The Asia Pacific Isopropyl Alcohol Market would witness market growth of 8.1% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 776.77 kilo tonnes, showcasing a growth of 7.2% (2019-2022).
The interaction between supply and demand, driven by the demands of numerous industries and end users, is at the core of the market. From its role as a critical solvent in pharmaceutical formulations to its efficacy as a disinfectant in healthcare settings, isopropyl alcohol's versatility fuels its demand across various applications. The burgeoning demand for it in electronics manufacturing, driven by the need for precision cleaning and flux removal, mirrors the industry's relentless pursuit of innovation and quality.
In addition, it finds extensive applications across various industries and sectors due to its versatile properties. Pharmaceutical manufacturing processes utilize it as an intermediary and solvent, producing medications, capsules, tablets, and topical formulations. It is also a carrier solvent in drug delivery systems and a disinfectant in pharmaceutical manufacturing facilities. Isopropyl alcohol is a deicing agent that removes ice and frost from surfaces such as car windshields, aircraft wings, and airport runways. Its low freezing point and ability to lower the freezing point of water make it effective in preventing ice buildup and enhancing safety during winter conditions.
Oil is a primary feedstock for producing various petrochemicals, including isopropyl alcohol. High oil production in Kuwait can lead to abundant feedstock supplies for petrochemical plants, potentially reducing production costs for IPA manufacturers. As per the ITA, approximately 95% of exports and 90% of government profits from exports are comprised of crude. Kuwait possesses an estimated 7% of oil reserves and presently operates at a daily capacity of 3.15 million barrels. Furthermore, Kuwait intends to allocate $44 billion towards hydrocarbon exploration, production, and other initiatives until 2025. Therefore, the expansion of the pharmaceutical industry and high production of crude oil are driving the market's growth.
The China market dominated the Asia Pacific Isopropyl Alcohol Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $502.9 million by 2030. The Japan market is registering a CAGR of 7.4% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 8.7% during (2023 - 2030).
Free Valuable Insights: The Global Isopropyl Alcohol Market is Predict to reach $ 4.4 Billion by 2030, at a CAGR of 7.7%
Based on Application, the market is segmented into Antiseptic & Astringent, Cleaning Agent, Chemical Intermediate, Solvent, and Others. Based on End Use, the market is segmented into Pharmaceutical, Cosmetics & Personal Care, Food & Beverage, Paints & Coatings, Electronics, Chemicals, and Others.Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Application (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By End Use (Volume, Kilo Tonnes, USD Billion, 2019-2030)
By Country (Volume, Kilo Tonnes, USD Billion, 2019-2030)
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