Isopropyl Alcohol (IPA) Market - Growth, Trends, and Forecast (2019 - 2024)

The Market is Segmented by Application (Process Solvent, Cleaning Agent, Coating Solvent, Intermediate, and Other Applications), End-user Industry (Cosmetic and Personal Care, Pharmaceutical, Food and Beverage, Paints and Coatings, Chemical, and Other End-user Industries), and Geography.

Market Snapshot

Isopropyl alcohol Market - Market Summary
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The isopropyl alcohol market is expected to record a CAGR of around 3.54%, during the forecast period of 2019-2024. The major factors driving the growth of the market studied are the increasing use of cosmetic and personal care products and the wide usage of IPA as cleaning agents. On the flipside, the availability of alternative ways for the production of acetone remains one of the major concerns for the studied market.

  • The chemicals end-user industry dominated the market in 2018. It is likely to grow during the forecast period, owing to the rising demand for chemicals from various end-user industries.
  • The innovation of bio-based IPA is likely to provide opportunities for the studied market, during the forecast period.
  • Asia-Pacific dominated the global market, with huge demand generated from countries, such as China, India, and Japan.

Scope of the Report

The scope of the isopropyl alcohol market report includes:

Application
Process Solvent
Cleaning Agent
Coating Solvent
Intermediate
Other Applications
End-user Industry
Cosmetics and Personal Care
Pharmaceutical
Food and Beverages
Paints and Coatings
Chemical
Other End-user Industries
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

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Key Market Trends

Chemicals Segment to Dominate the Market Demand

  • The chemicals industry is the largest consumer of isopropyl alcohol, as it produces solvents, pigments, alcohol inks, and other intermediates.
  • The growth of the chemical industry is driven by the surging demand for chemicals from numerous industries, further driving production and investments in the sector.
  • The production in the chemical industry grew by 2.7%, during 2018. The emerging markets in Asia-Pacific and the United States are expected to witness noticeable growth in 2019, owing to the opportunities prevailing in the markets.
  • Asia-Pacific has been witnessing new investments into the chemical industry, which may drive the consumption of isopropyl alcohol during the forecast period.
  • Various companies, such as Exxon Mobil, BASF SE, and LG Chem Ltd, have planned investments in the Asia-Pacific chemical industry.
  • In the United States, growth in shale gas production has driven the growth of the chemical industry. Companies, like Covestro and Lotte Chemicals, have been investing in the country’s chemical industry. For instance, Covestro had planned an investment of USD 1.7 billion in Texas chemical plant, in October 2018.
  • Besides, the Middle East & African region has also been witnessing investments in the chemical industry.
  • Hence, such investments in the chemical industry are likely to drive the demand for isopropyl alcohol, in the coming years.
Isopropyl alcohol Market - Segmentation

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Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share in 2018. The factors, such as robust growth of the construction sector, investment in the chemical industry, increasing demand for cosmetic products, and increasing pharmaceutical products in the region, are expected to drive the growth of the isopropyl alcohol market.
  • The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
  • The Indian government’s target of investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country. The government also planned to construct 100 new airports, by 2032.
  • In addition, residential and commercial construction activities are also increasing in countries, such as the Philippines, Vietnam, and Indonesia
  • Besides, countries, such as India, Indonesia, Malaysia, and Thailand, have been witnessing an increase in investment and production in the automotive industry.
  • Hence, with such trends in the construction and automotive industry, the paints and coatings industry has been witnessing strong demand in the region.
  • The Asia-Pacific region is also registering strong growth in the demand for personal care and cosmetic products, majorly driven by the influence of western culture. This is leading to an increased usage of cosmetic products by teenagers, increased awareness of being presentable, due to a growth in women employment, and hygiene awareness, owing to which, the production of such products has been increasing in the region.
  • The pharmaceutical industries in India, South Korea, and ASEAN countries are further witnessing huge investments from foreign countries, in order to exploit the market opportunities.
  • Hence, all such market trends are likely to drive the demand for isopropyl alcohol, over the forecast period.
Isopropyl alcohol Market - Regional Trends

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Competitive Landscape

The isopropyl alcohol market is consolidated in nature, with few players accounting for a significant share of the market demand. Some of the major players in the market include BASF SE, Royal Dutch Shell Plc, Exxon Mobil Corporation, Dow, and LyondellBasell Industries Holdings BV, among others.

Major Players

  1. LG Chem Ltd
  2. Royal Dutch Shell PLC
  3. Exxon Mobil Corporation
  4. Dow
  5. LyondellBasell Industries Holdings BV

* Complete list of players covered available in the table of contents below

Isopropyl alcohol Market - Market Concentration

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Use of Cosmetic and Personal Care

      2. 4.1.2 Wide Usage of IPA as Cleaning Agents

    2. 4.2 Restraints

      1. 4.2.1 Alternative Ways Available for Production of Acetone

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Feedstock Analysis

    6. 4.6 Technological Snapshot

      1. 4.6.1 Production Process

      2. 4.6.2 Technology Licensing and Patent Analysis

    7. 4.7 Import and Export Trends

    8. 4.8 Price Trends

    9. 4.9 Supply Scenario

    10. 4.10 Regulatory Policy Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Process Solvent

      2. 5.1.2 Cleaning Agent

      3. 5.1.3 Coating Solvent

      4. 5.1.4 Intermediate

      5. 5.1.5 Other Applications

    2. 5.2 End-user Industry

      1. 5.2.1 Cosmetics and Personal Care

      2. 5.2.2 Pharmaceutical

      3. 5.2.3 Food and Beverages

      4. 5.2.4 Paints and Coatings

      5. 5.2.5 Chemical

      6. 5.2.6 Other End-user Industries

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 France

        4. 5.3.3.4 Italy

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Saudi Arabia

        2. 5.3.5.2 South Africa

        3. 5.3.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Ami Chemicals

      2. 6.4.2 BASF SE

      3. 6.4.3 Clariant AG

      4. 6.4.4 Dow

      5. 6.4.5 Exxon Mobil Corporation

      6. 6.4.6 Honeywell International Inc

      7. 6.4.7 JXTG Nippon Oil & Energy Corporation

      8. 6.4.8 KKR-Led Group

      9. 6.4.9 LG Chem Ltd

      10. 6.4.10 LyondellBasell Industries Holdings BV

      11. 6.4.11 Mitsui Chemicals Inc.

      12. 6.4.12 Perrigo Company PLC

      13. 6.4.13 Royal Dutch Shell PLC

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Innovation in Bio-based IPA

    2. 7.2 Other Opportunities

**Subject to Availability

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