As per the latest report by IMARC Group, titled “Isopropyl Alcohol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 3.8 Billion in 2018, growing at a CAGR of 5.7% during 2011-2018. Isopropyl alcohol, also known as 2-propanol, is volatile flammable alcohol that is employed in the production of acetone. It is a clear and colorless liquid with a distinct odor and is miscible in water, ether, ethanol, chloroform and various essential oils. Earlier, it was primarily used in the preparation of Cordite, a smokeless propellant, whereas, nowadays it is utilized as a disinfectant and cleaning agent and in the form of a de-icing agent for lacquers and liquid fuels.
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Global Isopropyl Alcohol Market Trends:
One of the primary factors that are bolstering the growth of the market is the increasing utilization of isopropyl alcohol as a solvent in industries such as pharmaceuticals and paints and coatings. Apart from this, the rising demand for flex cars and biofuels to promote environmental safety is contributing to the growth of the market. Besides this, isopropyl alcohol is used as a general cleaner for removing oil, grease and flux residues, and purifying as well as extracting natural products such as animal and vegetable oils, waxes, resins, flavoring agents, fats and vitamins. The growing demand for these products is influencing the market growth. Further, the burgeoning cosmetics and personal care industry, in confluence with inflating income levels, is resulting in the rising demand for isopropyl alcohol-based products. Looking forward, the market value is projected to reach US$ 4.8 Billion by 2024, expanding at a CAGR of nearly 4% during 2019-2024.
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Market Summary:
Browse related reports
North America Isopropyl Alcohol Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/north-america-isopropyl-alcohol-market
Global Oxo-Alcohol Market Research Report and Forecast 2019-2024: https://www.imarcgroup.com/oxo-alcohol-technical-material-market-report
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