Global N-Propanol Market

N-Propanol Market Size, Share, Growth Analysis, By Type(Ethylene Hydrogenation Method, Compounds By-Product Method), By Application(Agriculture, Personal Care, Cosmetics, Pharmaceuticals), By Region - Industry Forecast 2024-2031


Report ID: SQSG15A2016 | Region: Global | Published Date: April, 2024
Pages: 157 | Tables: 65 | Figures: 75

N-Propanol Market Dynamics

N-Propanol Market Driver

  • Market expansion will be aided by booming demand from the paints and coatings sector. Due to the use of in building blocks, the market is anticipated to benefit from attractive prospects created by the rising construction sector. Global Construction Perspectives and Global Economics predict that by 2030, the value of construction output would increase by 85% to US$ 15.5 trillion globally, with China, the US, and India accounting for 57% of the expansion. Paints and coatings are made using n-propanol as a solvent. In the upcoming years, the market's expansion will be aided by the increased focus on protecting structural components from external harm like corrosion. Furthermore, the market's growth in the near future may be stimulated by the thriving pharmaceutical industry.
  • N-propanol is used in the cosmetic industry. Due to its antibacterial and antiperspirant qualities, potash alum can be used as a deodorant. Additionally, N-propanol is utilized in the composition of numerous cosmetic goods, including face powders, moisturizers, skincare products, and cleansing products. Consequently, the cosmetics sector is boosting the demand for n-propanol.

N-Propanol Market Restraint

  • Stringent environmental rules governing the handling and transportation of organic chemicals would restrain the expansion of the propanol industry. Additionally, the high combustibility of the raw materials places various limits on the global propanol market, which is also anticipated to restrain market expansion throughout the forecast period. Because of the fluctuating price of crude oil, rising raw material costs, particularly for acetone and propylene, are expected to impede demand over the projection period.
  • Due to significant VOC emissions and other environmental problems connected with the use of petrochemical-based solvents, the market for propanol is being constrained by a shift in emphasis toward green solvents. Because of the environmental dangers connected with petroleum-based solvents, there has been an increase in the usage of replacements that use fewer amounts of petrochemical-based solvents, such as the use of water-based paints and coatings in construction applications rather than solvent-based paints and coatings. Water-based paints do not, however, offer the same level of finish as solvent-based paints do. By using bio & green solvents, which have the same properties as solvents derived from petrochemicals but don't include VOCs, this issue can be solved.
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N-Propanol Market size was valued at USD 1498.1 million in 2019 and is poised to grow from USD 1562.52 million in 2023 to USD 2282.36 million by 2031, growing at a CAGR of 4.3% in the forecast period (2024-2031).

The N-propanol market is highly competitive. As a result, the 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. 'BASF SE', 'Dow Chemical Company', 'Eastman Chemical Company', 'Mitsui Chemicals Inc.', 'Sasol Limited', 'LG Chem Ltd.', 'Oxea GmbH', 'INEOS AG', 'Perstorp Holding AB', 'LCY Chemical Corp.', 'Zhejiang Xinhua Chemical Co. Ltd.', 'ISU Chemical Co. Ltd.', 'Shell Chemicals', 'LyondellBasell Industries N.V.', 'KH Neochem Co. Ltd.', 'Sinopec Shanghai Petrochemical Company Limited', 'Nippon Nyukazai Co. Ltd.', 'Sekisui Chemical Co. Ltd.', 'Jinyimeng Group', 'Tokuyama Corporation'

Market expansion will be aided by booming demand from the paints and coatings sector. Due to the use of in building blocks, the market is anticipated to benefit from attractive prospects created by the rising construction sector. Construction Perspectives and Economics predict that by 2030, the value of construction output would increase by 85% to US$ 15.5 trillion globally, with China, the US, and India accounting for 57% of the expansion. Paints and coatings are made using n-propanol as a solvent. In the upcoming years, the market's expansion will be aided by the increased focus on protecting structural components from external harm like corrosion. Furthermore, the market's growth in the near future may be stimulated by the thriving pharmaceutical industry.

Due to their ability to mix with various solids, liquids, and gases, solvents are utilized in a variety of industrial processes. Solvents containing propane are frequently utilized in sectors like paint, adhesives, and pharmaceuticals. The world's developing nations are rapidly industrializing, which will offer plenty of room for expansion for propanol producers in the years to come. The propanol market in emerging nations will grow as a result of rising adhesive, paint, pharmaceutical, and other product consumption brought on by developments in the construction, automotive, healthcare, and other industries.

Asia Pacific held the 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.

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Global N-Propanol Market

Product ID: SQSG15A2016

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