Propanol Market Set to Witness an Uptick during 2020 to 2027Posted by Mrudula Anil Karmarkar on June 9th, 2021 The global propanol market size is projected to reach USD 7.00 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% from 2020 to 2027. Increasing demand for solvents and disinfectants is anticipated to remain a key factor favoring growth. The market is made up of two major products namely n-propanol and isopropyl alcohol. Isopropyl alcohol is the fastest growing product segment owing to rising demand as a solvent and as a disinfectant. The recent fall in crude oil is expected to harm production as manufacturers are grappling with low cost of raw materials and high cost associated with the synthesis of the final product. Solvent applications of n-propanol and isopropyl alcohol are expected to grow rapidly as demand for FMCD products, such as paints and coatings and adhesives, is increasing significantly. Although, the global manufacturing industry is affected by the COVID-19 pandemic, its recovery in the latter half of 2020 is expected to boost consumption of propanol. Manufacturers may have to increase production as demand from all end-use industries will witness a significant rise. North America is the second fastest-growing regional market. The growth is attributed to rising consumption in U.S. and Canada. Rising demand from the pharmaceutical and cosmetics industries is boosting the market growth. Presence of a large number of manufacturers and constant product innovation have positioned propanol among the highly consumed solvents within the region. N-propanol and isopropyl alcohol have different properties, despite having similar chemical structures. Their unique chemical properties have positioned the building blocks of a large number of chemicals that are currently being used in the pharmaceutical and plastics industries. These chemicals are majorly manufactured using the hydrogenation reaction. However, the price of n-propanol is generally higher than that of isopropyl alcohol owing to high raw material costs and its application as a solvent. Propanol Market Report Highlights
U.S. is one of the major markets for propanol. The presence of a large number of manufacturing facilities, coupled with steady growth in end-use industries, is aiding the product consumption. The market is largely driven by rising demand for isopropyl alcohol as it is majorly used in pharmaceuticals and chemical intermediate manufacturing. The chemical is majorly used for its antiseptic properties and as a solvent in pharmaceutical formulations. The n-propanol market is expected to witness steady growth as it is majorly used as a solvent and in the production of specialty chemicals. The pharmaceutical industry is growing rapidly over the past few years on account of product innovation and increased healthcare spending by governments in emerging economies. The rise in chronic diseases has prompted a large-scale innovation in the pharmaceutical industry. With the rising pandemic caused by COVID-19, demand for hand sanitizers and personal protective equipment has witnessed a rise. Isopropyl alcohol is one of the major ingredients used in sanitizer formulations. The growing trend of preventive healthcare will benefit market growth as sales of sanitizers and other associated products are expected to increase rapidly over the next few years. N-propanol and isopropyl alcohol are among the largest industry solvents consumed globally in the manufacturing industries. They are used in applications ranging from paints and inks, adhesives, cosmetics, plastics, and rubber to heavy industries, such as automotive and industrial machinery. Their miscibility with water and low reactivity towards the majority of commodity chemicals makes them an efficient solvent. Rising infrastructure spending in emerging economies globally is expected to play a major role in driving demand for products, such as paints and coatings, adhesives, and industrial machinery. The growth in these high-value sectors is expected to have a positive ripple effect on the consumption of propanol. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2161/ibb As the majority of the propanol is sourced from petrochemicals, the pollution concerns surrounding its application have impacted the market growth. Petrochemical solvents are now being replaced by green solvents in the majority of the applications. Product innovation in the green solvent industry is happening rapidly and it can hamper the demand for propanol. Solvent recycling can be a game-changer in the industry as it can maintain the demand for propanol and also help in reducing the environmental impact caused by propanol. Companies can also look at new chemical intermediates that can be developed using the recovered propanol so that it can open up new growth avenues. Companies are investing in R&D activities to explore new applications of propanol. Stringent regulatory norms in North America and Europe are expected to boost demand for bio-based chemicals. Market players are investing in integrated facilities to manufacture end-use products. Some industry participants are also adopting forward integration strategies by collaborations to reduce production costs. Some of the prominent players operating in the global propanol market include:
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |