USD 3.95 billion
Report ID: SQSG15A2016 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 65 | Figures: 65
N-Propanol Market was valued at USD 3.95 billion in 2021 and it is expected to grow to USD 5.24 billion by 2028 at a CAGR of 4.3% over the forecast period (2022-2028).
Specifically designed to produce chemical intermediates, n-propanol is a solvent. The behavior of n-propanol as a primary alcoholic beverage is what fuels n-propanol demand. Alkyl halides and acetylated chemicals are the two main products it is used to produce. Additional uses for these substances can be found in the pharmaceutical and specialized chemical manufacturing sectors.
Among the most widely used industrial solvents in the manufacturing sectors worldwide are n-propanol alcohol. They are employed in a wide variety of products, including paints and inks, adhesives, cosmetics, plastics, rubber, and heavy industries like automotive and industrial machinery. They are an efficient solvent due to their miscibility with water and little reactivity towards the bulk of commercial chemicals. It is expected that increasing infrastructure spending in emerging nations will significantly boost demand for goods including paints and coatings, adhesives, and industrial gear. Propanol consumption is anticipated to increase as a result of the expansion in these high-value sectors.
Since petrochemicals account for the vast bulk of propanol's sources, environmental concerns over its use have slowed N-Propanol market expansion. In the majority of applications, green solvents are currently replacing petrochemical solvents. Propanol demand may be hampered by the high pace at which products are being developed in the green solvent sector. Propanol demand can be maintained through solvent recycling, which can also serve to lessen the negative effects of propanol on the environment. To open up new growth opportunities, businesses might potentially consider developing new chemical intermediates utilizing the recovered propanol.
US N-Propanol Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.95 billion
Ethylene Hydrogenation Method
Ethylene Hydrogenation Method
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Global n-propanol market is segmented by Type, Application and Region. On the basis of type, the n-propanol market is segmented into Ethylene Hydrogenation Method, Compounds By-product Method. On the basis of application, the n-propanol market is segmented into Agriculture, Personal Care and Cosmetics, Pharmaceuticals, Foods and Coatings. On the basis of Region, the Global N-propanol market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
N-Propanol Market Analysis by Type
On the basis of type, the N-Propanol market is segmented into Ethylene Hydrogenation Method, Compounds By-product Method. Among these segments, the Ethylene Hydrogenation method is expected to account larger market share in the coming years. The efficiency of the method which yields the highest amount of n-propanol makes it the most preferable method for industrial production of n-propanol. The Compounds By-product method is the subsidiary method used in traces by industries.
N-Propanol Market Analysis by Application
On the basis of application, the N-Propanol market is segmented into Agriculture, Personal Care and Cosmetics, Pharmaceuticals, Foods and coatings. The demand for coatings is being fuelled by the expansion of the global construction and automotive industries. This alcohol's positive traits, such as its high miscibility with typical solvents, make it the perfect liquid for coatings industry applications. Additionally, a consistent uptick in the number of vehicles sold in developing Asia, the Pacific, Europe, and South America will ultimately spur market expansion.
During the forecast period, the food additive segment is expected to increase at a considerable CAGR. The rising use of 1-propanol as a food ingredient for flavor and aroma is expected to increase its usage. During the projection period, the pharmaceutical segment is expected to increase at a rapid pace. The increasing use of n-propyl alcohol in applications such as antiseptic, solvent, cellulose esters, and others will drive up demand for it.
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Asia Pacific held the global n-propanol market share in 2021. The Asia Pacific market will grow as a result of the rising urbanization and industrialization in China, India, and South Korea. The region's market is anticipated to benefit from the significant investment made in the construction sector. The market in Asia Pacific will benefit greatly from the rising automobile industry. During the projection period, North America is anticipated to grow quickly. The expansion is due to the region's presence of manufacturing facilities. The region's expansion will be aided by the rising end-user demand and the booming paints and coatings sector. The strong demand from the specialty chemical sector will help to increase the market share of n-propanol in North America.
The building sector is expanding quickly in emerging economies. The market for propanol has grown as a result of the growing demand for paint and coatings. The paints and coatings industry uses n-propanol as a solvent during production. The growing urban population in the majority of emerging regions is the cause of the growth of the building sector. Less than 35% of people live in metropolitan centers in the majority of APAC nations, including India, Myanmar, Nepal, and Afghanistan, according to the World Bank. The expansion of the construction sector will be aided by the anticipated, optimistic growth of these economies.
The population in emerging nations is moving more and more to tier 1 and metro areas, which is increasing the need for residential development. The production of the construction industry will increase by 85% to USD 15.5 trillion by 2030, according to the Institute of Civil Engineers, with China, the US, and India accounting for 57% of the increase internationally. Thus, when the construction sector expands in these countries, there will be a greater demand for paints and coatings, which will ultimately drive the worldwide n-propanol market.
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N-Propanol Market Driver
N-Propanol Market Restraint
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The global N-propanol market is highly competitive. As a result, the global N-propanol market has been witnessing the constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through innovation, quality, and technology. Companies are focusing on mergers and acquisitions and partnerships, collaborations to survive in the competitive environment.
N-Propanol Market Top Players Company Profiles
N-Propanol Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by robust secondary desk research.
According to our Global N-Propanol Market analysis, Asia Pacific has a lead over other regions, dominance of Asia Pacific can be attributed to the region's increased usage of n-propanol as a fuel and rise in the automotive sector with that the region of North America is expected to grow rapidly due the efficient manufacturing facilities. On the other hand, based on the segmentation, the segment of Ethylene Hydrogenation Method to hold larger market share because it is considered as most efficient method for the production of n-propanol. According to the application, the segment of Coatings is the fastest-growing segment due to the growing demand of alcohol in automotive industry.
|Market size value in 2021||USD 3.95 billion|
|Market size value in 2028||USD 5.24 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global N-Propanol Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global N-Propanol Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15A2016