According to the new market research [139 Pages Report] "Propanol Market by Type (N-Propanol, Isopropanol), Application (Direct Solvent, Chemical Intermediate, Pharmaceutical, Household & Personal Care), and Region (North America, APAC, Europe, Middle East & Africa, and South America) - Global Forecast to 2023", published by MarketsandMarkets™, the Propanol Market is projected to grow from USD 3.5 billion in 2018 to USD 4.2 billion by 2023, at a CAGR of 4.0% during the forecast period. This growth is attributed to the increasing paints & coatings consumption owing to the expansion of the construction and automotive industries in the developing economies, globally. Also, the increasing consumption of pharmaceuticals owing to the growth of the healthcare industry is expected to boost the demand for propanol.
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- Attractive Opportunities in the Propanol Market
- Propanol Market, By Region
- Propanol Market in APAC, By Country and Type
- Propanol Market, Developed vs Developing Economies
Isopropanol is estimated to lead the propanol market by type during the forecast period.
Isopropanol is the major type of propanol, which is used as a solvent in diverse applications, such as paints & coatings, pharmaceutical, inks, and household & personal care products, owing to its low cost and easy availability. The increasing demand for these products due to high growth industries such as construction, healthcare, printing, and automotive in the developing regions of APAC, South America, and the Middle East & Africa are expected to drive the demand for propanol.
Direct solvent is estimated to be the largest application of isopropanol.
The direct solvent application is estimated to lead the isopropanol market in 2018. Isopropanol is used as a direct solvent in the manufacturing of paints & coatings, pharmaceuticals, and cosmetics. The increasing consumption of these products owing to the growth of the construction, automotive, healthcare, and beauty care industries is expected to drive the demand for isopropanol. Hence, the increasing demand for isopropanol from these applications is expected to drive the propanol market during the forecast period.
APAC is projected to be the fastest-growing propanol market.
APAC (comprising China, Japan, India, Malaysia, South Korea, and Rest of APAC) is estimated to be the fastest-growing propanol market during the forecast period. The growing construction, automotive, household & personal care, and pharmaceutical industries in the region owing to the growing consumer spending and increasing income levels is expected to boost the demand for propanol. Propanol is commonly used in the construction and automotive industries for paints & coatings applications. Similarly, it is used in household cleaner & beauty products and active pharmaceutical ingredients (API) used in the household & personal care and pharmaceutical industries, respectively.
Key Market Players
Royal Dutch Shell Plc (Netherlands), Exxon Mobil Corporation (US), BASF SE (Germany), The Dow Chemical Company (US), LG Chem Ltd. (South Korea), Sasol Limited (South Africa), Eastman Chemical Company (US), Tokuyama Corporation (Japan), LCY Chemical Corp. (Taiwan), JXTG Holdings, Inc. (Japan), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), and OXEA GmbH (Germany) are the key players operating in the propanol market.
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