New York, Jan. 15, 2020 (GLOBE NEWSWIRE) — The global isopropanol market is forecast to reach USD 4.05 Billion by 2027, according to a new report by Reports and Data. The Isopropanol or Isopropyl Alcohol is the colorless, highly flammable laboratory and household chemical and primary type of alcohol. Based on the isomerism, the isopropanol has a twin molecule with a slightly different chemical structure, n-propanol. Isopropanol is more readily available for its simple chemical structure compared to the n-propanol and is also consequently cheaper. Isopropanol is mostly used in medical use applications and also widely utilized as a direct or intermediate solvent chemical in the formulation of various chemical processing. However, the market is potentially being restrained by the stringent Volatile organic compounds’ (VOC) emission norms in European and North American continents.
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Asia Pacific region is forecasted to grow fastest with the highest growth rate of 6.7% in the period 2019 – 2027, owing to higher demand in the household & personal care products and paints & coatings industries coupled with propulsion of the medical use products due to rise in the small and severe infectious diseases, especially in the highly populous regions like India and Bangladesh.
Further key findings from the report suggest
- Isopropanol is widely used as a disinfectant which strongly prevents the growth of the bacteria on skin. The medical use applications sub-segment is expected to gain the highest market possession of USD 1.19 Billion in 2027, having grown with a CAGR forecasted to be 6.2% during the forecast period.
- Isopropanol is one of the safest synthetic alcohol to be used in the direct solvent and is widely used in the chemical formulations. Eyeglasses cleaner, toner of the electronics appliances, removing thermal paste from heat sinks on IC packages are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2027 growing with a rate of 6.6% during the period 2019 – 2027.
- Chemical Intermediate segment is measured to gain a market revenue of USD 0.76 Billion by 2027 and the CAGR is forecasted to be 5.8% in the forecast period. Isopropanol is utilized as the chemical intermediate in the processing of propyl amines, halides, and propyl acetate.
- Growing penetration of the online retailing businesses for the chemicals and materials especially in the emerging nation in Asia Pacific, is helping the market grow broadening the outreach in the areas where the offline vendors are unavailable. Also non-involvement of the distributors in the supply chain model, and the profit margin is way more than that of the offline retailing. The online retailing is expected to gain a market share of 34.1% by 2027.
- Europe would reach a market share of 20.5% by 2027 and would grow at a CAGR of 5.3% in the forecast period. Germany has the highest number of valuable players in this region, while France is the fastest-growing market in Europe.
- North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2027 and CAGR of 6.4% during the forecast period. US possessed the highest market share in this region in 2018.
- Key participants include BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global isopropanol market on the basis of the end-use, sales channel, applications, and region:
End-Use Outlook (Revenue: USD Billion; 2016-2027)
- Direct Solvent
- Chemical Intermediate
- Pharmaceutical Solvents
- Pesticide Formulations
- Chemical Reagents
Sales Channel Outlook (Revenue: USD Billion; 2016-2027)
- Online Retailing
- Offline Retailing
Applications Outlook (Revenue: USD Billion; 2016-2027)
- Medical Use
- Paints and Coatings
- Household & Personal Care
- Printing Inks
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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