The global isopropyl alcohol market reached a value of USD 4.67 Billion in 2023. The market is further expected to grow at a CAGR of 4.30% in the forecast period of 2024-2032 to attain USD 6.82 Billion by 2032.
Base Year
Historical Year
Forecast Year
| Global Isopropyl Alcohol Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 4.67 |
| Market Size 2032 | USD Billion | 6.82 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.3% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 5.6% |
| CAGR 2024-2032 - Market by Country | China | 5.3% |
| CAGR 2024-2032 - Market by Country | Brazil | 4.7% |
| CAGR 2024-2032 - Market by Application | Cleaning Agent | 4.9% |
| Market Share by Country 2023 | Brazil | 2.3% |
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The market is being driven by the increased usage of isopropyl alcohol in the production of personal care products and cosmetics. Isopropyl alcohol is used in the production of skincare products, makeup, bath products, haircare products, and eyecare products, among others. It is used as a solvent, cosmetic astringent, viscosity decreasing agent, and anti-foaming agent. The growing demand for cosmetic and personal care products, fuelled by the growing focus of consumers on personal care and hygiene, is anticipated to contribute to the isopropyl alcohol market value in the forecast period. Meanwhile, the rising demand for isopropyl alcohol in the healthcare sector is expected to supplement the market growth in the coming years. Isopropyl alcohol finds extensive usage in the production of hand wash, surgical hand scrubs, and antiseptic skin preparations, among others.
In October 2022, US oil company ExxonMobil increased the range of healthcare products in its portfolio in response to shifting consumer demands for safe, wholesome materials for medical applications. The portfolio offers the building blocks needed to develop a variety of applications, such as laboratory and pharmaceutical supplies, medical supplies, and items that prevent infections. Achieve Advanced PP, ExxonMobil PP, Vistamaxx performance polymers, Exact polyolefin elastomers, Exxpro speciality elastomers, ExxonMobil butyl polymers, and ExxonMobil isopropyl alcohol are among the products in the portfolio.
The isopropyl alcohol industry revenue is anticipated to increase as a result of factors including investments in the chemical sector and rising demand for pharmaceutical and cosmetic goods globally.
99% isopropyl alcohol evaporates quickly and has a low water content, making it a perfect solvent or cleaning solution for companies that produce water-sensitive products. When it comes to delicate products like integrated circuit adapters, computer chips, and circuit boards, manufacturers of printed circuit boards, rework and soldering technicians, and computer technicians prefer instant evaporation. As a cleaning agent, isopropyl alcohol is highly used in a variety of industries, which is expected to propel market expansion over the course of the forecast period.
In 2023, the manufacturing of chemical derivatives and direct solvent applications accounted for over two thirds of the global market for isopropyl alcohol of industrial grade. The remaining amount was for the medicinal, electrical, and cosmetic grades.
As per isopropyl alcohol industry analysis, the Indian pharmaceutical industry (IPM) expanded 4.8% in volumes and 12.1% in value in August 2022 due to robust development in all therapy categories. The pharmaceuticals sector of the market has benefited greatly from the growing health concerns brought on by the COVID-19 pandemic's uncertainty; this is particularly evident in the sales of hand sanitizers. The has further boosted the isopropyl alcohol demand.
The Asia Pacific to Provide Significant Opportunities for the Market Expansion of Isopropyl Alcohol
The isopropyl alcohol market share in the Asia Pacific is expected to witness a significant growth in the forecast period. This can be attributed to the increased application of isopropyl alcohol in the construction sector to produce adhesives and sealants, lubricants, paints and paint additives, and pigments, among others. This trend is further expected to be aided by the growing government expenditure on infrastructure development activities, fuelled by the rising population in the region. In addition, the rapid expansion of healthcare facilities in the region is also anticipated to supplement the demand for isopropyl alcohol-based cleaning and antiseptic solutions. Meanwhile, North America is anticipated to witness a considerable growth in the forecast period, with the heightened demand for safety and hygiene products in the region, which utilise isopropyl alcohol-based solvents.
