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Global Isopropanol Industry Report: by Application; Country Overview; Value Chain Analysis; Trade Analysis; Cost Structure; Market Dynamics: Drivers & Constraints, Industry Events, Innovations & Trends, SWOT Analysis, Porter’s Five Forces; Industry Best Practices: Sourcing Strategy, Procurement Model, Contract Structure, Negotiation Levers, Pricing Model; Key Supplier Analysis, 2022-2027

Isopropanol Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Isopropanol market reached a value of about USD 3.98 billion in 2021. The industry is projected to grow at a CAGR of around 5% in the forecast period of 2022-2027 to reach a value of about USD 5.15 billion by 2027.

The global Isopropanol industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is being driven by the high solvency properties of isopropanol, as it is acknowledged as one of the essential solvents in various industries. In the industry report, the key demand indicator is the highest category spender by region—Asia Pacific.

Industry Definition and Segmentation

Isopropanol or Isopropyl alcohol is a colourless, volatile liquid with a strong, musty odour similar to rubbing alcohol. It is a propyl alcohol isomer with antimicrobial characteristics. It is considered to have properties that destroy cells by denaturing cell proteins and DNA, disrupting cellular metabolism, and disintegrating cell lipoprotein membranes. The Isopropanol industry report comprises segments by application (Solvent Applications, Chemical Intermediates, Household, Cosmetics, Pharmaceuticals) and region (North America, Europe, Asia Pacific, the Middle East, Africa, and South America).

The Asia Pacific Region is Driving the Growth of the Isopropanol Industry

The Asia Pacific region holds a significant share in the industry due to the robust demand for the product in China's chemical, pharmaceutical, automotive, and construction sectors. The country's expanding solvent market provides a significant thrust to the market. Furthermore, the rapid growth of the construction sector, chemical industry, growing demand for cosmetics and pharmaceutical products in the region are expected to propel the market.

The industry is witnessing growth due to its use as a solvent in thinners for wood furnishings, paints, and inks. It is used as an inert solvent in paints and coatings to minimise the flammability of coatings during transit and storage. It is mainly utilised as a water-based paint thinner and ingredient in inks. As a result, growing building activity throughout the world bolsters the market demand. The chemical is used to clean flux residues after soldering and remove oil, grease, and other handling soils. This water-missile substance is applied as a diluent for natural resins, acrylic, ethylcellulose, epoxy resins, polyvinyl butyral, gum alkaloids, and other essential oils, among other things.

However, factors such as Price variations and strict regulations on the usage of isopropanol are likely to act as market restraints.

Best Procurement Practices

The global Isopropanol industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Isopropanol regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Isopropanol may be made using three distinct methods: indirect propylene hydration, direct propylene hydration, and catalytic hydrogenation of acetone. Direct hydration is less corrosive than indirect hydration via sulfuric acid. However, unlike the indirect approach, which may employ a dilute refinery stream, the direct method requires a pure propylene input. In the indirect-hydration process, propylene is combined with sulfuric acid to form mono- and diisopropyl sulphates subsequently hydrolysed to isopropanol. Separate reactors are employed for the propylene absorption phase and the hydrolysis of the sulphate esters in the two-step strong-acid method. The reaction happens at a low temperature (e.g. 20–30 °C) and a high sulfuric acid concentration (> 80 percent wt). The weak-acid process is carried out in a single stage at a higher temperature (60–65 °C) and a lower acid concentration (60–80 percent wt).

Wide Range of Uses of the Chemical, Further Expanding the Procurement of Isopropanol

The chemical is used to produce rubbing alcohol, sanitiser, etc., driving the industry's demand. It is also employed for purifying and extracting natural goods, including animal and vegetable oils, waxes, resins, flavourings, fats, vitamins, and so on, boosting market expansion. In addition, it is also utilised in the pharmaceutical industry. Alcohol swabs and alcohol wipes, both essential for wound cleansing, contain 70% isopropyl alcohol. It is employed in the electronics industry; the growth of semiconductor ICs and consumer electronics has fueled a considerable increase in demand for electronic-grade isopropanol. It's also a coolant in the beer-making process and a polymerisation modifier in the polyvinyl fluoride-making process. It's also used as a de-icer, a foam inhibitor, and a flavouring ingredient. Specific grades of isopropyl alcohol are used in medicinal and cosmetic applications. Hence, owing to the following applications, the industry will witness increased demand.

The regional markets for the industry can be divided into Europe, North America, the Asia Pacific, South America, and the Middle East and Africa.

Key Industry Players Mentioned in the Isopropanol Industry Report

  • Methanex Corporation
  • Ar Razi Saudi Methanol Company
  • Methanol (Holdings) Trinidad Ltd. (MHTL)
  • Zagros Petrochemical Company
  • Shenhua Ningxia Coal Industry Group Co.Ltd.

