Isopropyl Alcohol Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2026

Isopropyl Alcohol Market Size, Historical Growth, Analysis, Opportunities and Forecast To 2026

The COVID-19 pandemic has created a positive influence on the isopropyl alcohol industry growth by fueling the production of hand sanitizers, in which the product is an important ingredient. This has also encouraged numerous isopropyl alcohol manufacturers to shift their focus towards expanding their production capacities for meeting the demand.

For instance, in April 2020, ExxonMobil escalated the production of critical raw materials that are used in gowns, masks, and hand sanitizers deployed by medical professionals as well as first responders, that are leading the efforts for combating the SARS-CoV-2 pandemic. The company has increased the monthly production of isopropyl alcohol by 3,000 tonnes every month.

Driven by similar advancements, the isopropyl alcohol market size is expected to exceed USD 8 billion through 2026, as stated by the latest research by Global Market Insights, Inc.

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The growth is on account of strict sanitation norms and increasing awareness regarding hygiene products in Europe. The regional market is expected to record a valuation of USD 2 billion by the end of 2026. In the region, isopropyl alcohol solutions are extensively utilized in the preparation of toiletries, economic sanitizers, and personal care products. Consumers in Europe are rapidly moving towards products having sanitizing and cleansing properties.

Not to mention, the region is witnessing a rising demand for effective antimicrobial solutions and high-quality toiletries due to the increasing awareness regarding dermatological aspects of healthcare. Furthermore, isopropyl alcohol solutions are extensively used in shaving lotions, shower gels, manufacturing soaps, personal hygiene products, and others.

Rising demand for isopropyl alcohol in high performance vehicles

The isopropyl alcohol industry size from automobile application is estimated to expand at a CAGR of 5% through the estimated period driven by an increase in the demand for high performance vehicles. The product is extensively utilized in the automotive industry for manufacturing coating, aesthetic paints, and paint removers. The market growth is driven by the increasing trend of car modification and the expanding automobile industry through the coming years.

Other isopropyl alcohol uses comprise the manufacturing of high quality coatings and paints as it helps in bringing shine to metals. The solution is most commonly utilized in the processes of cleaning, as it helps in the removal of dirt, wax, sealant, and traces of rust.

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The electronics application segment in the isopropyl alcohol market will register a valuation of USD 290 million through the end of 2026 owing to the expanding electronics industry and the escalating demand for high-performance products. In the field of electronics, isopropyl alcohol has commercial & industrial usage. Isopropyl alcohol is utilized for cleaning circuit boards & internal components before packaging. This helps in reducing the risks of component failures in the long run under difficult conditions, in turn boosting business landscape through the coming years.

On the whole, the surging adoption of isopropyl alcohol solutions in electronics and mobile stores as well as in home sanitization solutions will augment isopropyl alcohol market size over the estimated period.

About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.