Global Isopropyl Alcohol (IPA) Market - Segmented By Application, End-user Industry, and Geography - Trends and Forecast (2018 - 2023)
The global isopropyl alcohol (IPA) market is expected to register a CAGR of 3.10%, during the forecast period, 2018 to 2023. Isopropyl alcohol is produced from either the direct catalytic reduction of acetone or indirect hydration of propene. IPA is used to create many other compounds, such as isopropyl amines, isopropyl esters, and derivative ketones, among others. Although isopropanol is mostly used as a solvent, it is also used as a coolant during the manufacturing of beer and as a polymerization modifier during the production of polyvinyl fluoride.
Increasing Usage of IPA in Cosmetic and Personal Care Products
The most important driver for the IPA market is the increasing use of cosmetic and personal care products, where IPA is used as a solvent. It is used for the purpose of dissolving other substances in cosmetics and personal care products. It is also used for decreasing the thickness of liquids and to reduce the tendency of finished products to generate foam when shaken. These are used as conditioning agents, emulsifier, special effect pigments, anti-static agents, fixatives, moisturizing agents, foaming agents, and surfactant mixtures in the cosmetics and personal care industry. With the growth of cosmetic and personal care industry, the market for IPA is also expected to expand.
Solvent Applications are expected to have the Highest Growth
As a solvent, isopropyl alcohol is used in cosmetic & personal care products. Coatings manufacturing and ink industry are other major end consumers in the market. In addition, IPA is also used as cleaning agents, owing to the miscible nature with non-polar solvents and water. It also evaporates quickly; leaves nearly zero oil traces, compared to ethanol, and are relatively non-toxic in comparison to alternative solvents. Thus, it is used widely as a solvent.
Asia-Pacific Dominates the Market
Asia-Pacific is the major consumer as well as the largest producer of isopropyl alcohol, among regions that include North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. The market is mainly driven by the strong presence of cosmetic & personal care sectors in the region. In addition, increased demand from this region is also attributed to the increase in applications, such as organic formulations clean fuel industry and in the processing of food ingredients. China is the largest producer and consumer of IPA in this region. The country is benefitted by the presence of one of the largest chemical industry in the world. Asia-Pacific is also expected to have the highest growth rate during the forecast period.
Major Players: BASF SE, Royal Dutch Shell Plc., Exxon Mobil Corporation, Dow DuPont, and Clariant AG, amongst others.
Reason to Purchase this Report
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
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Countries expected to witness the fastest growth during the forecast period
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