According to a new report by Grand View Research, the global isopropyl alcohol market size is projected to reach USD 4.85 billion by 2027 and will expand at a CAGR of 8.2 percent from 2020 to 2027. Increasing demand for solvents across a wide range of industries globally is anticipated to remain a key factor favoring growth.
IPA: Solvent in Paints and Coatings Industry
Isopropyl Alcohol is one of the highly used industrial solvents in industries, such as pharmaceuticals, personal care and cosmetics, paints and coatings, and food industry. The chemical is highly preferred in formulating personal hygiene products, including sanitizers, due to its properties of being a disinfectant that works against viruses, bacteria, and other microorganisms.
The substance is the third largest produced lower alcohol globally, after ethanol and methanol. The key applications of isopropyl alcohol are its utility as a solvent in formulating various surface coatings and producing antiseptic products for personal hygiene industry. Formulations with 70 percent concentration of IPA against 30 percent water is proven to be effective as sanitizers by healthcare organizations and other regulatory authorities worldwide.
Increasing Demand Due to Coronavirus Outbreak
The recent outbreak of coronavirus is one of the key factors that induced the need for personal hygiene and safety for humans globally. The global pandemic highlighted the use of IPA in formulating hand sanitizers across North America, Middle East, Europe, and Asia Pacific.
The first quarter of 2020 reflected high sales of sanitizers, which directly implied hefty consumption of isopropyl alcohol in the marketspace. The future demand is expected to be driven by demand stability of polypropylene, which has been one of the major applications.
Source: Grand View Research