Propanol Market - Global Industry Analysis, Size, Share, Growth 2024 | Research Report

Global Propanol Market: Snapshot

Propanol is a colorless alcohol typically available in two types of isomers: iso-propanol and n-propanol. Isopropanol was one of the first petrochemicals discovered in the ’1960s. Isopropanol, also known as isopropyl alcohol (IPA) or rubbing alcohol, is a colorless, flammable alcohol with a distinct odor. It is used in various applications such as cosmetics, personal care products, deicers, resins, paints, pharmaceuticals, inks, and adhesives, as also as a chemical intermediate to manufacture various chemicals such as methyl isobutyl ketone (MIBK), isopropyl esters, isopropyl amines, acetone, glycerol, and isopropyl acetates. N-propanol is a colorless oxo-alcohol widely used as a solvent in flexographic and other printing ink applications.

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Growth in the chemicals, agriculture and cosmetics & personal care industry is likely to drive the global propanol market in the next few years. According to Transparency Market Research, the global propanol market, valued at US$2.19 bn in 2016, will exhibit a CAGR of 2.3% from 2017 to 2025 and rise to US$2.68 bn by 2025.

Use of Propanol as Solvent to Help Global Market Generate Maximum Revenue

In terms of applications, solvent was the dominant segment of the global propanol market, accounting for more than 49% of the global market in 2016. Expected to exhibit a CAGR of 2.3%, the segment of solvents is anticipated to remain the leading application segment for the global propanol market during the forecast period due to steady rise in demand from the global paints and coatings industry. However, it is expected to witness a small reduction in its share in the global market by the end of the forecast period owing to the sluggish growth of key end-use sectors such as printing ink.

Propanol is used as an intermediate in the manufacture of various industrial chemicals. It reacts with halogen to produce propyl halide, with ammonia to produce propylamines, and with acetic acid to produce propyl acetate, hence chemical intermediate is another key application segment of propanol market. This segment accounted for the second-leading share in the global propanol market in 2016 and is expected to retain its spot over the forecast period as well. The steady increase in demand from well-established chemical industries in developed and certain emerging economies will help the segment expand at a healthy pace over the forecast period.

Asia Pacific to Continue to Dominate Global Propanol Market

The propanol market in North America is expected to expand at a significant rate whereas, the propanol market in Europe is projected to expand at a moderate pace during the forecast period. Propanol market in Europe is predicted to be driven by the uplifting chemical industry in the region. Whereas, the propanol market in North America is predicted to be driven by the cosmetics, personal care, and pharmaceuticals industries in the region.

In terms of volume, the Asia Pacific market held the dominant share of over 40% of the global propanol market in 2015. The propanol market in the region is anticipated to expand notably in the next few years and is expected to retain dominance over the forecast period as well. China is projected to be one of the largest consumers of propanol in the next eight years. Countries such as China, Japan, South Korea, and India in Asia Pacific are likely to be the fastest-growing markets for propanol during the forecast period.

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High demand for propanol in the chemical industry and as solvent in the paints and coatings industry are expected to be the key factors propelling the propanol market in Asia Pacific. The global shift of productions sites from developed countries to emerging nations is the key driving factor of the growth of these regions.

Some of the leading players operating in the global propanol market are BASF SE, The Dow Chemical Company, Eastman Chemical Company, Mitsui Chemicals, Inc, ExxonMobil Corporation, Tokuyama Corporation, LyondellBasell Industries N.V., and Oxea GmbH.

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This release was published on openPR.