Propanol Market worth $4.2 billion by 2023 | Key Players include Royal Dutch Shell Plc, Exxon Mobil Corporation, BASF SE, The Dow Chemical Company, LG Chem Ltd.

According to recent market research "Propanol Market by Type (N-Propanol, Isopropanol), Application (Direct Solvent, Chemical Intermediate, Pharmaceutical, Household & Personal Care), and Region (North America, APAC, Europe, Middle East & Africa, and South America) - Global Forecast to 2023", The propanol market is projected to grow from USD 3.5 billion in 2018 to USD 4.2 billion by 2023, at a CAGR of 4.0% during the forecast period. This growth is attributed to the increasing paints & coatings consumption owing to the expansion of the construction and automotive industries in the developing economies, globally. Also, the increasing consumption of pharmaceuticals owing to the growth of the healthcare industry is expected to boost the demand for propanol.

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In the propanol market, the increasing direct solvent application of isopropanol and n-propanol is expected to drive the overall demand. Isopropanol and n-propanol are used as a direct solvent in diverse applications, such as paints & coatings, cosmetics, flexographic inks, chemical processing, and food processing, in the construction, automotive, beauty care, and FMCG end-use industries. All these industries are expected to register high growth in developing countries during the forecast period owing to increasing R&D spending on new product development, developing economy, favorable trade policies & conditions, and growing middle-class population.

N-propanol is projected to be the fastest-growing type segment of the propanol market during the forecast period. Its low toxicity as compared to isopropanol and the new law regarding usage of low VOC emitting chemicals are the major factors driving the n-propanol demand. Also, the increasing consumption of n-propyl acetate in the beauty & fragrance and pharmaceutical industries is fueling the global n-propanol demand. N-propanol is used as a chemical intermediate in the formulation of n-propyl acetate. All these factors together are expected to increase the consumption of n-propanol in various applications, thus boosting the global propanol market during the forecast period.

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The global propanol market size is estimated at USD 3.5 billion in 2018 and is projected to reach USD 4.2 billion by 2023, at a CAGR of 4.0% between 2018 and 2023. The propanol market is majorly driven by the household & personal care and pharmaceutical applications in APAC, mainly from India, China, Japan, South Korea, and Southeast Asian countries. Propanol is a colorless type of alcohol available in two isomeric formulations, namely, isopropanol and n-propanol. Isopropanol also known as isopropyl alcohol is a colorless, flammable liquid used as a solvent in various applications such as paints & coatings, cosmetics, pharmaceutical, food processing, resin, and pesticide formulation. It is also used as a chemical reagent and chemical intermediate for chemical formulation processes. N-propanol is majorly used as a direct solvent in applications such as coatings and flexographic inks. It is also used as a chemical intermediate for the formulation of derivatives such as n-propylamine, n-propyl ester, and glycol ether. The derivatives formed using n-propanol are further used in the pharmaceutical, food, and cosmetics applications.

The key players in the propanol market are Royal Dutch Shell Plc (Netherlands), Exxon Mobil Corporation (US), BASF SE (Germany), The Dow Chemical Company (US), LG Chem Ltd. (South Korea), Sasol Limited (South Africa), Eastman Chemical Company (US), Tokuyama Corporation (Japan), LCY Chemical Corp. (Taiwan), JXTG Holdings, Inc. (Japan), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), and OXEA GmbH (Germany). The propanol market report analyzes the key growth strategies adopted by the leading market players, between 2014 and 2019, which include expansion and new product launch.

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Royal Dutch Shell (Netherlands) is one of the leading players in the propanol market, which provides isopropanol. The company operates through three business segments, namely, upstream, integrated gas and new energies, and downstream. It offers isopropanol products through its chemical sub segment that falls under the downstream business segment. This company is a major player operating in the isopropanol market, which caters to industries such as pharmaceutical and household & personal care. The company is forward integrated and hence has the leverage among other market players. The company has its presence in more than 70 countries, globally.

BASF SE (Germany) is among the key players in the propanol market and offers n-propanol products. The company is actively engaged in research & development and expansion activities for its different business segments. It operates through five business segments, namely, functional materials & solutions, chemicals, performance products, agricultural solutions, and oil & gas. The company provides propanol products through the petrochemical division of the chemicals business segment. The company caters to various end-use industries such as pharmaceutical and personal care & hygiene. It has a strong geographical presence with six Verbund production sites and an additional 355 production facilities in more than 90 countries, globally.

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