The global isopropyl alcohol market is likely to witness noteworthy revenue proceeds on account of proliferating demand for aromatic, quick acting and economical sanitizers. Isopropyl alcohol sanitizers are seeing heavy demand as more people getting aware of the benefits of personal hygiene and overall cleanliness.
Consumers are diligently seeking for affordable sanitizer solutions to prevent the contraction of hazardous viruses. Isopropyl alcohol comes as an ideal substance used in the development of such sanitizers at an affordable price point. The chemical is also widely used in the production of preservative solutions for personal care and cosmetic products.
Furthermore, it is utilized in the production of disinfectant solutions for both commercial and residential applications. Disinfectant comes as a quick action product that suppresses environmental aggressors and prevents the spread of mold, fungi, bacteria, and viruses. According to Global Market Insights, Inc., the isopropyl alcohol market could surpass USD 8 billion by the end of 2026.
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Listed below are some of the major growth drivers that could foster the growth of isopropyl alcohol industry:
Rapid spread of COVID-19 -
The ongoing COVID-19 pandemic has heightened the adoption of alcohol-based disinfectants and hand sanitizers. According to reports, there have been over 42 million confirmed cases of COVID-19 worldwide, with more than 1 million deaths.
In a bid to contain its spread, federal regulators have advised citizens to frequently sanitize and disinfect themselves and their surroundings. The US Centers for Disease Control and Prevention have instructed citizens to use hand sanitizers with 70% isopropyl alcohol or 60% ethyl alcohol.
Promising opportunities across Asia Pacific -
Isopropyl alcohol solutions are heavily used in developing automobile solutions owing to its economical nature and low residual toxicity. Growing inclination towards owning secondary vehicles coupled with rapid growth in the automotive industry could favor the Asia Pacific isopropyl alcohol market over the forthcoming years. Estimates suggest that the regional market could cross USD 3.5 billion by the end of the predicted timeframe.
Adoption of lucrative business ideas -
Companies operating in the isopropyl alcohol Industry are emphasizing on new product development activities and expanding their production capacities to enhance their market presence and geographical share. Various organizations are heavily investing in the development of the product’s functionality to broaden their consumer base.
Taking October 2020 for instance, Belle Chemical, a prominent chemical manufacturer that is renowned for developing high-quality isopropyl alcohol, announced that it received a grant of more than $66,000 to expand its workforce. Evidently, the funding would come in handy for purchasing construction equipment and materials, and for reimbursement of wages. The company also received an additional grant of $90,000 to train its new workforce and enhance its production capacity.
Chapter 1 Methodology & Scope
1.1 Market definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data Sources
18.104.22.168 Paid Sources
22.214.171.124 Public Sources
Chapter 2 Executive Summary
2.1 Isopropyl alcohol industry 3600 synopsis, 2020 - 2026
2.1.1 Business Trends
2.1.2 Application trends
2.1.3 End-use trends
2.1.4 Regional trends
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