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Isopropyl Alcohol Market Size, Share to Grow at a CAGR of 4.77% by 2030 | ChemAnalyst
The Isopropyl Alcohol (IPA) market witnessed steady growth in the historical years and is estimated to reach a market volume of 3200 thousand tonnes with a CAGR of 4.77% until 2030.
Isopropyl Alcohol is a structural isomer that possess the antibacterial properties. It is colorless and flammable in nature. IPA is synthesized by the reaction of Propylene with Sulphuric Acid which is further followed by Hydrolysis. The most used process to produce IPA is Propylene-based in the current market scenario, whereas the Acetone-based process is being phased out gradually. It is extensively used in cosmetics as lotions, drugs, detergents, Adhesives and sealant chemicals, fuels and fuel additives, intermediates, non-pesticidal agricultural chemicals, lubricants, and others. IPA is easily miscible with water, ethers, ethanol, and other solvents. Due to its quick evaporating, non-toxic and non-oily nature, it is highly used in solvents.
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The demand of IPA in pharmaceutical sector to produce hand sanitizers and disinfectants majorly contributes to the IPA market. The Solvent segment is a major growing segment of IPA due to its high consumption across the word. Being extremely safe and highly evaporative, Isopropyl Alcohol is widely used for sterilization purposes in the medical sector. Increasing demands from consumers would enhance the consumption of IPA and its derivatives in cosmetics and personal care products. IPA is also used in electronics industry as a cleanser and is likely to witness a record growth during the forecast period as technology penetration in emerging countries would rise substantially.
Major Players are Sasol Germany, Dow Chemicals, Exxon Mobil, Deepak Fertilizers and Petrochemicals Corporation Ltd., Yangcheng Super chemicals, Jiande Xinhua Chemical, Kellin Chemical, Shell Eastern Petroleum Pte Ltd, JX Nippon Oil and Energy, Tasco Chemicals, Seqens, LCY Chemicals, BP, Shell Nederland Chemie BV, and others.
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