth in the food, pharmaceutical, medical, and automotive industries along with high demand for cosmetic products in the region, are expected to drive the isopropyl alcohol market expansion in Europe.
The solvent segment will likely showcase 4% growth rate during the forecast period. Isopropyl alcohol is used as a solvent in wide range of products such as drugs, cosmetics, gums, shellacs, formulation of pesticides & herbicides, surface coatings, inks, and resin production.
Isopropyl alcohol easily dissolves with a wide range of non-polar compounds. It offers various benefits such as it leaves zero oil traces as compared to ethanol, it is relatively non-toxic as compared to commercially available alternative solvents. Owing to its excellent solvency properties, isopropyl alcohol is recognized as one of the primary solvents across end-use industries.
The cosmetic & personal care end-use segment of IPA surpassed USD 785 million revenue in 2020. Isopropyl alcohol is mainly used in cosmetic and skincare products to enhance the absorption of other ingredients used in the products. It also improves the spread ability of the cosmetic products which further help the other cosmetic ingredients to evenly distribute and penetrate easily into the skin.
The automotive end-use segment value was nearly USD 230 million in 2020. Isopropyl alcohol in automotive industry is primarily uses for car care. Car detailers use isopropyl alcohol to strip waxes from cars and other vehicles before polishing or painting. As a thawing agent, it is added to fuel tanks and windshield washes to solubilize water so that it does not freeze in the lines and separate from the gas.
Well-established automotive sector in major European countries including Germany, France, Italy, and Spain along with strong presence of large automotive industry companies in the region is projected to fuel the isopropyl alcohol market growth. Moreover, increasing investment in automotive sector, increasing car production and growing car modification trends will boost the market demand in Europe.
Prominent players in the Europe isopropyl alcohol market include Dow Chemical, ExxonMobil, Shell, INEOS, LG Chem, Linde plc, Ecolab, LyondellBasell Industries, Alfa Aesar, MITSUI CHEMICALS EUROPE GmbH, and DUTCH2.
Companies are focusing on strategies such as production capacity expansion, partnerships, and agreements to extend their distribution channel & product reach. In 2020, ExxonMobil accelerated the production of raw materials such as isopropyl alcohol, that is primarily used to produce medical gowns, masks, and hand sanitizer that are mainly used by medical professionals and first responders. The company increased isopropyl alcohol by up to 3,000 tons which is further used to produce 50 million hand sanitizer bottles.