What Has Driven the Growth of the Propanol Market in Recent Years?
The propanol market has seen considerable growth due to a variety of factors.
• The size of the propanol market has seen a substantial escalation in the past few years. The market is projected to thrive, going from $3.83 billion in 2024 to $4.02 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. The historic period's growth can be credited to factors such as the growing demand for industrial solvent, expansion of the paints and coatings industry, advancements in pharmaceutical manufacturing, the development of consumer product formulations, the rise of surface coating for electronics, and the progress of the printing and packaging industry.
What Is the Forecasted Market Size and Growth Rate for The Propanol Market By 2029?
The Propanol market is expected to maintain its strong growth trajectory in upcoming years.
• The propanol market is predicted to experience significant growth over the next few years, with a forecast value of $5.05 billion in 2029 and a compound annual growth rate (CAGR) of 5.9%.
This anticipated growth in the forecast period can be associated with factors such as pharmaceutical API manufacturing, eco-friendly formulation techniques, emerging biotech applications, a greater focus on green chemistry, an increased usage in personal care items, and a shift towards water-based coatings. The period also expects to witness key trends like technological evolution in production methods, a surge in demand for disinfectants and sanitizers, a shift in preference towards bio-based propanol, capacity augmentation by major manufacturers, and strategic collaborations and alliances.
What Factors Are Driving Growth In The Propanol Market?
The propanol market is expected to experience growth, driven by the increasing demand for pharmaceuticals. This increase is attributable to various factors including an aging global population, the widespread incidence of chronic diseases, and improved healthcare availability in underdeveloped areas. Propanol plays a critical role in the pharmaceutical industry, serving as a solvent in the manufacture of numerous drugs. It assists in dissolving active components and ensures the correct consistency in liquid formulations. As stated by the Government of Canada, a federal body based in Canada, in August 2024, there was a surge in the domestic exports in the pharmaceutical industry to 12.79 in 2022 up from 10.71 the previous year. Imports also experienced an increase to 30.21 from 26.63 in 2021. This indicates growth in both imports and exports, which demonstrates the expansion of the pharmaceutical trade sector. Consequently, the escalating demand for pharmaceuticals is fuelling the growth of the propanol market.
What Are The Main Segments Of The Global Propanol Market?
The propanol market covered in this report is segmented –
1) By Type: Iso-Propanol, N-propanol
2) By Grade: Technical Grade, Pharmaceutical Grade, Cosmetic Grade, Electronic Grade
3) By End User: Pharmaceuticals, Chemicals, Personal Care, Printing Inks, Paints And Coatings, Other End Users
Subsegments:
1) By Iso-Propanol (Isopropyl Alcohol): Industrial Grade, Pharmaceutical Grade, Cosmetic Grade
2) By N-Propanol (N-Propyl Alcohol): Industrial Grade, Pharmaceutical Grade
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What Emerging Trends Are Influencing The Growth Of The Propanol Market?
Leading corporations in the propanol market are prioritizing strategic alliances and collaborations to maintain their market dominance. These alliances foster innovation, boost production capabilities, and enable entrance into new markets, thereby promoting overall market expansion. For instance, in March 2022, a strategic partnership was announced between SHV Energy, an off-grid energy distributor based in Netherlands, and LanzaTech, a US-based chemical manufacturing firm. This collaboration aims to provide renewable propane and other sustainable fuels through both established and new distribution channels. The focus of this partnership will be on advancing LanzaTech's existing synthetic biology platform and CCT technology, which transforms waste carbon into sustainable fuels and various other products like fabrics, packaging materials etc.
Who Are the Key Players In The Propanol Market?
Major companies operating in the propanol market include:
• The Dow Chemical Company
• BASF SE
• Deepak Fertilizers and Petroleum Corporation Limited
• DuPont de Nemours Inc.
• Eastman Chemical Company
• ExxonMobil Chemical Company
• Honeywell International Inc.
• LyondellBasell Industries NV
• Mitsui Chemicals Inc.
• Nanjing Wujiang Chemical Company Limited
• Royal Dutch Shell PLC
• Sasol Limited
• Tokuyama Corporation
• Ineos Group Holdings Limited
• Arkema SA
• Braskem SA
• Celanese Corp.
• Chevron Phillips Chemical Company
• Evonik Industries AG
• Formosa Plastics Corporation
• LG Chem Ltd.
• Lotte Chemical Corp.
• Merck Co. & KGaA
• Perstorp Chemicals India Private Limited
• PetroChina Co. Ltd.
• PTT Global Chemical Public Company Limited
• Reliance Industries Ltd.
• Saudi Basic Industries Corporation
• China Petroleum & Chemical Corporation
• Solvay SA
• Westlake Chemical Corp.
What Is The Most Dominant Region In The Propanol Market?
Asia-Pacific was the largest region in the propanol market in 2024. 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, Africa.
