Global N-Propanol Market Size To Grow At A CAGR Of 4.20% In The Forecast Period Of 2023-2028
The ‘Global N-Propanol Market Size, Share, Analysis, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global n-propanol market, assessing the market on the basis of its segments like preparation method, application, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
N-Propanol Market Share, Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 4.20%
Among the most widely used industrial solvents in manufacturing sectors worldwide are n-propanol and isopropyl alcohol. They are employed in a wide variety of products, including paints and inks, adhesives, cosmetics, plastics, rubber, and heavy industries such as automotive and industrial machinery. The production of chemical intermediates is expected to increase demand for n-propanol and isopropanol globally, propelling the n-propanol market expansion.
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Due to its unique chemical characteristics, n-propanol is in high demand and is the foundation for a wide range of compounds used in the plastics and pharmaceutical sectors, accelerating the market. Additionally, the demand for n-propanol has been boosted in recent years by the rising use of the substance due to its antibacterial characteristics and as a solvent in medicinal formulations.
The n-propanol market has profited from the need for paint and coatings being driven by the rapidly expanding construction and automobile industries as n-propanol is employed as a solvent in the production process of paints and coatings. The burgeoning urban populations of emerging nations are fuelling the expansion of the building sector with the need for residential constructions is rising as more people move to urban locations.
N-Propanol Industry Definition and Major Segments
N-propanol or n-propyl alcohol is a primary alcohol that often takes the form of a colourless, transparent liquid with a pungent odour. It is widely utilised as a solvent and an intermediate product in the cosmetics, pharmaceutical, and dyeing industries. It is also used in hand sanitisers as a cleansing and disinfecting agent, and as a drying agent in coatings and paints because of its semi-volatile nature.
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Based on preparation method, the market is segmented into:
• Ethylene Hydrogenation Method
• Allyl Alcohol Hydrogenation Method
• Compound Byproduct Method
On the basis of application, the market is divided into:
• Food Additive
Based on region, the market is categorised into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
N-Propanol Market Trends
N-propanol is anticipated to experience an increase in demand during the forecast period due to its widespread use as a component in the manufacturing of hand sanitisers, disinfectants, and detergents. The development of the global n-propanol market is also anticipated to be influenced by the use of n-propanol as a fuel additive, which helps reduce carbon emissions while enhancing the performance of internal combustion engines. The demand for n-propanol in the form of herbicides and pesticides is anticipated to increase in the agricultural industry to meet the rising demands for food from a growing population.
The Asia Pacific region is anticipated to significantly contribute to the growth of the global n-propanol market during the forecast period due to the presence and expansion of manufacturing facilities for cosmetics, paints and coatings, and pharmaceuticals. There is a growth in manufacturing capacity in nations like China and India to fulfil rising local and export consumer demands. Expansions in the pharmaceutical sector, advancements in healthcare infrastructure, and increased public awareness of cleanliness and disinfection, are also likely to surge the demand for n-propanol in the Asia Pacific.
Key Market Players
The major players in the global n-propanol market report are BASF SE, Eastman Chemical Company, Sasol Limited, The Dow Chemical Company, LG Chem, Solvay S.A., and Dairen Chemical Corporation, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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