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 Insights

Global 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).

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.

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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