COVID-19

Isopropyl Alcohol Market to Grow by 521.75 k Tons During 2020-2024

Strategic Insights

Sep 26, 2020 — 1 min read

The isopropyl alcohol market is poised to grow by 521.75 k Tons during 2020-2024, progressing at a CAGR of almost 4% during the forecast period. The market is driven by the high volume consumption in solvents, which has been instrumental in driving the growth of the market. The report also suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.

Key Takeaways:

The market is expected to grow at a CAGR of almost 4% during the forecast period 2020-2024.
High volume consumption in solvents is one of the key factors driving the market growth.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
The top players in the market include Deepak Fertilisers and Petrochemicals Corp. Ltd., Dow Inc., Exxon Mobil Corp., Galaxy Surfactants Ltd., Honeywell International Inc., LG Electronics Inc., LyondellBasell Industries NV, Mitsui Chemicals Group, Royal Dutch Shell Plc, and Sasol Ltd.
Capacity expansions and installation of new plants is a major trend driving the growth of the market.
The year-over-year growth rate for 2020 is estimated at 2.62%.
The market is expected to hold the highest market share in the APAC region.
The market is expected to grow due to the high demand for isopropyl alcohol in applications such as solvents, chemical intermediates, and pharmaceuticals.

Statistics:

Market size: 521.75 k Tons during 2020-2024
CAGR: almost 4% during the forecast period
Year-over-year growth rate: 2.62% (2020)
APAC market share: estimated to hold the highest market share
Market drivers: high volume consumption in solvents
Market trends: capacity expansions and installation of new plants

Sources:

Technavio. (2020, September 27). Isopropyl Alcohol Market to Grow by 521.75 k Tons During 2020-2024, Surpassing a CAGR of Almost 4% - ResearchAndMarkets.com. Business Wire.
Isopropyl Alcohol Market 2020-2024: Scope. Technavio.
Isopropyl Alcohol Market 2020-2024: Vendor Analysis. Technavio.

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