As per the professional intelligence report by the Transparency Market Research, the global propanol market is projected to rise from its latest evaluation of US$ 2.19 billion in the year 2016 to reach the valuation of US$ 2.68 billion at the end of the forecast period i.e. 2025. The report also predicts that the global propanol market will expand at a steady growth rate of 2.3 % over the forecast period of 2017 to 2025. Key drivers for the growth of the global propanol market include the rising usage of propanol in a variety of end use industries such as agriculture, personal care, cosmetics, and chemicals.
Products in the global propanol market i.e. propanol, is a colorless alcohol solution. These consist of two distinct types of isomers i.e. N-propanol and isopropanol. Rubbing alcohol or isopropanol features a distinct odor, is flammable in nature, and is used in a wide range of applications, including cosmetics, resins, pharmaceuticals, adhesives, personal care products, paints, inks, and deicers. N-Propanol, on the other hand, is used as solvent in various printing ink applications, most notably in flexographic printing.
Rising usage of isopropanol as chemical intermediate in the production of various types of chemicals is expected to fuel the growth in the global propanol market in coming years. Types of products offered by the vendors and manufacturers in the global propanol market include N-propanol and Isopropanol. Some of the key types of isopropanol widely used in the global propanol market include isopropyl esters, acetone, isopropyl acetates, glycerol, methyl isobutyl ketone or MIBK, and isopropyl amines. The N-Propanol products receive huge demand in the global propanol market owing to their increased usage as solvent in flexographic printing ink applications.
Solvent Segment Dominates the Global Propanol Market
Application areas for the products in the global propanol market include solvent, cosmetics and pharmaceuticals, adhesives, chemical intermediate, cleansers, and agricultural chemicals, among others. Among these, the solvent segment led the global propanol market in 2016, accounting for a larger share i.e. 49 % in the industry. The same segment is anticipated to dominate the global propanol market in coming years, owing to steady increase in the demand from paints and coating industry. On the other hand, the solvent segment may experience slight reduction in its share in the global propanol market over the forecast period owing to sluggish growth of application end use industries such as printing ink sector.
Key regions and major countries covered in the business intelligence report on the global propanol market include Europe (including the United Kingdom, Spain, France, Germany, Italy, and rest of the Europe), North America (including the United States and Canada), Asia Pacific (including ASEAN countries, Japan, China, India, and rest of the Asia Pacific), South America (including Brazil, Mexico, and rest of the South America), and Middle East and Africa (including South Africa, Gulf Cooperation Council countries, and rest of the Middle East and Africa).
Asia Pacific Leads the Propanol Market
In terms of volume, the Asia Pacific region dominated the global propanol market in 2015, accounting for more than 40 % of the total industry share. Asia Pacific propanol market is also expected to witness strong growth in coming years, owing to rising demand from regional economies such as China, South Korea, India, and Japan. Furthermore, increased demand for propanol as solvent in paint and coatings industry as well as in chemical industry is also anticipated to foster the growth of the global propanol market in Asia Pacific in coming years.
Few of the major and leading players and manufacturers functional within the global propanol market include The Dow Chemical Company, Mitsui Chemicals, Inc., Tokuyama Corporation, Oxea GmbH, BASF SE, Eastman Chemical Company, Exxon Mobil Corporation, and Lyondell Basell Industries, N. V., among others.
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