Isopropyl Alcohol Market (CAGR of 6.02%) 2030: Global Industry Analysis Report and Forecast, 2030

NEW YORK - Dec. 28, 2021 - PRLog -- According to ChemAnalyst report, "Isopropyl Alcohol (IPA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030", The Isopropyl Alcohol (IPA) market showcased considerable growth as its demand reached 2.98 million tonnes in 2020 and is expected to reach 5.19 million tonnes by 2030, growing at an impressive CAGR of 6.02% in the forecast period until 2030. Rapidly increasing demand for Isopropyl Alcohol due to its increased consumption as an important solvent across pharmaceuticals and healthcare industries coupled with favorable socio-economic factors is likely to boost the IPA market in the next ten years.

Isopropyl Alcohol (IPA), also referred to as Isopropanol or 2-Propanol, is a clear, colorless, and flammable chemical compound that is easily miscible in water, ethanol, ethers, and other solvents. IPA falls into the category of secondary alcohols, which means an alcohol carbon atom is bonded with two other carbon atoms. The production of IPA can be done via three routes, i.e., indirect hydration of Propylene, direct hydration of Propylene, and catalytic hydrogenation of Acetone. Among these, Propylene-based Isopropyl Alcohol production remains the widely used production routes in the current market scenario. At the same time, Acetone-based IPA is on the verge of phasing out as LG Chem Ltd. is the only Acetone-based IPA manufacturer across the globe. Among various grades of IPA available, Industrial grade IPA accounted for the highest share in 2019 as consumption of solvents and chemical intermediates took an upswing during the year.

Isopropyl Alcohol (IPA) market is segmented based on end-use, grade, sales channel, and region. On the basis of grade, the IPA market can be divided into Industrial/Technical, Cosmetic, Pharmaceutical, Reagent, Electronic, and others. Among these, the Industrial grade segment held the largest share in the Isopropyl Alcohol market in 2019 as consumption of solvents and chemical intermediates took an upswing during the same year.

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Some of the major players operating in Isopropyl Alcohol (IPA) market include The Dow Chemical Company, Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V., LG Chem Ltd., Royal Dutch Shell Plc., Clariant AG, Honeywell International Inc., JXTG Nippon Oil & Energy Corporation, Mitsui Chemicals Inc., United States Petroleum & Chemical Corporation, INEOS Enterprises, Deepak Fertilisers And Petrochemicals Corporation Limited, Indian Petrochemicals Corporation Limited etc., and Others.