Pune, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that “The Propanol Market had a valuation of USD 3.84 billion in 2022, with projections pointing towards reaching USD 6.31 billion by 2030, demonstrating an anticipated compound annual growth rate (CAGR) of 6.4% during the forecast period spanning from 2023 to 2030”.
Market Overview
Propanol is commonly used as a solvent in the manufacturing of pharmaceuticals, cosmetics, and personal care products. It's an effective solvent for a wide range of substances, making it valuable in these industries for dissolving and mixing various ingredients. Propanol serves as an intermediate in the synthesis of other chemicals, including isopropyl alcohol (isopropanol) and propyl acetate. These compounds have diverse applications, such as in the production of coatings, adhesives, and flavorings. Propanol can be used as an additive in gasoline to improve its octane rating, which reduces engine knocking and increases fuel efficiency. It's also utilized in some fuel cell technologies.
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Market Analysis
The global propanol market has experienced steady growth over the years, driven by a combination of factors that continue to shape its expansion. The pharmaceutical sector is a major consumer of propanol, particularly isopropanol, which is used in the production of medicines, disinfectants, and hand sanitizers. The ongoing demand for pharmaceuticals, including the need for sanitizers during public health crises, contributes significantly to the market's growth. The development and adoption of bio-based propanol made from renewable feedstocks are gaining momentum due to environmental concerns and sustainability goals. This eco-friendly alternative is expected to contribute to the market's growth as consumers and industries increasingly prioritize sustainability. Stringent regulations related to health, safety, and environmental standards often encourage the use of propanol in various applications. Compliance with these regulations can drive demand for propanol-based solutions.
Propanol Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 3.84 billion |
| Market Size by 2030 | USD 6.31 billion |
| CAGR | CAGR of 6.4% over 2023-2030 |
| Key Segments | By Type (n-Propanol and Isopropanol) By Application (n-propanol- Direct Solvent, Chemical Intermediate, and Others and Isopropanol- Chemical Intermediate, Pharmaceuticals, Direct Solvent, Household and personal care, and Other) |
| Key Market Players | ExxonMobil, Shell Chemicals, Dow Inc., Sasol Limited, BASF SE, Tokuyama Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., Solvay, KH Chemicals, and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
| Pricing & Purchase Options | Avail customized purchase options to meet your exact research needs. Explore purchase options. |
Key Takeaway from Propanol Market Study
- Isopropanol, also known as isopropyl alcohol (IPA), has emerged as a dominant force in the market due to its diverse range of applications and high demand across various industries. Isopropanol is a versatile chemical compound with the molecular formula C3H8O, and it is commonly used as a solvent, disinfectant, and chemical intermediate.
- The chemical intermediate segment is another significant contributor to the market, complementing the dominance of the isopropanol segment. Chemical intermediates refer to compounds that are used as building blocks in the synthesis of various chemicals, polymers, and specialty products. In the market, propanol derivatives serve as crucial chemical intermediates.
Recent Developments
- Shell, one of the world's leading energy companies, has embarked on a groundbreaking journey to accelerate the development of decarbonization solutions. In a strategic move, Shell has teamed up with a diverse range of partners, including renewable energy firms, technology innovators, and environmental organizations.
- In response to the unprecedented surge in demand for hand sanitizers and disinfectants across Europe, Oxea GmbH has embarked on a remarkable expansion journey, tripling its supply of n-propanol. This substantial supply expansion has involved investments in state-of-the-art manufacturing facilities, process enhancements, and a dedicated workforce that is working tirelessly to maintain the highest quality standards.
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Market Dynamics Analysis
The propanol market is subject to a multitude of dynamic forces that shape its trajectory, with several key drivers, restraints, challenges, and threats exerting significant influence. On the driver's side, the increasing demand for propanol in various industrial sectors such as pharmaceuticals, chemicals, and cosmetics due to its versatile properties acts as a primary growth catalyst. Additionally, the surge in the production of sanitizers and disinfectants, driven by global health concerns, has further boosted the demand for propanol. However, this burgeoning demand is met with certain restraints, primarily the volatility in raw material prices, particularly crude oil, which directly impacts propanol production costs. Furthermore, stringent environmental regulations aimed at reducing volatile organic compound (VOC) emissions pose a challenge to the industry, compelling manufacturers to invest in eco-friendly production processes. The market is also threatened by the potential emergence of alternative, more sustainable solvents and chemicals, which could disrupt the market's traditional dominance. In navigating these dynamics, industry players must balance innovation and sustainability to harness the opportunities while mitigating the risks in this ever-evolving landscape.
Key Regional Developments
North America is a major consumer and producer of propanol, with a strong presence of manufacturing industries. The propanol market here is driven by the demand for propanol in applications like paints and coatings, pharmaceuticals, and cosmetics. Environmental regulations and sustainability concerns are also influencing the market, leading to a shift towards bio-based propanol production. The European Union's stringent regulations on chemicals drive the adoption of safer and more sustainable propanol production methods. Asia Pacific is a major player in the global market, driven by its booming manufacturing and construction industries. The country's focus on industrialization and infrastructure development fuels the demand for propanol in paints, coatings, and adhesives.
Impact of Recession
The impact of an ongoing recession on the propanol market is multifaceted. While reduced industrial demand, supply chain disruptions, and consumer spending cuts can lead to a decrease in demand and profitability, competitive pricing and innovation may help some companies weather the storm. Additionally, the response of governments and regulatory bodies can also shape the market's future during economic downturns. Companies operating in the market must adapt to changing conditions and seek opportunities for resilience and growth amid challenging economic times.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Propanol Market, By Type
8.1 n-Propanol
8.2 Isopropanol
9. Propanol Market, By Application
9.1 n-propanol
9.1.1 Direct Solvent
9.1.2 Chemical Intermediate
9.1.3 Others
9.2 Isopropanol
9.2.1 Chemical Intermediate
9.2.2 Pharmaceuticals
9.2.3 Direct Solvent
9.2.4 Household
9.2.5 Personal care
9.2.6 Other
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
11. Company Profiles
11.1 ExxonMobil
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Products/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Shell Chemicals
11.3 Dow Inc.
11.4 Sasol Limited
11.5 BASF SE
11.6 Tokuyama Corporation
11.7 Eastman Chemical Company
11.8 Mitsui Chemicals Inc.
11.9 Solvay
11.10 KH Chemicals
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. Use Case and Best Practices
14. Conclusion
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ExxonMobil, Shell Chemicals, Dow Inc., Sasol Limited, BASF SE, Tokuyama Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., Solvay, KH Chemicals
