New York, NY -- (SBWIRE) -- 11/26/2020 -- Propanol Market: An Overview

The global propanol market was valued at USD 4.21 billion in 2019 and is expected to reach the value of USD 6.96 billion by 2027, at a CAGR of 6.5%. Propanol is a widely available colorless type of alcohol that comprises two major isomers: isopropanol and n-propanol or 1-propanol. In various industrial applications, isopropanol and n-propanol are mainly used as a natural solvent. It is also used in the production of chemicals like acetone, glycerol, isopropyl acetates, isopropyl amines, isopropyl esters, and MIBK. n-Propanol finds application in the coating industry as medium-volatile alcohol to improve the drying process of electro-deposition paints, alkyd resins, and baking finishes. It is used as one of the main raw materials in the cosmetics industry as it can reduce the foaming propensity of finished products and decrease liquid thickness.

Propanol Market: Key Players

Royal Dutch Shell Plc.
The Dow Chemical Company
Eastman Chemical Company
Tokuyama Corporation
LCY Chemical Corp.
Central Drug House
Ridhdhi Sidhdhi Chemicals
Sasol Limited
Solventis

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Propanol Market: Segmentation

For the purpose of this report, Reports and Data has segmented Propanol Market on the basis of Types, End-use and region:

By Type (Volume, Kilo Tons; Revenue, USD Million; 2017–2027)
- Isopropanol
- N-Propanol

By Application (Volume, Kilo Tons; Revenue, USD Million; 2017–2027)
- Pharmaceutical
- Chemical
- Paint and coating
- Household and personal health care
- other

Regional Outlook (Volume, Kilo Tons; Revenue in USD Million; 2017–2027)
- North America
– U.S
– Canada
- Europe
– Germany
– France
– UK
– Spain
– Italy
– Rest of the Europe
- Asia Pacific
– China
– India
– Japan
– Rest of Asia-Pacific
- Middle East & Africa
- Latin America
– Brazil

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Propanol Market Dynamics

Increasing demand for household and personal care products as well as growth in pharmaceutical industries have been driving the growth of the propanol market. Population expansion and increasing health consciousness are factors that boost the pharmaceutical and cosmetic market, consequently stimulating n-propanol market. Growing demand for paints and coatings due to the expanding automotive and construction industries will also add to the stimulus.

Propyl alcohol is widely used as a solvent and cleaning fluid for dissolving oils, and in such application includes cleaning eyeglasses, magnetic tape, contact pins on ROM cartridges, disk heads, floppy disk drives, the lenses of lasers in optical disc drives, CD, DVD and removing the thermal paste from heatsinks and IC packages. Propyl alcohol market is expected to grow in the future due to its extensive applications in chemical and solvent industries and with growing technological advances in the application industries. Strict rules and regulations and an increase in emphasis on green solvents due to high VOC emissions are factors that may affect the propanol market.

Propanol Market: Regional Outlook

On the basis of the region, Asia Pacific held a dominant market share of 39.5% and will continue to register the fastest growth over the forecast period due to increasing demand for propanol in developing countries such as India, Indonesia, and China. Because of changing lifestyles and growing population in this region, these countries are expected to generate huge demand due to expanding cosmetic, pharmaceutical, and coating industries. Over the forecast period, China is projected to generate significant demand due to the country's increasing development activities. Over the forecast period, the increase in the construction and automotive industries in the region will also boost the market.

The market is anticipated to grow at a CAGR of 4% in Europe, followed by North America with 3.9% CAGR. Growing applications in drug production and rubbing alcohol are the major factors for the growth of the North America n-propanol market. In Europe, Germany and France are expected to witness increased demand for propyl alcohol products due to increasing recognition of the compound in the solvent industry.

COVID-19 Impact on Propanol Market:

All markets have taken a serious hit due to the insurgence of COVID-19 and while some businesses have gone under, others have hunkered down and waiting for the crisis to blow over. Various application sectors for propanol have been negatively and positively impacted by the worldwide spread of the virus. For instance, the cosmetics industry has practically plummeted as people have started to stay at home and thus wear less makeup. The personal care industry on the other hand has experienced a surge in demand as more people are time to focus on personal care. These industries have tries to keep their revenue streams steady by quickly switching to production of hygiene products and hand sanitizers but this has failed to offset the loss due to lockdowns. With the automotive and construction industries having largely downscaled their activities, the n-propanol market has sustained losses. But it is expected once things go back to normal and supply chains are up and running, the industry can make up for this temporary and unexpected loss.

Report Highlights:

Detailed overview of the market
Evolving propyl alcohol market dynamics
In-depth propanol market classification
Historical, present, and anticipated propanol market size and share in terms of volume and value
Recent propanol market trends and advances
Competitive landscape
Strategies adopted by key players and products portfolio
Segments, sub-segments, and geographic regions exhibiting growth prospects
A neutral and global perspective on propanol market performance

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