Dublin, Aug. 22, 2023 (GLOBE NEWSWIRE) -- The "Propanol Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global propanol market is expected to grow from $3.49 billion in 2022 to $3.67 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The market is expected to grow to $4.43 billion in 2027 at a CAGR of 4.8%.
The increasing demand for paint and coatings is expected to propel the growth of the propanol market going forward. For instance, in May 2021, according to the American Coatings Association, a US-based non-profit organization, by exporting goods valued at over $2.2 billion and creating a sizable trade surplus of $1.3 billion, the coatings business also makes a considerable contribution to the American economy. With $293 million in paint and coating exports in 2020, Illinois led the states with the most of these exports, followed by Texas ($198 million) and Ohio ($188 million). Therefore, the rising demand for paints and coatings is driving the growth of the propanol market.
Strategic partnership and collaborations are key trend gaining popularity in the propanol market. 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.
In October 2020, Ardian, a France-based equity investment company, acquired Angus Chemical Company for an amount of $2.25 billion. With this acquisition, Adrian aims to enhance the business's expansion and provide Angus consumers with a diverse selection of items. Angus Chemical Company is a US-based manufacturer and marketer of specialty chemicals, including propanol.
Asia-Pacific was the largest region in the propanol market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the propanol market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Major players in the propanol market are:
- The Dow Chemical Company
- BASF SE
- Royal Dutch Shell PLC
- Eastman Chemical Company
- Mitsui Chemicals Inc.
- Oxea GMBH
- Deepak Fertilizers and Petroleum Corporation Limited
- Tokuyama Corporation
- Sasol Limited
- ExxonMobil Chemical Company
- Nanjing Wujiang Chemical Company Limited
- RX CHEMICALS
- Honeywell International Inc.
- DuPont de Nemours Inc.
- LyondellBasell Industries N.V.
Market Scope
- By Type:
- Iso-Propanol
- N-propanol
- By Grade:
- Technical Grade
- Pharmaceutical Grade
- Cosmetic Grade
- Electronic Grade
- By End-user:
- Pharmaceuticals
- Chemicals
- Personal Care
- Printing Inks
- Paints and Coatings
- Other End-users
For more information about this report visit https://www.researchandmarkets.com/r/cfsnwn
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