Propanol Market

According to Stratistics MRC, the Global Propanol Market is accounted for $3.96 billion in 2022 and is expected to reach $5.62 billion by 2028 growing at a CAGR of 6.0% during the forecast period. Isopropanol and n-propanol, sometimes known as 1-propanol, are two of the most commonly seen colourless forms of alcohol. Isopropanol and n-propanol are generally employed as natural solvents in a variety of industrial applications. In addition, medium-volatile alcohol such as n-propanol is employed in the coating business to improve the drying capabilities of electro-deposition paints, alkyd resins, and baked finishes. Due to its capacity to lessen the tendency of completed products to produce foam and reduce liquid thickness, it is frequently utilised as one of the primary raw ingredients in the cosmetics sector.



Market Dynamics:

Driver:

Increasing demand for paint and coatings

The market for propanol has grown as a result of the growing demand for paint and coatings. The paints and coatings industry uses n-propanol as a solvent during production. The growing urban population in the majority of emerging regions is the cause of the growth of the building sector. The automotive industry is a further significant user of paints and coatings. The consequences of the recession are still being felt by the automotive industry, and there is not much of a demand for new vehicles. Thus, when the construction sector expands in these countries, there will be a greater demand for paints and coatings, which will ultimately drive the worldwide propanol market.

Restraint:

Shifting focus toward green solvents due to high VOC emission

Propanol market expansion is being constrained by VOC emissions and other environmental issues related to the usage of solvents based on petrochemicals. The environmental risks associated with petroleum-based solvents have prompted an increase in the use of substitutes that use less petrochemical-based solvent, such as the use of water-based paints and coatings in construction applications rather than solvent-based paints and coatings. The usage of bio & green solvents with the properties of petrochemical-based solvents and without VOCs can solve this issue.

Opportunity:

Growing demand for industrial solvents in emerging economies

The ability of solvents to combine with various solids, liquids, and gases makes them useful in industry. Solvents containing propane are frequently utilised in sectors like paint, adhesives, and pharmaceuticals. The world's developing nations are rapidly industrialising, which will offer plenty of room for expansion for propanol producers in the years to come. The propanol market in emerging nations will grow as a result of rising adhesive, paint, pharmaceutical, and other product consumption brought on by developments in the construction, automotive, healthcare, and other industries.

Threat:

Harmful effects of petrochemical-based solvents

Health risks of many kinds can be caused by exposure to propanol solvents. N-propyl alcohol or n-propanol exposure can result in a variety of symptoms, including cracking skin, sleepiness, headaches, ataxia, gastrointestinal pain, stomach cramps, nausea, vomiting, and diarrhoea. On the other hand, exposure to isopropyl alcohol can harm the brain, the liver, the kidneys, the cardiovascular system, and other organs. Isopropyl alcohol is thought to be slightly less hazardous than n-propanol. As a result, the market may face difficulties due to the negative impacts of propanol solvents.

Covid-19 Impact

The COVID-19 pandemic caused the closure of various manufacturing facilities for pharmaceuticals, food and drink, and personal care products in 2020, which had an adverse effect on the expansion of the propanol market. Raw material availability decreased as a result of the import-export supply chain disruption, which had an additional negative impact on market expansion. Additionally, it is predicted that the propanol market will return to normal circumstances in the forecast period taking into account the new normal state and the reopening of several enterprises in various regions.

The isopropanol segment is expected to be the largest during the forecast period

The isopropanol segment is estimated to have a lucrative growth. Isopropanol is utilised as a solvent in a variety of products including paints & coatings, inks, medicines, and household & personal care items since it is inexpensive and widely available. Isopropanol is increasingly being used to denaturize ethanol, which is one of the main causes fueling the demand for it. So, during the course of the projection period, the market would continue to rise as a result of the rising use of isopropanol.

The drugs segment is expected to have the highest CAGR during the forecast period

The drugs segment is anticipated to witness the fastest CAGR growth during the forecast period. The class of medications known as beta-blockers includes propanol. Drugs containing propanol often come in oral tablet, oral liquid solution, oral extended-release capsule, and Injectable forms. In very small amounts, isopropanol is used to make capsules and tablets. Propanol is used to treat a variety of conditions, including high blood pressure, irregular heartbeats, pheochromocytoma, some forms of tremors, and hypertrophic subaortic stenosis.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to demand for propanol and its derivatives is being driven by nations with rapid economic expansion, like China, India, and South Korea. One of the key variables influencing consumption is the increase in infrastructure spending, along with the existence of a strong pharmaceutical industry environment. Additionally, governments are attempting to enhance sanitizer manufacturing to counter the COVID 19 virus.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the use of speciality chemicals and pharmaceuticals has expanded. The demand for sanitizers is driving a rapid increase in use. Large-scale consumption of isopropyl alcohol has caused a shortage of the compounds. To successfully make isopropyl alcohol, many businesses in the area are simplifying their raw material supply.



Key players in the market

Some of the key players profiled in the Propanol Market include LG Chem Ltd., The Dow Chemical Company, Exxon Mobil Corporation, Tokuyama Corporation, BASF SE, LCY Chemical Corp., Sasol Limited, Eastman Chemical Company, Royal Dutch Shell Plc, JXTG Holdings, Inc., China National Petroleum Corporation, Mitsui Chemicals Inc., Zhejiang Xinhua Chemical Co Ltd., Oxea GMBH and ISU Chemical Co Ltd.

Key Developments:

In July 2018, OXEA GmbH inaugurated its new propanol production unit in Texas, US. The new production facility will increase the company’s North American production capacity of n-propanol by 75%.

In March 2017, Royal Dutch Shell established its new technology center in Bangalore, India. Expansion is a part of the company’s strategy to expand its R&D activities in Asia.

In August 2015, OXEA GmbH launched a new product, namely, n-propanol (biocide quality). The product is specially designed as a base material for biocidal products.

Types Covered:
• N-Propanol
• Isopropanol

Purity Covered:
• 90%
• 95%
• 98%
• 99%
• > 99%

Packaging Types Covered:
• Bottle
• Drums
• Can
• Other Packaging Types

Applications Covered:
• Pigments
• Fuel Additives
• Adhesives
• Paints and Coatings
• Food additive
• Printing Inks
• Fertilizers
• Drugs
• Dye
• Other Applications

End Users Covered:
• Building and Construction
• Personal Care
• Automotive
• Paints Agriculture
• Food and Beverage
• Pharmaceuticals
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances