Pharmaceutical end-use segment continues to stimulate isopropyl alcohol market

10:10 AM, 3rd February 2021
Isopropyl alcohol is a chemical-based solution that is widely utilized across several end-use industries such as pharmaceutical, automotive and personal care & cosmetics.

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. According to a Global Market Insights Inc analysis report, global isopropyl alcohol m­arket size is estimated to surpass $8 billion by 2026.

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 percent up to 2026 on account of stringent regulations pertaining to hygiene in pharmaceutical industries.  

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.

Isopropyl alcohol solutions are heavily used in developing automobile solutions owing to its economical nature and low residual toxicity. Growing inclination towards owning secondary vehicles coupled with rapid growth in the automotive industry could favor the Asia Pacific isopropyl alcohol market over the forthcoming years. Estimates suggest that the regional market could cross $3.5 billion by the end of the predicted timeframe.

Companies operating in the isopropyl alcohol Industry are emphasizing on new product development activities and expanding their production capacities to enhance their market presence and geographical share. Various organizations are heavily investing in the development of the product’s functionality to broaden their consumer base.

Taking October 2020 for instance, Belle Chemical, a prominent chemical manufacturer that is renowned for developing high-quality isopropyl alcohol, announced that it received a grant of more than $66,000 to expand its workforce. Evidently, the funding would come in handy for purchasing construction equipment and materials, and for reimbursement of wages. The company also received an additional grant of $90,000 to train its new workforce and enhance its production capacity.

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 industry include LCY Chemical Corporation, Dow Chemical, INEOS, LG Chem, Kellin Chemical, Super Chemical, LCY Chemical, Galaxy Chemicals, Shell and ExxonMobil.

Get detailed analysis on the Isopropyl Alcohol Market:  https://www.gminsights.com/request-sample/detail/3789

Contact Us
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com

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