Asia-Pacific Region to Dominate the Market2020-07-14 10:37
The Asia-Pacific region dominated the global market share. The factors, such as the robust growth of the construction sector, investment in the chemical industry, increasing demand for cosmetic products, and increasing pharmaceutical products in the region, are expected to drive the growth of the isopropyl alcohol market.
The Chinese government rolled out massive construction plans, including making provision for the movement of 250 million people to its new megacities, over the next 10 years.
The Indian government’s target of investing USD 120.5 billion, for developing 27 industrial clusters, is expected to boost commercial construction in the country. The government also planned to construct 100 new airports, by 2032.
In addition, residential and commercial construction activities are also increasing in countries, such as the Philippines, Vietnam, and Indonesia.
Besides, countries, such as India, Indonesia, Malaysia, and Thailand, have been witnessing an increase in investment and production in the automotive industry.
Hence, with such trends in the construction and automotive industry, the paints and coatings industry has been witnessing strong demand in the region.
The Asia-Pacific region is also registering strong growth in the demand for personal care and cosmetic products, majorly driven by the influence of western culture. This is leading to an increased usage of cosmetic products by teenagers, increased awareness of being presentable, due to a growth in women's employment, and hygiene awareness, owing to which, the production of such products has been increasing in the region.
The pharmaceutical industries in India, South Korea, and ASEAN countries are further witnessing huge investments from foreign countries, in order to exploit the market opportunities.
Hence, all such market trends are likely to drive the demand for isopropyl alcohol, over the forecast period.