The isopropyl alcohol market from food industry is expected to witness robust gains over the coming years. Increasing product usage in fats, oils, sweeteners, preservatives, probiotic, and food flavoring agents is expected to drive this growth.
With rising prevalence of chronic health disorders like heart problems, blood pressure, and diabetes, the isopropyl alcohol market in Asia Pacific is slated to foresee a remunerative growth outlook over the coming years. Rising product demand across numerous end-use and manufacturing industries as a chemical intermediate and a solvent is expected to generate lucrative growth opportunities for the market. Isopropyl alcohol is essentially an isomer of 1-propanol, and is a colorless liquid boasting of superior disinfecting properties.
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The ongoing COVID-19 pandemic is compelling consumers to adopt strict measures to promote personal hygiene as well as cleanliness, including frequent use of hand sanitizers, and strong techniques of disinfection. Consequently, the demand for hand sanitizers is growing rapidly, which is driving the demand for isopropyl alcohol more intensely. In fact, India, China, and Japan, some of the most affected countries by COVID-19 in APAC, are creating the lion’s share of the product demand.
Subsequently, increasing efforts from prominent industry players to expand production capacities and meet escalating consumer demands is expected to enhance market growth. Citing an instance, in light of the coronavirus pandemic, Mitsui Chemicals recently announced plans to scale up its production capacity across the APAC region for producing isopropyl alcohol, which is regarded as one of the most basic raw materials used in the making of hand sanitizers.
Following are some of the key trends that are expected to shape the isopropyl alcohol market growth in Asia Pacific:
Growing demand for solvents from paints & coatings industry
In terms of application, in 2019, the solvent application segment dominated the overall market and is anticipated to follow a robust growth rate over the coming time period. The projected growth is majorly attributed to increasing adoption of the product as a solvent in industrial production of gums, drugs, cosmetics, shellacs, and denaturing ethanol.
The use of isopropyl alcohol, mainly as a solvent in the paint and coating industry, is rapidly increasing, which would drive product demand in the foreseeable future. Subsequently, paints & coatings are seeing higher demand from automotive and construction industries. China, for instance, considered to be one of the key automotive manufacturing countries across APAC, is expected to account for the lion’s share of the market landscape.
Growing demand for high performance cleaning agents
With respect to end-use, the medical segment is anticipated to reach a valuation of approximately $600 million by the end of 2026, clocking in growth at a CAGR of more than 7% through the forecast time period.
Rising instances of hospitals acquired infections among patients seeking treatment is slated to augment the product demand, specifically as a cleaning and disinfecting agent for hospital devices and hospital surfaces. The outbreak of pandemics such as the recent COVID-19 are likely to boost the demand for isopropyl alcohol from the healthcare domain over the coming years.
Rising isopropyl alcohol adoption across the food industry
This, when coupled with the rapid ongoing expansion of the global food & beverage industry, would prove to be highly beneficial for market business. Additionally, dense presence of prominent F&B enterprises across the Asia Pacific, including FrieslandCampina, Nestle, Coca-Cola, Kellogg Company, Hershey Company, and Mondelez International will greatly contribute towards revenue growth.
consumption of hand sanitizers & disinfectants across Japan
The Japan isopropyl alcohol industry is slated to witness the fastest growth in the region over the coming time period due to rising consumer disposable income. Additionally, the presence of cultured and well-educated people would also add to the outlook.
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Escalating consumption of surface disinfectants as well as hand sanitizers that contain isopropyl alcohol in concentrations of around 60%-99% would further fuel industry size. This especially stands to be true in the current global COVID-19 pandemic.
Table of Contents (ToC) of the report:
Chapter 3 Asia Pacific Isopropyl Alcohol Market Insights
3.1 Industry coverage
3.2 Industry outlook, 2015 – 2026
3.3 Value Chain
3.4 Regulatory overview
3.5 Market factor analysis
3.5.1 Isopropyl Alcohol Market Growth drivers
3.5.2 Isopropyl Alcohol Market Growth restraints
3.6 Competition review
3.7 Porter’s analysis
3.8 Raw material analysis
3.9 PESTEL analysis
3.10 COVID-19 Impact of isopropyl alcohol market, by end-use
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