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Propanol Market Growth, Outlook And Trends Report 2033
Propanol Market Growth
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According to The Business Research Company's, The propanol market size has grown strongly in recent years. It will grow from $3.66 billion in 2023 to $3.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to industrial solvent demand, paints and coatings industry growth, pharmaceutical manufacturing, consumer product formulations, surface coating for electronics, printing and packaging industry.
The propanol market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to pharmaceutical api manufacturing, environmentally friendly formulations, emerging biotechnology applications, focus on green chemistry, increasing use in personal care products, shift towards waterborne coatings. Major trends in the forecast period include technological advancements in production processes, rising demand for disinfectants and sanitizers, shift towards bio-based propanol, capacity expansions by key manufacturers, strategic collaborations and partnerships.
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Market Drivers and Trends:
Rising demand from the personal care industry is driving the growth of the Propanol market going forward. Propanol's wide range of applications makes it an important chemical compound in various industries. Its effectiveness as a solvent, disinfectant, and intermediate in chemical processes contributes to its versatility and market demand. propanol, particularly isopropanol, is used in personal care products in compliance with safety regulations and guidelines. When used in cosmetics, it is typically in concentrations that are considered safe for human skin and health. Proper formulation and adherence to regulations are crucial to ensure the safety and effectiveness of personal care products containing propanol. For example, according to Unicommerce data reported by ET Brand Equity, an India-based source of information, news & opinion on the marketing/advertising industries, the e-commerce industry experienced a 69.4% YoY order volume growth in 2022, compared to 44.9% YoY order volume growth in 2021. The beauty and personal care segment continue to show strong growth across digital shopping platforms, with a growth rate of 143% in order volumes and 132% in order value in 2022. Therefore, rising demand from the personal care industry is expected to drive the Propanol market growth.
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, a 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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Major Key Players of the Market:
The Dow Chemical Company, BASF SE, Deepak Fertilizers and Petroleum Corporation Limited, DuPont de Nemours Inc., Eastman Chemical Company, ExxonMobil Chemical Company, Honeywell International Inc., LyondellBasell Industries NV, Mitsui Chemicals Inc., Nanjing Wujiang Chemical Company Limited, Royal Dutch Shell plc, Sasol Limited, Tokuyama Corporation, Ineos Group Holdings Limited, Arkema SA, Braskem SA, Celanese Corp., Chevron Phillips Chemical Company, Evonik Industries AG, Formosa Plastics Corporation, LG Chem Ltd., Lotte Chemical Corp., Merck Co. & KGaA, Perstorp Chemicals India Private Limited, PetroChina Co. Ltd., Praxair India Pvt. Ltd., PTT Global Chemical Public Company Limited, Reliance Industries Ltd., Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, Solvay SA, Westlake Chemical Corp., Yara International ASA
Propanol Market 2024 Key Insights:
• The propanol market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.
• Soaring Demand In The Paints And Coatings Industry
• Propanol Market Advances Through Strategic Partnerships And Collaborations In Sustainable Energy Initiatives
• Asia-Pacific was the largest region in the propanol market in 2023
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