H1 2023: The leading producers of Isopropyl Alcohol (IPA) in H1 2023 in North America were LyondellBasell Industries, Dow Chemicals, Exxon Mobil, and Shell. LyondellBasell Industries, one of the biggest producers of IPA across USA and North America announced a force majeure in February 2023 for a span of 10 days. In the beginning of H1 2023, there was an incline in IPA demand across North America with an excess of inventories. But, as February 2023 approached, IPA prices began further rose intensely followed with increasing orders through March 2023. Low inventory levels were available in the North American market with a strong demand for IPA. In March 2023, LyondellBasell again announced a force majeure which lasted till the mid-March 2023. LyondellBasell have their headquarters at Houston and is one of the largest chemical producers across the globe. In USA, IPA prices continued to rise exponentially till April 2023. It was due to strong demand by the end-user industries like personal care products and pharmaceutical industries in the region. Reduced upstream propylene prices reduced the IPA production costs and the market value. Also, low domestic inquiries in the US, put the market sentiments pessimistic in the last two months of H1 2023.
The North America Isopropyl Alcohol (IPA) market at approximately 210 thousand tonnes in 2022 and is expected to grow at a steady CAGR of 4.59% during the forecast period until 2030.
Isopropyl Alcohol is a chemical compound with the formula C3H8O. Isopropyl alcohol is an excellent surface disinfectant due to its antibacterial qualities and its ability to function as a solvent. Due to its water-miscibility, quick evaporation, and inexpensive cost, IPA surpasses all other solvents in its class. Isopropyl alcohol is present in a variety of items, including alcohol wipes, swabs, hand sanitizers, disinfectants, mouthwash, and more. It is frequently used in the electronics industry to clean magnetic tape, IC packages, and optical disc drive lasers. Isopropyl alcohol (IPA) is used in extraction operations, lacquers, liquid fuels, antiseptics in antifreeze compositions, and as a solvent for cellulose and gums, alkaloids, essential oils and more.
Increasing demand for Iso Propyl Alcohol for the production pharmaceutical products is mainly contributing to the growth of the Isopropyl Alcohol market in North America. Isopropyl alcohol 70% is employed as an ingredient in alcohol swabs and wipes for wound cleaning, hand sanitizers, and ear drops. IPA is also be found in oral mouthwash solutions. Capacity additions coupled with expansion strategies are expected to provide considerable revenues to the IPA manufacturers, could help to scale up the North American IPA market during the forecast period. USA leads the North America IPA market due to its rising consumer base as well as the presence of major pharma companies such as Abbott, Pfizer, Merck, Johnson & Johnson, in the region. Market demand for isopropyl alcohol is also driven by an expansion in chemical production. IPA is used as a solvent in the production of Acetone, glycerol, and isopropyl acetate. The demand for the end-use goods it is used in, such as cleaning agents, cosmetics, and medications has a significant impact on the demand for isopropyl alcohol. The Isopropyl Alcohol (IPA) market is expected to reach 300 thousand tonnes in the year 2030.
Based on the end-user industry, the North America Isopropyl Alcohol (IPA) market is segregated into Pharmaceuticals, Chemicals, Paints and coatings, Cosmetics, and Others. Isopropyl Alcohol (IPA) is primarily consumed by the Pharmaceuticals’ sector. In 2022, this industry accounted for approximately 55% of the market. Many cosmetic and personal care items, including aftershave lotions, bath products, eye and other makeup, as well as nail, hair, and skin care products, include isopropyl alcohol.
Major players in the North America Isopropyl Alcohol (IPA) market are Dow Chemicals, Exxon Mobil, Shell, Shell Chemicals Canada, and Petroleos Mexicanos (Pemex). Other global players in the Isopropyl Alcohol (IPA) market are Deepak Fertilizers and Petrochemicals Corporation Ltd., Yangcheng Super chemicals, Jiande Xinhua Chemical, Kellin Chemical, JX Nippon Oil and Energy, Tasco Chemicals, Seqens, and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2030
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Objective of the Study:
• To assess the demand-supply scenario of Isopropyl Alcohol (IPA) which covers production, demand and supply of Isopropyl Alcohol (IPA) market in the globe.
• To analyse and forecast the market size of Isopropyl Alcohol (IPA)
• To classify and forecast North America Isopropyl Alcohol (IPA) market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Isopropyl Alcohol (IPA) market in the globe.
To extract data for North America Isopropyl Alcohol (IPA) market, primary research surveys were conducted with Isopropyl Alcohol (IPA) manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for North America Isopropyl Alcohol (IPA) market over the coming years.
ChemAnalyst calculated Isopropyl Alcohol (IPA) demand in the globe by analyzing the historical data and demand forecast which was carried out considering the raw materials to produce Isopropyl Alcohol (IPA). ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Isopropyl Alcohol (IPA) manufacturers and other stakeholders
• Organizations, forums and alliances related to Isopropyl Alcohol (IPA)’ distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Isopropyl Alcohol (IPA)’ manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, North America Isopropyl Alcohol (IPA) market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
210 thousand tonnes
Market size Volume by 2030
300 thousand tonnes
Growth Rate
CAGR of 4.59% from 2023 to 2030
Base year for estimation
2023
Historic Data
2015 – 2022
Forecast period
2024 – 2030
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2030
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Foreign Trade, Manufacturing Process, Policy and Regulatory Landscape.
Segments covered
By End-Use: (Pharmaceuticals, Chemicals, Paints and coatings, Cosmetics, and Others)
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What was North America market size of Isopropyl Alcohol (IPA) in terms of volume in 2022?
Ans:
The North America market size of Isopropyl Alcohol (IPA) has grown significantly in the historic period of 2015-2022 and reached approximately 210 thousand tonnes in 2022.
Q2.
Which industry is the major consumer of North America Isopropyl Alcohol (IPA) market?
Ans:
The Pharmaceuticals industry is dominating the Isopropyl Alcohol (IPA) market with a market share of approximately 55% in 2022.
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