Propanol is considered as one of the most effective and useful intermediate solvents for producing plenty of chemicals like methyl isobutyl ketone (MIBK), isopropyl esters, acetone, isopropyl amines which are manufactured by various chemical industry. Increasing applications of propnol in industries such as pharmaceuticals, cosmetics, personal care products, deicers, resins, adhesive and paints have bolstered the growth of the global market. Certainly progressing economies and continuous demand from ever-expanding chemical industries would aid the steady rise of the segment to expand more in the forecast period.
This is anticipated that the market will remain as the same leading global propanol market in the forecast period due to its continuous steady approach towards the coatings and global paints industry. The reason behind the healthy growth of this market is majorly focused on the applications where the solvent reacts with halogen to produce propyl halide and acetic acid to produce propyl acetate. The global propanol market is likely to play a determinant role in the coming years.
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According to Transparency Market Research, the global propanol market was valued at US$2.19 bn in 2016. Analysts expect the global market to rise at a CAGR of 2.3% CAGR from 2017 to 2025 to reach a valuation ofUS$2.68 bn by 2025.
How the global propanol market is generating the maximum revenues?
The market covers a huge list of industries such as cosmetics, personal care and also helps in flexographic printing ink applications. Various industries have embraced this intermediate solvent as a vital ingredient. There have been several studies examining the efficacy of the solvent, based on which the segment accounts for more than 49% in the global market by 2016.
The leading revenue generator, in terms of regions, in the market has been Asia Pacific. Europe is considered as the second largest propanol consuming region in the world. The propanol market is anticipated to receive remarkable demand in the production of acetone, where the solvent is used a major raw material.
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Which are the leading segments of the global propanol market?
Geographically, Asia Pacific has been considered a dominant regional market for propanol in the year of 2015 for holding the largest share of over 40% in the global propanol market is also expected to expand rapidly and will retain the dominance in the future as well. Over the coming years the propanol market has been expected to expand at a significant rate in North America and Europe is predicted to expand in a moderate pace which would be mostly driven by such elevating chemical industries. In the next eight years, China is predicted to be the largest consumer of propanol and other countries like Japan, India and South Korea in Asia pacific have been considered to be the fastest-growing propanol markets. The key factor behind this predicted remarkable growth in these particular regions is largely due to the global shifting of production units from developed regions to these emerging countries.
Based on the product type, the market is segmented into iso-propanol and N-propanol, and based on the application, the market is divided into chemical intermediates, solvent, pharmaceuticals; and cosmetics. The key players in the global market are BASF SE, The Dow Chemical Company, Oxea GmbH.