Global Isopropanol Market: Introduction
Isopropanol is a colourless, flammable liquid and a low-cost solvent. This solvent finds innumerable applications in many industries such as cosmetics, pharmaceutical, paints & coatings, cleaning, etc. It is used to create many other compounds such as isopropyl amines, isopropyl esters and derivative ketones among others. It is produced from either the direct catalytic reduction of acetone or indirect hydration of propene. Solvent applications of isopropanol include inks, surface coatings and processing solvent of natural products (such as fats, gums, vegetable and animal oils, waxes etc.). It is also used as a carrier in the production of food products, household cleaners, etc. Although isopropanol is mostly used as a solvent, it is also used as a coolant during the manufacturing of beer and as a polymerization modifier during the production of polyvinyl fluoride. It also finds some use as a de-icing agent, foam inhibitor and flavouring agent. Isopropyl alcohol produced with special grades finds use in pharmaceutical and cosmetic applications. Pharmaceutical grade isopropyl alcohol is used during the manufacturing of drugs, medical wipes and some other medicinal formulations. Moreover, cosmetic grade isopropyl alcohol is used to create cosmetic and personal care products such as disinfectants, etc.
Global Isopropanol Market: Dynamics
Increasing pollution has led to the emergence of many health hazards as well as skin diseases. This is expected to lead to an increase in the use of cosmetic as well as personal care products over the forecast period. To meet the increasing demand for multifunctional cosmetic and personal care products, chemical companies are working on developing new chemicals to meet the growing demand for ingredients required by the cosmetic and personal care industry. This will lead to an increase in the use of isopropyl alcohol which is used as a solvent during the manufacturing process of cosmetic and personal care products. Since isopropyl alcohol is miscible with non-polar solvents as well as water, it is widely used in cleaning agents. This is yet another factor driving the growth of the isopropyl alcohol market.
Isopropanol is also used in the production of acetone which is used as a solvent in the cosmetic industry. However, alternate ways have now been developed for the production of acetone. This is the major challenge that the isopropyl alcohol market will face during the forecast period.
Global Isopropanol Market: Segmentation
On the basis of grade, the global isopropyl alcohol market is categorized into:
On the basis of application, the global isopropyl alcohol market is categorized into:
On the basis of end-use industries, the global isopropyl alcohol market is categorized into:
Global Isopropanol Market: Regional Outlook
North America is a major consumer of isopropyl alcohol and is expected to witness moderate growth over the forecast period. Western Europe, on the other hand, is the second biggest consumer of isopropyl alcohol in the global isopropyl alcohol market. Increasing disposable income coupled with rising awareness about personal care products are the two factors which have led to an increase in the consumption of isopropyl alcohol in these regions. The Asia Pacific excluding Japan is expected to witness significant growth over the forecast period. Since Brazil is one of major producers of cosmetic and personal care products, the Latin America region is also expected to witness significant growth opportunities for the isopropyl alcohol market.
Global Isopropanol Market: Market Participants
Some of the major participants identified in the global isopropyl alcohol market are:
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