Isopropyl Alcohol (IPA) Market Overview
The isopropyl alcohol market is expected to grow at a CAGR of 4.58% during the forecast period. Pharmaceutical, personal care, and cosmetics are the major applications of isopropyl alcohol. During the COVID-19 pandemic, the increase in hand sanitizers created the demand for isopropyl alcohol. IPA is a major component of rubbing alcohol in pharmaceuticals, as well as, regular household items such as cleaners, disinfectants, and hand sanitizers. The report also covers the market size and forecasts for the isopropyl alcohol market in 15 countries across major regions.
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Isopropyl Alcohol (IPA) Market – Geographical Overview
Asia-Pacific region is expected to dominate the Isopropyl Alcohol (IPA) Market
The factors, such as the robust growth of the construction sector, investment in the chemical industry, increasing demand for cosmetic products, and increasing pharmaceutical products in the region, are expected to drive the growth of the isopropyl alcohol market.
Isopropyl alcohol is majorly employed in the personal care industry. The Asia-Pacific region is also registering strong growth in the demand for personal care and cosmetic products, majorly driven by the influence of western culture. This is leading to an increased usage of cosmetic products by teenagers, increased awareness of being presentable, due to a growth in women’s employment, and hygiene awareness, owing to which the production of such products has been increasing in the region. According to the National Bureau of Statistics of China, China ranks second in the global cosmetic industry, generating revenue of CNY 340.02 billion in 2020, witnessing an increase from 299.22 billion yuan in 2019, and is expected to account for CNY 439.23 billion by the end of 2024.
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Key Highlights of the Isopropyl Alcohol (IPA) Market
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List of Key Players in the Isopropyl Alcohol (IPA) Market
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Mordor Intelligence has segmented the global isopropyl alcohol (IPA) market on the basis of application type, end-user industry, and geography:
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