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Isopropyl alcohol is a volatile, flammable, clear and colourless liquid with disinfectant properties. Although it mixes with water, other alcohols, ether, and chloroform but it is insoluble in salt solutions. It is also known as rubbing alcohol and finds extensive applications in the manufacturing of solvents.
By application, the market is divided into:
The report also covers, by region:
| CAGR 2024-2032 - Market by | Country |
| China | 5.3% |
| Brazil | 4.7% |
| Mexico | 4.0% |
| Australia | 3.8% |
| Japan | 3.3% |
| USA | XX% |
| Canada | XX% |
| UK | XX% |
| Germany | XX% |
| France | XX% |
| Italy | XX% |
| India | XX% |
| Saudi Arabia | XX% |
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Isopropyl alcohol is registered as an antimicrobial, bactericide, fungicide, and virucide. The heightened demand for cleaning solutions and disinfectants in the healthcare sector is driving the market growth of isopropyl alcohol. Isopropyl alcohol is used in combination with ethyl alcohol or N-propyl alcohol in disinfectants, which include hand sanitisers, surface cleaners, and clinical instrument cleaners. As per the isopropyl alcohol market dynamics and trends, the demand for isopropyl alcohol is currently growing more in the developing countries due to the growing hygiene awareness among individuals across the region, which is driving the demand for surface cleaning and personal hygiene products. In 2020, amid the COVID-19 outbreak, the demand for hygiene products surged, which, in turn, resulted in the increased production of isopropyl alcohol. For instance, in April 2020, ExxonMobil announced the increased production of raw materials for medical masks, hand sanitisers, and gowns. In this regard, the monthly production of isopropyl alcohol was increased by up to 3,000 tonnes to produce around 50 million bottles of hand sanitisers to meet the growing needs.
Further, the market for isopropyl alcohol is anticipated to be supported by the demand for isopropyl in solvent applications. It is used as a solvent for essential oils, alkaloids, gums, resins, coatings and cellulose, lacquers, and in extraction processes. It is also used as an inert solvent to reduce the flammability of coatings during storage and transportation, and as an additive in inks and thinner for water-based paints. These factors are anticipated to bolster the isopropyl alcohol market revenue in the coming years.
Key Players in the Global Market for Isopropyl Alcohol and their Competitive Strategies
Dow Chemical Company and Shell International B.V. focused on improving production technologies to enhance efficiency and reduce costs. They invested in research and development to develop more sustainable and eco-friendly manufacturing processes which is a key trend of isopropyl alcohol market.
Exxon Mobil Corporation and LyondellBasell Industries Holdings B.V. expanded their production capacities and m...
INEOS Group and Dow Chemical Company emphasized on maintaining high-quality standards and consistent product p...
Shell International B.V. and LyondellBasell Industries Holdings B.V. invested in sustainable practices, focusi...
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Customer Engagement and Support: Exxon Mobil Corporation and INEOS Group enhanced their customer service by providing technical support and customized solutions. They built strong relationships with clients through responsive communication and tailored product offerings.
The key players in the market include Royal Dutch Shell plc, The Dow Chemical Company, Exxon Mobil Corporation, Sasol Limited, and Chang Chun Group, among others.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Isopropyl Alcohol Market Growth
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The major drivers of the market include the growing economy, growing hygiene awareness, existing downstream specialty chemical marketspace, increasing healthcare facilities, thriving cosmetics and personal care industry, elevating income levels, and technological advancements.
The growing demand in pharmaceutical and solvent applications and utilisation of isopropyl alcohol in the formulation of sanitisers are the key industry trends propelling the market's growth.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major applications include process solvent, cleaning agent, intermediate, and coating solvent, among others.
The major players in the industry are Royal Dutch Shell plc, The Dow Chemical Company, Exxon Mobil Corporation, Sasol Limited, and Chang Chun Group, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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