Global N-Propanol Market, Global N-Propanol Industry, Covid-19 Impact Global N-Propanol Market - Ken Research
As per analysis, “Global N-Propanol Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 Worldwide Spread)” the key companies operating in the global N-propanol market include Zibo Nalcohol Chemical, BASF, Dairen Chemical, OXEA, Zibo Nalcohol Chemical, Eastman, Wu Jiang Chemical, DOW and among others. Key market players are adopting expansion and acquisition strategies to increase their market presence. Players are also providing various grades compatible with the food & pharmaceutical products. The companies are mainly looking to increase their production capacity in different regions in order to meet the growing demand and increase their market presence.
By type, N-propanol market can be segregated as Ethylene Hydrogenation method and other compounds byproduct method. Ethylene Hydrogenation method is a most efficient method as it offers higher output. The ethylene hydrogenation segment is anticipated to witness higher growth rate because of high efficiency in producing n-propanol during the forecast period. In addition, by application, market can be segregated as direct solvent, chemical intermediate and others.
Growth in construction industry, followed by increase in disposable income, latest technological advancements, rise in demand from pharmaceutical & beverage industries and growth in population are some major factors, which are responsible for growth of the N-propanol market. Apart from this, high volatile organic compound (VOC) emission and other environmental hazards associated with product may impact the market.
Another important driver of the market is the rise in living standards and the rapid development of infrastructure in developing countries such as India and China. In addition, the outbreak of covid19 has increased the demand for hand sanitizers with propanol as the main ingredient, and this growing awareness of preventive health will drive market growth. However, the growing preference for environmentally friendly solvents, volatile raw material prices, and strict government policies regarding n-propanol storage can affect the growth of your market.
Based on regional analysis, the Asia-Pacific is a leading region in global N-propanol market owing to rapid industrialization & urbanization and increase in consciousness toward beauty across the region. The Europe and North-America regions are anticipated to witness higher growth rate due to growth in adoption of alcohol for drug formulation by pharmaceutical manufacturers, rise in demand from end-users coupled with presence of various manufacturing facilities over the forecast period. It is projected that future of the global N-propanol market will be bright on account of growth in consumption of 1- propanol during the forecast period.
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