According to the Graphical Research new growth forecast report titled “Asia Pacific Isopropyl Alcohol Market Size By Application (Solvent, Cleaning agent, Chemical intermediate, Flavoring agent, Disinfectant, Others), By End Use (Food, Pharmaceutical, Cosmetic & personal care, Medical, Electronics, Automotive, Others)”, Estimated to Exceed USD 3 Billion by 2026.
Increasing use of isopropyl alcohol as a solvent in the industrial production of cosmetics, drugs, shellacs, and gums, as well as for denaturing ethanol is likely to drive market growth. The increasing consumption of various cosmetic products like skin creams, face wash, body lotions, shampoos and conditioners may further raise the product demand from the cosmetic and personal care sector. The increasing demand for isopropyl alcohol from the paints and coatings application is expected to further boost market growth.
Increasing cases of infection transmitted diseases such as COVID-19 is compelling consumers to adopt measures to promote cleanliness and personal hygiene including frequent hand sanitization and strong disinfection techniques. Increasing demand for hand sanitizers demands an increased use of isopropyl alcohol, which may further propel market growth. For instance, China, Japan and India are among the most affected countries by COVID-19 pandemic.
Increasing efforts being undertaken by key market players to expand their production capacities in Asia Pacific to meet the growing consumer demand is likely to further aid the market growth. For instance, in the wake of the global pandemic Mitsui Chemicals is expanding its production capacity in Asia Pacific region for manufacturing isopropyl alcohol which is one of the basic raw materials in the production of hand sanitizers.
Increasing production of flat screens and LED displays in Asia Pacific is expected to further propel market growth. The increasing consumption of consumer electronics coupled with the rapid growth of the electronics and semiconductor industry is expected to positively contribute to the market growth. China’s LED industry had produced around 296.3 billion LEDs during first half of 2016.
Isopropyl alcohol is increasingly being used as a cleaning agent in residential as well as industrial areas to clean and disinfect machine surfaces and work desks, as well as kitchens, bathrooms, and other surface areas. Increasing stringent norms regarding safety of workforce coupled with increasing consumer awareness regarding personal health and hygiene is likely to boost the product demand. The spread of bacterial and viral infections and the availability of isopropyl alcohol in the form of wipes and disinfecting liquids and sprays facilitates ease of use by consumers.
The increasing cases of hospital acquired infections among patients seeking medical care is likely to raise the demand for isopropyl alcohol to clean and disinfect hospital equipment and frequently touched surfaces in hospitals. The outbreak of pandemics such as COVID-19 are expected to further raise product demand from the healthcare sector in the coming years. The isopropyl alcohol market from medical end use is expected to reach over USD 600 million by 2026 growing at a CAGR of 7% over the forecast period.
Key players in the Asia Pacific isopropyl alcohol market are Clariant AG, Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Mitsui Chemicals Inc., The Dow Chemical Company, China Petroleum & Chemical Corporation Royal Dutch Shell Plc., LyondellBasell Industries N.V., Perrigo Company plc, INEOS Enterprises, LG Chem, and Deepak Fertilizers and Petrochemicals Corporation Limited, among others.