Because of the static nature of conventional principal component analysis (PCA), natural process variations may be interpreted as faults when it is applied to processes with time-varying behavior. In this paper, therefore, we propose a complete adaptive process monitoring framework based on incremental principal component analysis (IPCA). This framework updates the eigenspace by incrementing new data to the PCA at a low computational cost. Moreover, the contribution of variables is recursively provided using complete decomposition contribution (CDC). To impute missing values, the empirical best linear unbiased prediction (EBLUP) method is incorporated into this framework. The effectiveness of this framework is evaluated using benchmark simulation model No. 2 (BSM2). Our simulation results show the ability of the proposed approach to distinguish between time-varying behavior and faulty events while correctly isolating the sensor faults even when these faults are relatively small.