DUBLIN--(BUSINESS WIRE)--The "Isopropyl Alcohol (IPA) Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The isopropyl alcohol market is expected to grow at a CAGR of around 3.54% during the forecast period of 2019-2024.
The major factors driving the growth of the market studied are increasing the use of cosmetic & personal care products, and the wide use of IPA as cleaning agents. On the flipside, alternative ways available for the production of acetone remains one of the major concerns for the studied market.
Key Highlights
- Chemicals end-user industry dominated the market in 2018 and is likely to grow during the forecast period, owing to the growing 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 market across the globe with huge demand coming from countries such as China, India and Japan.
Major Market Trends
Chemicals Segment to Dominate Market Demand
- Chemicals industry is the largest consumer of isopropyl alcohol. In the chemical industry, the production of solvents, pigments, alcohol inks, and other intermediates are produced.
- The growth of the chemical industry is driven by the growing demand for chemicals from numerous industries, further driving production & 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 is expected to drive the consumption of isopropyl alcohol during the forecast period.
- Various companies, such as ExxonMobil, BASF SE, and LG Chem Ltd., have planned investment in Asia-Pacific chemical industry.
- In the United States, growth in shale gas production has driven the growth of the chemical industry in the country. Companies, like Covestro, and Lotte Chemicals have been investments in the country's chemical industry. For instance, Covestro has planned investment of USD 1.7 billion in Texas chemical plant in October 2018.
- Besides, Middle East & Africa has also been witnessing investments in the chemical industry.
- Hence, all such investments in the chemical industry are further likely to drive the demand for isopropyl alcohol in the coming years.
Asia-Pacific to Dominate the Global Market
- Asia-Pacific region dominated the global market share in 2018. The factors, such as robust growth of construction sector, investment in the chemical industry, increasing demand for cosmetic products, and increasing pharmaceutical production in the region is expected to drive the growth of isopropyl alcohol market.
- In China government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities over the next ten years.
- In India, the government's investment target of USD 120.5 billion for developing 27 industrial clusters is expected to boost commercial construction in the country. The government has also planned to construct 100 new airports by 2032.
- In addition, residential and commercial construction is also increasing in the countries, such as Philippines, Vietnam, and Indonesia.
- Besides, countries such as India, Indonesia, Malaysia, and Thailand have been witnessing an increase in investment & production in the automotive industry.
- Hence, with such trends in the construction and automotive industry, the paints & coatings industry has been witnessing strong demand in the region.
- 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 leading to increased usage of cosmetic products by teenagers, increased awareness of being presentable with growing women employment, and hygiene awareness, owing to which the production of such products have also been increasing in the region.
- The pharmaceutical industry in India, South Korea, and ASEAN countries, is 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.
Competitive Landscape
The isopropyl alcohol market is a consolidated market, where few players account for 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 B.V., amongst others.
Topics Covered
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Increasing Use of Cosmetic & Personal Care
4.1.2 Wide Use of IPA as Cleaning Agents
4.2 Restraints
4.2.1 Alternative Ways Available for Production of Acetone
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
4.5 Feedstock Analysis
4.6 Technological Snapshot
4.6.1 Production Process
4.6.2 Technology Licensing and Patent Analysis
4.7 Import & Export Trends
4.8 Price Trends
4.9 Supply Scenario
4.10 Regulatory Policy Analysis
5 MARKET SEGMENTATION
5.1 Application
5.1.1 Process Solvent
5.1.2 Cleaning Agent
5.1.3 Coating Solvent
5.1.4 Intermediate
5.1.5 Others
5.2 End-user Industry
5.2.1 Cosmetics & Personal Care
5.2.2 Pharmaceutical
5.2.3 Food & Beverages
5.2.4 Paints & Coatings
5.2.5 Chemical
5.2.6 Others
5.3 Geography
5.3.1 Asia-Pacific
5.3.1.1 China
5.3.1.2 India
5.3.1.3 Japan
5.3.1.4 South Korea
5.3.1.5 Rest of Asia-Pacific
5.3.2 North America
5.3.2.1 United States
5.3.2.2 Canada
5.3.2.3 Mexico
5.3.3 Europe
5.3.3.1 Germany
5.3.3.2 United Kingdom
5.3.3.3 France
5.3.3.4 Italy
5.3.3.5 Rest of Europe
5.3.4 South America
5.3.4.1 Brazil
5.3.4.2 Argentina
5.3.4.3 Rest of South America
5.3.5 Middle East & Africa
5.3.5.1 Saudi Arabia
5.3.5.2 South Africa
5.3.5.3 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Ami Chemicals
6.4.2 BASF SE
6.4.3 Clariant AG
6.4.4 Dow
6.4.5 Exxon Mobil Corporation
6.4.6 Honeywell International Inc
6.4.7 JXTG Nippon Oil & Energy Corporation
6.4.8 KKR-Led Group
6.4.9 LG Chem Ltd.
6.4.10 LyondellBasell Industries Holdings B.V.
6.4.11 Mitsui Chemicals, Inc.
6.4.12 Perrigo Company plc
6.4.13 Royal Dutch Shell plc
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Innovation in Bio-based IPA
7.2 Other Opportunities
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