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Global Propanol Market 2023 Business Growth, Industry Share, Latest Trends And Forecast To 2032 | Major Players Are The Dow Chemical Company, BASF SE, Royal Dutch Shell Plc, Eastman Chemical Company, Mitsui Chemicals Inc
Propanol Market
The Business Research Company's Propanol Global Market Report 2023 identifies increase in demand for paint and coatings as the major driver for the Propanol Market's growth in the forecast period. Coatings refer to varnishes and inorganic binders, which are used similarly to paints. In the coating industry, propanol is used in the form of semi-volatile alcohol to increase drying qualities, such as in the manufacturing of alkyd resin paints, baked finishes, and electrodeposition paints, and is also employed as a deicing fluid, as an extracting agent, and as an entertainer in azeotropic distillation.
The global propanol market size is expected to grow from $3.49 billion in 2022 to $3.67 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The propanol market size is expected to grow to $4.43 billion in 2027 at a CAGR of 4.8%
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Major competitors in the propanol market are The Dow Chemical Company, BASF SE, Royal Dutch Shell Plc, Eastman Chemical Company, Mitsui Chemicals Inc., Oxea GMBH, Deepak Fertilizers and Petroleum Corporation Limited, Tokuyama Corporation, Sasol Limited, ExxonMobil Chemical Company, Nanjing Wujiang Chemical Company Limited, RX CHEMICALS, Honeywell International Inc., DuPont de Nemours Inc., and LyondellBasell Industries NV.
A key trend in the Propanol Market includes Strategic partnership and collaborations. Major companies operating in the propanol market are focused on undergoing strategic partnerships and collaboration to sustain their market position. For instance, in March 2022, SHV Energy, Netherlands-based distributor of off-grid energy, and LanzaTech, a US-based chemical manufacturing company, announced a new strategic partnership to offer renewable propane and other sustainable fuels through both tried-and-true and new distribution channels. The partnership will be focused on developing LanzaTech's current synthetic biology platform and CCT technology, which converts waste carbon into sustainable fuels and other materials like fabrics, packaging, and other products. Furthermore, in July 2021, Eni S.p.A., an Italy-based energy company, and BASF SE, a Germany-based chemical company, signed a strategic agreement on a joint R&D initiative to reduce the CO2 footprint of the transportation sector. This partnership aims to introduce advanced bio-propanol from glycerin, a byproduct of the manufacturing of industrial biodiesel (FAME, fatty acid methyl ester), which Eni will buy from European producers. The new method involves applying a high-pressure hydrogenation reaction over a BASF catalyst to make bio-propanol with a high yield, high purity, and the fewest possible byproducts.
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The Propanol Market is segmented -
By Type: Iso-Propanol, N-Propanol
By Grade: Technical Grade, Pharmaceutical Grade, Cosmetic Grade, Electronic Grade
By End User: Pharmaceuticals, Chemicals, Personal Care, Printing Inks, Paints and Coatings, Other End Users
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Propanol Market.
The Business Research Company's "Global Propanol Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Propanol Market Include:
1. Executive Summary
2. Propanol Market Characteristics
3. Propanol Market Trends And Strategies
4. Propanol Market - Macro Economic Scenario
5. Propanol Market Size And Growth
……
26. Africa Propanol Market
27. Propanol Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Propanol Market
29. Propanol Market Future Outlook and Potential Analysis
30. Appendix
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