Propanol Global Market Report 2024

The global propanol market has grown strongly in recent years. It will grow from $3.66 billion in 2023 to $3.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The observed growth in the historical period can be attributed to several factors, including heightened demand for industrial solvents, expansion within the paints and coatings industry, increased activity in pharmaceutical manufacturing, formulation of consumer products, surface coating for electronics, and growth within the printing and packaging sectors.

The global propanol market is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. Anticipated growth in the forecast period is tied to several key drivers, including increased pharmaceutical Active Pharmaceutical Ingredient (API) manufacturing, the development of environmentally friendly formulations, the emergence of biotechnology applications, a heightened focus on green chemistry, expanded usage in personal care products, and a transition towards waterborne coatings.

The escalating demand for paint and coatings is projected to propel the propanol market's expansion. Paint is a blend of opaque pigments in a liquid, while coatings include varnishes and inorganic binders akin to paints. Propanol, particularly as a semi-volatile alcohol, aids in enhancing drying qualities in the coating industry, employed in various paint manufacturing processes. The American Coatings Association's data in May 2021 highlighted the substantial economic contribution of the coatings business to the US, with Illinois, Texas, and Ohio leading in paint and coating exports, further substantiating the driving force behind the propanol market's growth.

The increasing demand within the personal care industry stands as a significant driver fueling the growth of the Propanol market. Propanol, valued for its diverse applications, plays a pivotal role across various industries due to its efficacy as a solvent, disinfectant, and intermediary in chemical processes. Its versatility contributes to heightened demand, particularly in the personal care sector, where isopropanol finds application in compliance with safety regulations and standards. Within cosmetics, it is utilized in concentrations deemed safe for human skin and health, emphasizing the importance of proper formulation and regulatory adherence to ensure the safety and efficacy of products containing propanol. For instance, as per statistics published by Euromonitor International in April 2023 and sourced from the official website of the International Trade Administration, U.S. Department of Commerce, China witnessed a notable surge in beauty and personal care sales, reaching $88 billion in 2021 - a marked 10% increase from the previous year. Hence, the mounting demand emanating from the personal care industry is anticipated to propel the growth trajectory of the Propanol market.

Leading companies in the propanol market are strategically engaging in partnerships and collaborations to maintain their market stance. Notable alliances, such as SHV Energy's partnership with LanzaTech in March 2022 and Eni S.p.A's collaboration with BASF SE in July 2021, exemplify the focus on sustainability and technology development. Additionally, the proactive approach of major players, like Lupin Limited's launch of Propranolol LA capsules in August 2023, showcases a commitment to innovation, meeting market demands, and enhancing healthcare accessibility.

In August 2023, Star Group, L.P., a US-based home energy distributor and services provider, completed the acquisition of a privately held propane company in Long Island for approximately $18.4 million. The acquisition made by Star Group may have been made for similar reasons, such as expanding its footprint in the Long Island area or increasing its propane operations. Long Island Propane Inc. is a US-based family-owned and operated propane delivery company. They offer propane delivery for home heating, gas cooking, pool heaters, and more.

Major companies operating in the propanol market report are 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., Praxair India Pvt. Ltd., PTT Global Chemical Public Company Limited, Reliance Industries Ltd., Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, Solvay SA, Westlake Chemical Corp., Yara International ASA

Asia-Pacific was the largest region in the propanol market in 2023. 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.

The countries covered in the propanol market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain. The propanol market consists of sales of propan-1-ol and propan-2-ol. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

There are two primary types of propanol are iso-propanol and n-propanol. Iso-propanol, also known as rubbing alcohol, is a volatile and flammable alcohol (C3H8O) primarily used as a solvent. It is available in various grades including technical, pharmaceutical, cosmetic, and electronic grades. Iso-propanol finds applications across diverse sectors such as pharmaceuticals, chemicals, personal care products, printing inks, paints and coatings, and other related industries.

This report provides propanol market statistics, including propanol industry global market size, regional shares, competitors with a propanol market share, detailed propanol market segments, market trends, and opportunities, and any further data you may need to thrive in the propanol industry. This propanol market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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