Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Propanol market.
Trusted Business Insights presents an updated and Latest Study on Propanol Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Propanol market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Propanol Market
The global propanol market size was valued at USD 3.10 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2027. It is colorless alcohol that exists in the form of 2 isomers: n-propanol and isopropyl alcohol. The product demand is driven by rising utilization in the pharmaceutical and chemical intermediate manufacturing industries.
N-propanol and isopropyl alcohol have different properties, despite having similar chemical structures. Their unique chemical properties have positioned the building blocks of a large number of chemicals that are currently being used in the pharmaceutical and plastics industries. These chemicals are majorly manufactured using the hydrogenation reaction. However, the price of n-propanol is generally higher than that of isopropyl alcohol owing to high raw material costs and its application as a solvent.
U.S. is one of the major markets for propanol. The presence of a large number of manufacturing facilities, coupled with steady growth in end-use industries, is aiding the product consumption. The market is largely driven by rising demand for isopropyl alcohol as it is majorly used in pharmaceuticals and chemical intermediate manufacturing. The chemical is majorly used for its antiseptic properties and as a solvent in pharmaceutical formulations. The n-propanol market is expected to witness steady growth as it is majorly used as a solvent and in the manufacturing of specialty chemicals.
The pharmaceutical industry is growing rapidly over the past few years on account of product innovation and increased healthcare spending by governments in emerging economies. The rise in chronic diseases has prompted a large-scale innovation in the pharmaceutical industry. With the rising pandemic caused by COVID-19, demand for hand sanitizers and personal protective equipment has witnessed a rise. Isopropyl alcohol is one of the major ingredients used in sanitizer formulations. The growing trend of preventive healthcare will benefit market growth as sales of sanitizers and other associated products are expected to increase rapidly over the next few years.
N-propanol and isopropyl alcohol are among the largest industry solvents consumed globally in the manufacturing industries. They are used in applications ranging from paints and inks, adhesives, cosmetics, plastics, and rubber to heavy industries, such as automotive and industrial machinery. Their miscibility with water and low reactivity towards the majority of commodity chemicals makes them an efficient solvent. Rising infrastructure spending in emerging economies globally is expected to play a major role in driving demand for products, such as paints and coatings, adhesives, and industrial machinery. The growth in these high-value sectors is expected to have a positive ripple effect on the consumption of propanol.
As the majority of the propanol is sourced from petrochemicals, the pollution concerns surrounding its application have impacted the market growth. Petrochemical solvents are now being replaced by green solvents in the majority of the applications. Product innovation in the green solvent industry is happening rapidly and it can hamper the demand for propanol. Solvent recycling can be a game-changer in the industry as it can maintain the demand for propanol and also help in reducing the environmental impact caused by propanol. Companies can also look at new chemical intermediates that can be developed using the recovered propanol so that it can open up new growth avenues.
Product Insights: Propanol Market
Isopropyl alcohol was the largest product segment with a revenue share of 63.2% in 2019 and is anticipated to witness the fastest growth over the forecast period 2021-2027. The major application areas of isopropyl alcohol are an antiseptic and astringent, cleaning agent, solvent, chemical intermediate, and others. The antibacterial properties and low chemical reactivity exhibited by isopropyl alcohol have boosted the demand for isopropyl alcohol.
Demand for cleaning agents is growing at a steady pace as it is one of the essential products that is used in all households. Cleaning agents are witnessing significant growth in the emerging economies as manufacturers have adopted product differentiation and innovation strategies. increase in disposable incomes have also benefitted the growth of these products. Isopropyl alcohol forms an important component of these cleaning formulations and with rising importance about hygiene in the home, the application segment is expected to grow at a steady pace.
N-propanol is a specialized solvent that is majorly used in the manufacturing of chemical intermediates. The behavior of n-propanol as primary alcohol is driving the demand for n-propanol. It is majorly used in the manufacturing of alkyl halides and acetylated chemicals. These chemicals are further used in industries, such as pharmaceuticals and specialty chemical manufacturing.
Regional Insights: Propanol Market
Asia Pacific lead the industry with a volume share of 42.9% in 2019 and is anticipated to witness the fastest growth over the forecast period. Rapid growth in countries such as China, India, and South Korea is driving the demand for propanol and its derivatives. Rising spending on infrastructure, coupled with the presence of a robust pharmaceutical industry ecosystem, is one of the major factors driving consumption. Governments are also working towards boosting production to increase the production of sanitizers to combat the COVID 19 virus.
Demand in Europe is on a rising trend due to increased application in the pharmaceutical and specialty chemicals industries. The consumption is increasing rapidly since the start of 2020 due to the rising demand for sanitizers. Isopropyl alcohol is being consumed in large quantities, resulting in a shortage of the chemicals. Many companies in the region are streamlining their raw material supply to efficiently manufacture isopropyl alcohol.
Germany is one of the leading countries in Europe in the manufacturing of propanol. Companies such as INEOS and Oxea Gmbh are increasing their production capacities to cope with the increasing demand. N-propanol production has been ramped up to support the production of disinfectant products.
Key Companies & Market Share Insights: Propanol Market
Companies are investing in R&D activities to explore new applications of propanol. Stringent regulatory norms in North America and Europe are expected to increase demand for bio-based chemicals. Market players are investing in integrated facilities to manufacture end-use products. Some industry participants are also adopting forward integration strategies by collaborations to reduce production costs. Some of the prominent players operating in the global propanol market include:
Key companies Profiled: Propanol Market Report
- Dow Chemical Company
- BASF SE
- Royal Dutch Shell Plc.
- Eastman Chemical Company
- Mitsui Chemicals Inc.
- China National Petroleum Corporation
- Zhejiang Xinhua Chemical Co Ltd.
- LG Chem Ltd.
- Oxea GMBH
- LCY Chemical Corp.
- ISU Chemical Co Ltd.
This report forecasts volume and revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global propanol market report on the basis of product and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Isopropyl Alcohol
- Direct Solvent
- Chemical Intermediate
- Household and Personal Care
- Chemical Intermediate
- Direct Solvent
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