Global propanol market is expected to augment over the forecast period, owing to rising demand from end-use industries. It is utilized as a precursor for manufacturing various chemicals. This is anticipated to propel the market growth over coming seven years. Increasing propanol usage in expanding pharmaceutical industry, due to growing population and changing lifestyle in developing countries is expected to drive the market over the forecast period. Propanol derivatives are increasingly being utilized in cosmetics industry as a solvent substitute, which is further anticipated to increase product demand over next seven years. Increasing application in construction and automotive industry as a coating agent is also anticipated to propel the market over the forecast period. Advancing technologies in application sectors are expected to provide lucrative opportunities for market participants over coming seven years.
However, stringent environmental regulations regarding transportation and handling of organic compounds is expected to hamper propanol market growth over coming seven years. Propanol market faces numerous restrictions owing to high raw material combustibility, which is also expected to curb market growth over the forecast period. Rising raw material prices mainly regarding acetone and propylene, due to volatile crude oil prices is anticipated to hinder the demand over the forecast period. Market maturity and increasing substitutes are also anticipated to restrain market growth for coming seven years.
Propanol is mainly produced via a hydrogenation process of acetane and propylene. It is mostly found in two forms, including iso propanol and n-propanol. Iso propanol is utilized in pharmaceutical applications and is also used as solvent in the production of various chemicals such as isopropyl esters, propyl acetate, isopropyl amines etc. N-propanol is widely used in printing, coating, ink industry and as a solvent. Increasing applications in various end-use industries are expected to foster global product demand over the forecast period.
US is expected to develop into the largest propanol market over coming seven years, owing to increasing applications in pharmaceutical industry as rubbing alcohol and in drug production. This is anticipated to drive product demand in North America over the forecast period. Asia Pacific is anticipated to witness soaring market growth, on account of increasing demand in developing countries such as India, China and Brazil. These countries are expected to generate huge demand owing to expanding cosmetic, pharmaceutical and coating industries on account of changing lifestyles and growing population in these regions. China is projected to generate significant demand over the forecast period, owing to increasing developmental activities taking place in the country. Growing automotive and construction industries in the region are further expected to propel propanol market over the forecast period. Europe is also expected to witness exponential growth over coming seven years. European countries such as Germany and France are expected to face augmented product demand, owing to rising popularity in the solvent industry over the forecast period.
Market participants are increasingly investing in R&D activities to explore new applications for propanol which is expected to increase product demand. R&D activities are also encouraging development of bio-based products in regions such as Europe and North America, where strict regulations regarding environment protection prevail. Market players are also establishing high capacity plants to meet increasing demand from various application segments. Some key players are also integrating forward by collaborations, to reduce production costs. These factors are also anticipated to drive propanol market growth over the forecast period.
Major market players operating in the global propanol market include Dow Chemical Company, Royal Dutch Shell Plc., BASF SE, Eastman Chemical Company, China National Petroleum Corporation, Mitsui Chemicals Inc., Zhejiang Xinhua Chemical Co Ltd., Oxea GMBH, LG Chem Ltd., ISU Chemical Co Ltd. and LCY Chemical Corp.
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