This is the main factor as to why the global propanol market is estimated at US$ 3,099.4 Mn in 2022, and is projected to experience steady growth during the forecast period of 2022-2029. East Asia will see the most opportunities for manufacturers over the period of forecast, with pharma- and electronic-grade isopropanol experiencing increasing sales.
Growing utilization of propanol as a direct solvent in paints and coatings, household & industrial cleaners, and others is expected to pave the way for its robust sales during the projected timeline.
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Key Takeaways from Global Propanol Market
- In the coming years, as compared to isopropanol, n-propanol is expected to register a slight increase in demand, owing to new laws and regulations regarding the usage of low-VOC-emitting chemicals in pharmaceutical and food processing applications.
- Pharmaceutical and electronic-grade isopropanol is likely to be sought after in the future, owing to the growth of pharma and semiconductor industries. Worldwide, propanol used as a direct solvent across various industries is projected to account for a prominent share in the global propanol market.
- Growth prospects are high in emerging markets such as India, China, and Mexico. Companies are focusing on different strategies in order to ensure good presence in both, emerging and matured markets. Since there are limited opportunities for propanol manufacturers in developed regions, manufacturers in the propanol market are focusing on emerging markets to capture a larger share in the landscape.
“Volatility in petroleum feedstock prices as well as propylene prices may impact the future price of propanol as well as market growth. Increasing cost of propylene is encouraging manufacturers to adopt acetone-based isopropanol production, especially in Asian countries. Acetone-based propanol production increased from 2% to 25% from 2002 to 2018 in Asian countries,” says an FMI analyst.
The implementation of new technologies or methods over conventional methods, and production capacity expansion and footprint expansion, remain the key strategies followed by propanol manufacturers to enhance productivity and capture new opportunities in the propanol market.
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East Asia Set to Become Self-sufficient in Propanol
In the year 2014, the capacity base of propanol in East Asia surpassed that of North America, primarily following the start of several new facilities in China and South Korea. During the period of 2014-2021, massive addition in capacity has made China a prominent producer in Asia Pacific.
In China, future import volumes are expected to decline as the country moves towards self-sufficiency. Globally, oversupply of propanol has constricted its growth and demand. At present, the total global production capacity of propanol stands at around 3,400 KT, with approximately 60% utilization rate.
Looking for More Information?
A new market report on propanol published by Future Market Insights brings to the fore a pin-point analysis of the propanol market, and offers comprehensive information with historical demand data for 2014-2021 and forecast statistics for 2022-2029.
The study offers insightful information on the global propanol market based on various categories – type (n-propanol, isopropanol), application (solvents, chemical intermediates, pharmaceuticals, household & personal care products, and others), across seven regions.
This study highlights key market players who are well-known vendors and have proven themselves as key shareholders in the global propanol market. Some of the propanol market players included in the report are BASF SE, Royal Dutch Shell Plc, ExxonMobil Corporation, Sasol, LG Chem Ltd., and Eastman Chemical Company, among others.
2014-2021 Propanol Market Outlook Compared To 2022-2029 Forecast
Sales of propanol increased at 2.5% CAGR, between the period of 2014 and 2021, owing to moderate demand outlook from the end use sectors such as pharmaceuticals and chemical intermediate.
A decrease in the demand for n-propanol from certain end users during the pandemic crisis has impacted the overall growth of the market, although in upcoming years the growth is expected to bounce back to its original pace based on the recovery of the economic conditions. However, substantial demand for sanitizers has boosted the market for isopropyl alcohol.
The key driver of the market is the rising use of propanol in paints and resin, pharmaceuticals, personal care products, de-icers, cosmetics, inks, food, and adhesives. Most end users are shifting their focus from isopropanol to n-propanol.
Considering the new law regarding the utilisation of low volatile chemical compounds, n-propanol has capitalised on a modest increase in demand in food processing and pharmaceutical applications. An increase in the demand for sanitizer all over the globe has bolstered the growth outlook for iso-propanol.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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