Propanol Market to Cross USD 6.31 Billion by 2030 Owing to Growing Construction Activities and Increasing Demand for Solvents | Research by SNS Insider

According to SNS Insider’s research, as industries continue to evolve, with a focus on sustainability and innovation, the propanol market is poised to benefit from these trends and remain a crucial component of various industrial processes.

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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 AttributesDetails
Market Size in 2022USD 3.84 billion
Market Size by 2030USD 6.31 billion
CAGRCAGR of 6.4% over 2023-2030
Key SegmentsBy 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 PlayersExxonMobil, 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.
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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

 

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