Isopropyl Alcohol Market Updates

Skyquest Technology's expert advisors continuously track and analyze the latest developments and updates related to isopropyl alcohol market. Our team of analysts stay abreast of all the recent news stories shaping the industry including new product launches by major companies, strategic partnerships, M&As, Patent filings and industry and regulatory developments.

Isopropyl Alcohol Market News

in Isopropyl Alcohol Market
  • In January 2024, SK geo centric and Tokuyama Corporation announced the formation of a 50:50 joint venture named STAC, with a focus on producing high-purity isopropyl alcohol for the semiconductor industry. The new plant, scheduled to be operational within the year, aims to produce 30,000 tonnes annually. This collaboration addresses the rising demand for semiconductor-grade IPA, especially in Asia, where technological manufacturing continues to expand rapidly.
  • In February 2024, Dow Chemical entered a strategic partnership with Siemens to integrate AI-powered process automation into Dow’s IPA production facilities. This collaboration aims to reduce energy consumption by 15%, minimize operational waste, and improve yield consistency. The move reflects the growing trend of incorporating digital technologies to optimize chemical production and sustainability practices.
  • In March 2024, BASF unveiled its latest innovation the Ni 3354 E catalyst, designed specifically for efficient isopropyl alcohol production. This catalyst allows for higher throughput and temperature tolerance while maintaining excellent selectivity, which is crucial for consistent product purity and lower energy use. Though not a traditional merger or partnership, this product launch reinforces BASF’s commitment to collaborative innovation with industrial partners using IPA technologies.
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Global Isopropyl Alcohol Market size was valued at USD 2.39 Billion in 2023 and is poised to grow from USD 2.5 Billion in 2024 to USD 3.64 Billion by 2032, growing at a CAGR of 4.8% in the forecast period (2025-2032).

The global isopropyl alcohol industry is highly competitive, characterized by a mix of global chemical giants, regional manufacturers, and emerging startups. Key players such as Dow, LyondellBasell, BASF, and ExxonMobil continue to dominate the landscape through extensive production capabilities, strategic partnerships, and technological advancements aimed at improving product quality and sustainability. 'ExxonMobil Corporation', 'Dow Chemical Company', 'BASF SE', 'Eastman Chemical Company', 'SK geo centric', 'Tokuyama Corporation', 'INEOS Group Limited', 'Royal Dutch Shell PLC', 'LG Chem Ltd.', 'LyondellBasell Industries Holdings B.V.', 'Mitsui Chemicals, Inc.', 'Ecolab Inc.'

The pharmaceutical sector is a key driver of the market due to its widespread use as a solvent and disinfectant. IPA plays a crucial role in drug formulation, sanitization, and equipment sterilization. With the global focus on improving healthcare infrastructure and hygiene standards, demand for IPA in pharmaceutical manufacturing and hospital sanitation has significantly surged.

Shift Toward Bio-Based Isopropyl Alcohol: Sustainability is becoming a central theme in chemical production. Companies are now exploring bio-based IPA, manufactured from renewable sources such as sugarcane, corn starch, and another biomass. This green alternative helps reduce dependency on fossil fuels and significantly cuts down VOC emissions. Companies like LanzaTech and Green Biologics have been innovating in this direction, using fermentation-based processes to produce bio-IPA. Regulatory pressures from environmental agencies and growing consumer awareness are further encouraging this shift, particularly in North America and Europe.

How is Advanced Healthcare Infrastructure Shaping Isopropyl Alcohol Demand?

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Global Isopropyl Alcohol Market
Isopropyl Alcohol Market

Report ID: SQMIG30F2052

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