Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
The Global Isopropyl Alcohol Market was evaluated at US$ XX in 2019 and is projected to exhibit a CAGR of 3.1 % to grasp the market value of US$ 6.9 Bn till 2028.
Isopropyl alcohol or 2-propanol is an isomer of propan-1-ol. It is a volatile, pale liquid with antiseptic characteristics and sharp musty odor. It has a somewhat sour or stinging taste. It releases irritating fumes and smoke when ignited to dissolution. It is used for several applications at home. It is also used in various manufacturing methods and medical treatments. Many commodities that are used for domestic purposes and for hospitals comprise isopropyl alcohol.
Growing pharmaceutical and healthcare industries, increased use of cosmetics and personal care products, rapid urbanization, and rising disposable income are the major factors that are driving the market.
The Isopropyl Alcohol Market has observed significant expansion in last few years due to increasing disposable income and fast urbanization. The market has become more price-sensitive and competitive as a result of the immense potential and constant expansion of the isopropyl alcohol demand. The growing per capita disposable earnings and raised changing lifestyle are projected to raise the demand for numerous beautifiers and body care commodities, which in turn is expected to drive the need for isopropyl alcohol as a solvent in many production procedures.
Isopropyl alcohol is also used as a disinfectant on account of its antimicrobial characteristics against bacteria. The isopropyl alcohol having water content ranging between 70% and 99% is used to mop skin before injection application and any other procedure concerning skin penetrating. It is also a useful disinfectant and finds application as a surface disinfectant in the hospital. The isopropyl alcohol is approved by the Environmental Protection Agency i.e. EPA to be efficient against Hepatitis B, Human HIV-1, and Mycobacterium Tuberculosis viruses. These features of isopropyl alcohol which are very useful in various fields further assist to increase market growth.
Additionally, the progressive expansion of the healthcare and pharmaceutical industries is estimated to be another factor stimulating the expansion of the isopropyl market. Moreover, the accelerated progress in automotive manufacturing and industries is anticipated to propel the development of the isopropyl alcohol market for the duration of the assessment period. Besides, the growing demand for paints and coatings from the construction and automotive industries is anticipated to stimulate the demand for isopropyl alcohol as a raw material in the course of the assessment period.
However, definite storage provisions due to extremely flammable character will require additional storage and transportation cost while product acquisition, which is anticipated to restrict industry productivity. This further restricts the isopropyl alcohol market growth. Furthermore, isopropyl alcohol can cause inflammation in the skin when in contact and ingestion by consuming or smelling will induce dizziness, headache nausea, and vomiting commencing to unconsciousness which may act as a restraining factor for the isopropyl market growth.
Chemical Industry Segment Is Anticipated to Hold the Maximum Market Share
In terms of the end-use industry segment, the isopropyl alcohol market is classified into chemical, food & beverages, body care & cosmetics, paints & coatings, and pharmaceutical. The chemical manufacturing sector is the major purchaser of isopropyl alcohol, as it makes alcohol liquid inks, solvents, dyes, and other intermediates. Growing requirement for chemicals from various enterprises, further encouraging manufacturing and investments in the chemical segment.
North America is projected to dominate the global isopropyl alcohol market for the interval of the projection period
North America market is expected to perceive growth as a result of the rising demand for fuel additives from the aviation sector. The North America region is the most extensive manufacturers and customers for fuel additives and therefore probable to drive local product requirements. Tremendous expenditures in the chemical manufacturing backed by capability extension by influential companies will support local business extension. In 2018, Covestro declared an investment of over US$ 1.5 BN in at Texas chemical plant, these diplomatic drives will have an emphatic influence on market expansion in the course of the evaluation period.
Furthermore, Europe is anticipated to exhibit substantial development as a result of inclinations towards maintains a healthy lifestyle. Growing health awareness and the prominence of contagious illnesses will impel Europe region disinfectant market, consequently propelling the local market expansion. Furthermore, increasing cosmetic and body care production majorly in Germany and France attributable to increasing exportation will emphatically influence the growth of isopropyl alcohol market in Europe.
Moreover, the growing healthcare expenditures bolstered by the increasing elderly population along with rising expenditures in the pharmaceutical sector will give rise to the isopropyl alcohol demand in the Asia Pacific region. Besides, increasing body care and cosmetics usage has assisted to inflate the demand for beauty products, consequently propelling the local market development.
Key players operating in the global Isopropyl alcohol market are The Dow Chemical Company, LyondellBasell Industries N.V., Deepak Fertilizers and Petrochemicals Corporation Limited, China Petroleum & Chemical Corporation, Royal Dutch Shell Plc, Mitsui Chemicals Inc., INEOS Enterprises, LG Chem, Perrigo Company plc, Mitsubishi Chemical Corporation, Clariant AG, and Exxon Mobil Corporation.
Global Isopropyl Alcohol Market, by Application
- Process Solvent
- Cleaning Agent
- Coating Solvent
Global Isopropyl Alcohol Market, by End-user Industry
- Cosmetics and Body Care
- Food and Beverages
- Paints and Coatings
Global Isopropyl Alcohol Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa