The global propanol market was valued at USD 4,481.1 Million in 2020 and is expected to reach the value of USD 7,354.3 Million by the end of the year 2028, at a CAGR of 6.30%. Propanol is a predominantly available colorless type of alcohol in the form of its two major isomers: isopropanol and n-propanol or 1-propanol. In various industrial applications, isopropanol and n-propanol are primarily used as a natural solvent. It is also used for producing chemicals such as acetone, isopropyl amines, isopropyl acetates, isopropyl esters, glycerol, and MIBK. Apart from this, n-propanol is used in the coating industry as medium-volatile alcohol to enhance the drying properties of electro-deposition paints, alkyd resins, and baking finishes. It is commonly used as one of the main raw materials in the cosmetics industry because of its ability to reduce the propensity of finished products to create foam and reduce liquid thickness.
The propanol market is driven by the increasing demand for household and personal care, growth in pharmaceutical industries. Growing in population and increasing health consciousness is also a factor that boosts the pharmaceutical and cosmetic market, in which it is highly used. Propanol has several potential uses, such as it can be used as a solvent, medical use, cosmetics, and fuel. It is used as a solvent, or it is used to produce other solvents. Apart from this, it is used as resins in painting and coating. Growing demand for paints and coatings due to the increasing automotive and construction industries will further uplift the market. Propanol is widely used as a solvent and cleaning fluid for dissolving oils, application includes cleaning eyeglasses, electronic devices such as contact pins on ROM cartridges, magnetic tape, disk heads, and floppy disk drives the lenses of lasers in optical disc drives, such as CD, DVD and removing the thermal paste from heatsinks and IC packages. The market is expected to increase in the future due to its extensive applications in the chemical and solvent industries and with growing technological advances in the application industries. Strict rules and regulations and an increase in emphasis on green solvents due to high VOC emissions are factors that may affect the propanol market.
Propanol is one of the primary essential intermediate used in the pharmaceutical. The Isopropanol type segment is used as a direct solvent in the manufacture of pharmaceutical products. The increase in demand for new and improved pharmaceutical drugs to cater to medical conditions has increased the need for pharmaceutical development, which is expected to boost demand.
On the basis of the regional perspective, the Asia Pacific is the dominant market and will continue to be the fastest-growing in the forecast period. Due to increasing demand for propanol in developing countries such as India, Indonesia, and China. Because of changing lifestyles and growing population in these regions, these countries are expected to generate huge demand due to expanding pharmaceutical, cosmetic, and coating industries. Over the forecast period, China is projected to generate significant demand due to the country's increasing development activities. Over the forecast period, the increase in the construction and automotive industries in the region is expected to boost the market.
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Further key findings from the report suggest
- The market is anticipated to grow at a CAGR of 4.1% in the Asia-Pacific, followed by Europe and North America, with 4% and 6.30% CAGR, respectively. Growing applications in the pharmaceutical industry as in drug production and rubbing alcohol and increasing is the major factor for the growth of the North America propanol market. In Europe, Germany and France are expected to face increased demand for products due to increasing recognition in the solvent industry in the coming years.
- The highest market share of 39.5% among other regions is of the Asia-pacific region. It is due to an increase in population and awareness for health consciousness, use of cosmetics. It is accounted for the market value of USD 1,206.43 million in 2020.
- The household and personal care application segment is growing significantly at a CAGR of 4.2%, which is highest among other applications. Increase in disposable income shifting lifestyle toward health consciousness are the factors that help is the growth of the personal care and cosmetic market.
- Population in the world is registered to grow at a rate of 1.07% in the year 2020-2019. Increase population and health consciousness are supporting the growth of the pharmaceutical and cosmetic market.
- In 2020, approximately 70.5 million cars were produced worldwide. Propanol is used in painting and coating material, with the increase in demand of painting and coating demand will also increase.
- Key participants include Royal Dutch Shell Plc., The Dow Chemical Company, Eastman Chemical Company, Tokuyama Corporation, LCY Chemical Corp., Central Drug House, Ridhdhi Sidhdhi Chemicals, Sasol Limited, Solventis.
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Segments covered in the report:
For the purpose of this report, Reports and Data has segmented Propanol Market on the basis of Types, End-use and region:
By Type (Volume, Kilo Tons; Revenue, USD Million; 2020–2028)
- Isopropanol
- N-Propanol
By Application (Volume, Kilo Tons; Revenue, USD Million; 2020–2028)
- Pharmaceutical
- Chemical
- Paint and coating
- Household and personal health care
- other
Regional Outlook (Volume, Kilo Tons; Revenue in USD Million; 2020–2028)
- North America
- U.S
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East Africa
- Latin America
- Brazil
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