Market Landscape

The worldwide isopropyl alcohol (IPA) industry is highly concentrated, with the top 10 businesses accounting for more than 74% of global output. Due to significant expenditures in research and development, the industry has been defined by the existence of top producers with a worldwide reach and a diverse product portfolio. Companies have also increased their production capacity to meet the expanding demand for sanitisers and personal care products in their different local markets. Joint ventures and new product development focusing on new application industries are two primary methods employed by industry participants.

Key Initiatives by Companies

  • In July 2019, BASF SE stated that Australian farmers had received a new Isopropanol-azole fungicide with a novel mode of action that delivers fast-acting and long-lasting disease control for various crops and disease combinations.
  • Exxon Mobil expanded raw material output for medical products such as sanitising solutions, face masks, and gowns in April 2020. It has boosted its specialist polypropylene manufacturing capacity by 1000 tonnes per month and its isopropyl alcohol production capacity by 3000 tonnes per month. In Baton Rouge, Louisiana, isopropyl or rubbing alcohol will be manufactured. This will assist the firm to improve its brand image, stakeholder and worker morale and dramatically increase its production capacity.

1.    Executive Summary
2.    Global Isopropanol Market Snapshot

    2.1.    Isopropanol Market Outlook
    2.2.    Isopropanol Industry Analysis by Application
        2.2.1.    Solvent Applications
        2.2.2.    Chemical Intermediates
        2.2.3.    Household
        2.2.4.    Cosmetics
        2.2.5.    Pharmaceuticals
    2.3.    Regional Overview
        2.3.1.    North America
        2.3.2.    Europe
        2.3.3.    Asia Pacific 
3.    Impact of Recent Events 
4.    Isopropanol Value Chain Analysis 
5.    Isopropanol Production Process
6.    Trade Analysis 
7.    Major Risk Factors in Sourcing
8.    Isopropanol Cost Structure
9.    Isopropanol Price Analysis 
10.    Key Demand Indicator Analysis
11.    Key Price Indicator Analysis
12.    Isopropanol Market Dynamics

    12.1.    Drivers & Constraints
    12.2.    Industry Events 
    12.3.    Innovations & Trends
    12.4.    SWOT Analysis
    12.5.    Porter’s Five Forces
        12.5.1.    Buyer Power
        12.5.2.    Supplier Power
        12.5.3.    Threat of New entrants
        12.5.4.    Threat of Substitutes
        12.5.5.    Industry Rivalry
13.    Feedstock Market Analysis 
    13.1.    Market Overview
    13.2.    Price Analysis 
14.    Industry Best Practices
    14.1.    Sourcing Strategy
    14.2.    Procurement Model
    14.3.    Contract Structure
    14.4.    Negotiation Levers
    14.5.    Pricing Model
    14.6.    Key Factors Influencing the Quotation 
15.    Key Supplier Analysis
    15.1.    The Dow Chemical Company
    15.2.    Exxon Mobil Corporation
    15.3.    Shell plc
    15.4.    INEOS

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Key Questions Answered in the Report

The global Isopropanol market size was valued at USD 3.98 billion in 2021.

As per the application provided, the Solvent Applications segment is anticipated to lead the market between the period 2022 – 2027.

The significant demand for the product as a solvent is one of the essential drivers of the Isopropanol market growth.

Methanex Corporation, Ar Razi Saudi Methanol Company, Methanol (Holdings) Trinidad Ltd. (MHTL), Exxon Mobil, Zagros Petrochemical Company, and Shenhua Ningxia Coal Industry Group Co. Ltd. are few of the key companies in the market.

The Asia Pacific region of the Isopropanol industry holds a significant share in the market.

Analyst Review

The global Isopropanol market attained a value of USD 3.98 billion in 2021, driven by the increasing demand for the chemical as a solvent. The substance is widely used in the manufacturing of various products such as sanitisers, cleaners, etc., boosting the market demand. Aided by the product's use in other industries, including cosmetics, electronics, etc., the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5%. The market is projected to reach USD 5.15 billion by 2027.

Procurement Resources' detailed research approach explores deep into the industry, encompassing the macro and micro aspects of the industry. Its team of experts uses cutting-edge analytical tools and their expertise, thus, delivering its customers with market insights that are accurate, actionable and help them remain ahead of their competition. Some of the leading players in the industry are  Methanex Corporation, Ar Razi Saudi Methanol Company, Methanol (Holdings) Trinidad Ltd. (MHTL), Exxon Mobil, Zagros Petrochemical Company, and Shenhua Ningxia Coal Industry Group Co. Ltd.

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