Isopropyl Alcohol Market Size and Share
Pune, India, Jan. 12, 2022 (GLOBE NEWSWIRE) —
The global isopropyl alcohol market size is expected to increase significantly in the coming years, driven by the growing demand for disinfectants globally. The COVID-19 pandemic has had a favorable impact on the industry, increasing the use of the product in the healthcare sector. Healthcare companies prefer isopropyl alcohol-based hand sanitizers and sanitizing swabs because of their high effectiveness in destroying germs. The trends mentioned below are fueling the industry forecast:
The medical segment will register an increase in North America
By 2026, North American isopropyl alcohol market is expected to reach $1.9 billion, due to the emergence of several new pharmaceutical drug makers in recent years. Since the number of COVID-19 patients has increased in the United States, the need for disinfectant sprays and wipes has increased. The medical segment is expected to grow at a CAGR of 6% from 2026 in North America, driven by the increasing use of the products as surgical spirit by medical institutions.
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Increase in demand for disinfectants in the United States
The disinfectant segment is expected to grow at a CAGR of almost 7% in the North American market between 2020 and 2026. As the product is highly effective against fungi, bacteria, and viruses, US-based healthcare institutions use 70% isopropyl alcohol for cleaning effectively eliminating the risk of infections. Manufacturers across the United States are meeting the ever-growing needs of healthcare organizations.
Rise in product consumption in Japan
The size of the Japanese isopropyl alcohol market is increasing, owing to the presence of a robust healthcare sector. Since the product is used in carbonated beverages, food flavorings and colorings and several other applications, the regional market is also making substantial progress in the food and beverage segment.
The domestic production of consumer electronics has a positive impact on the industry. As of August 2021, the production of consumer electronics equipment across the country was estimated at $218.40 billion, according to statistics released by the Japan Electronics and Information Technology Industries Association (JEITA).
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Soaring consumer electronics sales in Asia-Pacific
Steady rise in sales of LED displays, flat panel displays and other electronic products in China, South Korea, Japan and India are driving the Asia-Pacific market forecast. The semiconductor industry in Taiwan, Indonesia and India is making significant progress amid chip shortage issues facing major players.
Due to the rapid evaporation of the product, its stain-free drying and its complete miscibility in water, its use for cleaning very sensitive electronic parts during and after production is growing. End users include manufacturers of audio recorders, fiber optics and connectors, PC components, printed circuit boards, control systems, laptops and desktop computers. These companies have ramped up production, bolstering the industry’s prospects in Asia-Pacific.
Increased use in the paints and coatings industry in Asia-Pacific
By application, the solvent segment accounted for a major share of the industry in Asia Pacific in 2020. The notable growth can be attributed to the increased use of the product as a solvent in the paints and coatings industry. With the emphasis on building renovation and improving aesthetics, the consumption of paints and coatings has increased in the construction and automotive sectors. In addition to being an added component in paints and coatings, 99% isopropyl alcohol is used as a solvent in the industrial production of drugs, cosmetics, gums, shellac, and to denature ethanol.
Industrial prowess in Germany
The strong growth of the automotive, medical, pharmaceutical, cosmetics and food industries in Germany has paved the way for a steady expansion of the European market. By 2027, the German isopropyl alcohol market size is expected to surpass $415 million, driven by growing concerns over sanitation and hygiene at home and in public places. Product sales are increasing due to growing awareness of the use of personal care products.
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Europe to see growth in auto industry revenue
The automotive segment generated more than $230 million in 2020 in Europe. The COVID-19 pandemic has driven a growing demand for car care products and services, driven by increasing disposable incomes, ongoing DIY trends, and aesthetic concerns.
Automobile retailers have recorded an increasing consumption of products to strip waxes before painting vehicles. They add the product to fuel tanks and windshield washers as a defrosting agent. The size of the European market is expected to exceed $1.5 billion by 2027.
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