February 16, 2021
According a recent study titled ‘GCC Isopropyl Alcohol Market Analysis, 2020’, available with Market Study Report LLC, GCC isopropyl alcohol industry is expected to register an appreciable CAGR of 5% during 2020-2025.
According to the report findings, GCC isopropyl alcohol market size is steadily growing owing to rising product utilization in several industries such as pharmaceutical, cosmetic and personal care, automotive, and paints & coatings.
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Based on end-users, GCC isopropyl alcohol market is categorized into pharmaceutical, cosmetics and personal care, paints and coatings, food and beverages, chemical, and others. Industry experts cite that cosmetics and personal care segment is gaining considerable traction. This can be ascribed to the use of isopropyl alcohol as solvent in manufacturing of skincare, haircare, makeups product etc., which are witnessing an increased demand due to changing lifestyles and rising awareness through online channels.
Meanwhile, food and beverage industry is also recording strong growth, creditable to the use of isopropyl alcohol in cleaning and extraction of animal oil, vegetables, and fats. Rising demand for food and beverages in Saudi Arabia and UAE due to increasing tourism is likely to boost the segmental share in the coming years.
Chemical segment accounts for significant portion of GCC isopropyl alcohol market share, attributable to widespread utilization of isopropyl alcohol for production of solvers, alcohol inks, pigments and other intermediates.
Also, pharmaceutical segment accounts for a sizeable industry share. This can be ascribed to utilization of isopropyl alcohol market for cleaning surgical devices and equipment, and handing washing purposes. Rising establishment of hospitals throughout GCC is expected to account for majority of 70% IPA demand.
From a geographical perspective, GCC isopropyl alcohol industry size spans across UAE, Saudi Arabia, Oman, Bahrain, and Kuwait. Of these, Saudi Arabia is projected to lead the industry growth over the forecast period, mainly due to the presence of a massive oil & gas sector in the nation.
Apart from these, other key segments covered in the research literature include type (70% IPA, 90% above IPA) and application (cleaning agent, process solvent, coating solvent, intermediate and others).
Speaking of the competitive arena, top contenders in GCC isopropyl alcohol industry sphere are Patcham FZC, Green Cross Inc., Nasit Pharmachem, Fujairah Chemical, Dubichem Marine International, Dow Chemical Co., Royal Dutch Shell plc, and ExxonMobil Chemical Co.