According to a Global Market Insights Inc., analysis report, global isopropyl alcohol market size is estimated to surpass US$8 billion by 2026.
isopropyl alcohol market is gaining traction, mainly due to the increasing demand for hand sanitizers and disinfectants in wake of the global COVID-19 pandemic. Reportedly, the sales of hand sanitizers and similar products amid the COVID-19 outbreak had swelled across the global market.— The global
Numerous authorities and governments across the globe have identified the benefits of utilizing alcohol based sanitizers to prevent the surging cases of coronavirus. For example, the FDA in the U.S. has made several guidelines pertaining to the usage of a certain type of sanitizers that are more effective in eliminating deadly viruses.
Isopropyl alcohol is a chemical-based solution that is widely utilized across several end-use industries such as pharmaceutical, automotive, and personal care & cosmetics, among others. The rising occurrence of communicable diseases and increasing pollution levels across the globe have also created tremendous awareness about the importance of personal hygiene among people.
High adoption of regular hygiene monitoring systems has increased the product consumption across the pharmaceutical sector. Leading pharmaceutical companies are emphasizing on adopting isopropyl alcohol-based solutions to adhere to current health and safety standards and enhance their brand recognition. The pharmaceutical end-use segment of the isopropyl alcohol market is estimated to grow at a CAGR of over 5% up to 2026 on account of stringent regulations pertaining to hygiene in pharmaceutical industries.
Geographically, the European isopropyl alcohol market is estimated to grow at a substantial CAGR of 4.9% up to 2026. Growing utilization of sanitizing, antimicrobial, and cleansing ingredients in the manufacturing of cosmetic and personal care products will foster regional market expansion. Additionally, the presence of notable personal care and cosmetics manufacturers will complement the regional outlook.
The Asia Pacific isopropyl alcohol market share is projected to exceed US$3.5 billion by 2026. The regional product consumption is majorly attributed to a well-established automotive industry and the growing trend of purchasing secondary vehicles. Notably, on account of the low residual toxicity and economical nature of isopropyl alcohol solution, the product is widely utilized in automobiles.
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Industry players are focusing on expanding their production capacity in order to consolidate their presence in the local as well as global markets. Also, these firms are eyeing on gaining competitive advantage by investing in promotional campaigns and incorporating advanced manufacturing technologies.
In order to cater to rising product demand from various industries and stay competitive in the market post-COVID-19 crisis, isopropyl alcohol manufacturers and suppliers are entering into a long-term supply contracts. Some of the major companies operating in the isopropyl alcohol market include LCY Chemical Corporation, Dow Chemical, INEOS, LG Chem, Kellin Chemical, Super Chemical, LCY Chemical, Galaxy Chemicals, Shell, and ExxonMobil.
With increasing awareness among consumers regarding the advantages of utilizing high-quality cleaning products, prominent manufacturers are working towards upgrading their existing product portfolio and investing heavily in different marketing campaigns and strategies.
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Name: Arun Hegde
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Organization: Global Market Insights Inc.
Release ID: 89039495