Isopropyl Alcohol (IPA) Market – Growth, Trends, Impact of COVID-19, and Forecast (2021)

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The Isopropyl Alcohol market is valued at USD 3,152 Million in 2020 and is expected to grow at a CAGR of 4.58% during the forecast period. Due to the COVID-19 pandemic, production in various industries, such as chemicals, paints and coatings, and others, has declined.

New York, October 27, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Isopropyl Alcohol (IPA) Market – Growth, Trends, COVID-19 Impact and Forecast (2021 – 2026)” – https: //www.reportlinker.com/p06177328/?utm_source=GNW
Thus, the consumption of IPA is also reduced. Pharmaceuticals, personal care and cosmetics are the main applications of isopropyl alcohol. The current coronavirus pandemic (COVID-19) has changed the face of the cosmetics industry. Following months of consumer lockdowns, foreign travel bans and retail closings, sales, purchases and use have plummeted in many beauty segments. However, the increase in hand sanitizers has created the demand for isopropyl alcohol. Besides, DIY home decoration is becoming more and more popular as people want to change the atmosphere in their home as they spend more time at home due to the pandemic.

Highlights
In the medium term, the main growth factors of the studied market are the increasing use of cosmetics and personal care products and the wide use of IPA as cleaning agents.
On the other hand, the availability of alternative routes for the production of acetone remains one of the major concerns for the studied market.
Asia-Pacific has dominated the global market, with huge demand generated by countries like China, India and Japan.

Key market trends

Pharmaceutical segment to dominate market demand

Another end user of isopropyl alcohol is the pharmaceuticals segment. 70% strength isopropyl alcohol is used in alcohol swabs and alcohol wipes needed to clean wounds. It is found in hand sanitizers and ear drops. Oral mouthwash solutions also contain isopropyl alcohol in certain amounts.
Another application of isopropyl alcohol can be seen in cleaning products. Generally, in the pharmaceutical industry, isopropyl alcohol can be used in small and safe amounts in capsule or tablet manufacturing processes. IPA is used in the formation of pharmaceutical intermediates, through the use of solvents.
The segment of pharmaceuticals around the world is growing. Additionally, the COVID-19 pandemic, which has plagued many industries, has had the exact opposite effect on the pharmaceutical segment.
According to IQVIA, a U.S. multinational serving the combined industries of health information technology and clinical research, said global pharmaceutical segment revenue was $ 1,265.2 million in 2020.
Several countries, such as India, United States, Germany and others, have increased their spending on pharmaceuticals / drugs in recent years. This has boosted the global IPA market.
The growing concern about the health and well-being of people caused by uncertainties of the COVID-19 pandemic has worked considerably well for the pharmaceutical segment of the market, which was particularly reflected in the sales of disinfectants. for the hands, in turn, affecting the demand for isopropyl alcohol.

The Asia-Pacific region will dominate the market

The Asia-Pacific region dominated the global market share. Factors, such as robust growth in construction industry, investments in chemical industry, growing demand for cosmetics and increase in pharmaceuticals in the region, are expected to drive the growth of isopropyl alcohol market .
Paints and coatings are mainly used in the construction and automotive industries. The Chinese government has rolled out massive construction plans, including providing for the displacement of 250 million people to its new megacities over the next ten years.
COVID-19 affected paint sales as construction activities were halted. India’s second-largest paint company, Berger Paints, announced a decline of approximately 6.5% in its consolidated net profit to INR 1,032 million ($ 13.76 million) for the fourth quarter ended March 31. However, the Indian government’s goal of investing $ 120.5 billion for the development of 27 industrial clusters, which is expected to boost commercial construction in the country. The government also planned to build 100 new airports by 2032.
In addition, residential and commercial construction activities are also increasing in countries such as the Philippines, Vietnam and Indonesia.
Isopropyl alcohol is primarily used in the personal care industry. The Asia-Pacific region is also experiencing strong growth in demand for personal care and cosmetic products, mainly driven by the influence of Western culture. This leads to increased use of cosmetics by adolescents, increased awareness of being presentable, due to growth in female employment, and hygiene awareness, through which the production of such products. products increased in the region.
According to the National Bureau of Statistics of China, China ranks second in the global cosmetics industry, generating CNY 340.02 billion in revenue in 2020, up from 299.22 billion yuan in 2019, and is expected to be CNY 439.23 billion by the end. from 2024. Loreal Paris, Lancome, Pechoin, Estee Lauder, Mary Kay Inc., Shanghai Jahwa United CO. Ltd., Jiangsu Longliqi Co. Ltd. and Olay are some of the country’s leading cosmetic brands.
Pharmaceutical industries in India, China, South Korea and ASEAN countries are further witnessing huge investments from foreign countries to exploit market opportunities.
China is the world’s second largest pharmaceutical market. The pharmaceutical market is emerging rapidly, owing to the growing middle class and aging population of the country, rising incomes and increasing urbanization. The country’s pharmaceutical sales are expected to reach $ 175 billion by 2022. The country has a large and diverse domestic pharmaceutical industry, comprising around 5,000 manufacturers, many of which are small and medium-sized enterprises. This factor is expected to stimulate the growth of IPA used in the pharmaceutical industry.
Hence, all these market trends are likely to drive the demand for isopropyl alcohol during the forecast period.

Competitive landscape

The global isopropyl alcohol (IPA) market is consolidated in nature with the top ten companies accounting for over 74% of global production in 2020. Major market players include Royal Dutch Shell PLC, INEOS, Exxon Mobil Corporation, Dow and Kailing Chemical (Zhangjiagang) Co., Ltd., among others.

Additional benefits:

The market estimate (ME) sheet in Excel format
3 months of analyst support
Read the full report: https://www.reportlinker.com/p06177328/?utm_source=GNW

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