Global Propanol Market Size is Anticipated to Acquire USD 3.9 Billion by 2030 With a CAGR of 3.32%

New York, United States, Aug. 23, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “ Propanol (Isopropanol & N-Propanol) Market - By Type (Isopropanol And N-Propanol), By Application (Pharmaceutical, Chemical Intermediate, Household & Personal Care, And Direct Solvent), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030 ” in its research database.

“ The global propanol (isopropanol & n-propanol) market was worth approximately USD 3.1 billion in 2022 and is expected to increase to approximately USD 3.9 billion by 2030, with a compound yearly growth rate (CAGR) of approximately 3.32% between 2023 and 2030.”

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Propanol (Isopropanol & N-Propanol) Market: Overview

Isopropanol and n-propanol are alternative names for propanol. It is a colourless alcohol that is widely used as a solvent in numerous industries. It has numerous applications in the pharmaceuticals, polymers, and coatings industries due to its diverse physical and chemical properties. The industry refers to the commercial relationship between the numerous parties involved in the production, storage, and distribution of propanol for further processing or application.

Isopropanol, also known as 2-propanol, is utilised in the manufacturing of a variety of personal care, cosmetic, and cleansing products. It serves as a solvent during the manufacturing process. It is used extensively in the production of acetone and as a disinfectant. N-propanol or 1-propanol is predominantly utilised in the pharmaceutical industry or for the production of pigment for painting. It is utilised in the cosmetics industry as well. During the forecast period, the fraternity is anticipated to grow at a modest CAGR.

Key Insights:

• As per the analysis shared by our research analyst, the global propanol (isopropanol & n-propanol) market is estimated to grow annually at a CAGR of around 3.32% over the forecast period (2023-2030)
• In terms of revenue, the global propanol (isopropanol & n-propanol) market size was valued at around USD 2.1 billion in 2022 and is projected to reach USD 3.9 billion, by 2030.
• The market is projected to grow at a significant rate due to the growing demand in end-user verticals
• Based on type segmentation, isopropanol was predicted to show maximum market share in the year 2022
• Based on application segmentation, the direct solvent was the leading application in 2022
• On the basis of region, Asia-Pacific was the leading revenue generator in 2022

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Propanol (Isopropanol & N-Propanol) Market: Growth Drivers

• Increasing demand in end-user verticals will stimulate growth

The global propanol (isopropanol & n-propanol) market is anticipated to expand due to rising demand from end-user industries. The chemical has extensive applicability in several subsegments of consumer goods. Its versatility as a solvent is a major factor in the high demand for colourless alcohol. For instance, it is utilised in the cosmetic industry, which is one of the world's fastest-growing markets. In cosmetic products, isopropanol aids in the dissolution of other ingredients, enabling the production of a lotion or cream with a uniform texture and consistency, a selling point for many hygiene products.

Propanol (Isopropanol & N-Propanol) Market: Restraints

• Rising safety and health concerns restrain market expansion

One of the primary concerns that could have a significant impact on the size of the global propanol market is the growing unease regarding the chemical's safety. If ingested or absorbed through the epidermis, both subtypes of propanol can be hazardous. Additionally, prolonged alcohol consumption can cause severe health problems. Therefore, the chemical is highly regulated, and all end-products manufactured with propanol must meet all regulatory requirements before they can be sold on the market. The production, storage, and distribution of the chemical and its derivatives are governed by stringent regulations, prompting many players to transition to alternative substances.

Propanol (Isopropanol & N-Propanol) Market: Segmentation

The global propanol (isopropanol & n-propanol) market is segmented based on type, application, and region.

Based on type, the global propanol (isopropanol & n-propanol) industry segments are isopropanol and n-propanol. The industry witnessed the highest growth in the isopropanol segment in 2022. It is also known as isopropyl alcohol (IPA) and is more in demand as compared to its counterpart.

Based on application, the global propanol (isopropanol & n-propanol) market segments are pharmaceutical, chemical intermediate, household & personal care, and direct solvent. The industry witnessed the highest growth in the direct solvent segment.

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Recent Developments:

• In February 2023, GAIL, a part of the Indian Government's Ministry of Petroleum and Natural Gas, announced the purchase of a 26% stake in the GAIL Bhuwan Ship, LNG Japonica. The company’s board also approved the construction of a 50-kilo tons IPA unit in the Usar district of Maharashtra. The move will help the company diversify its operations in the chemical industry
• In October 2020, Advanced Petrochemical Company, a leading chemical producer in Saudi Arabia, announced its intention to build an additional IPA plant with an annual capacity of 70,000 tonnes per annum. The move will be in partnership with Jubail Industrial City
• In May 2020, Deepak Phenolics Limited (DPL) announced the commencement of IPA production at its manufacturing facility with a capacity of 30000 TPA

Report Scope:

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Propanol (Isopropanol & N-Propanol) Market: Regional Analysis

• Asia-Pacific will be a major contributor

The global propanol (isopropanol & n-propanol) market is anticipated to expand at the fastest rate in Asia-Pacific, due to India and China's dominance in the chemical industry. Due to the increased regional and global demand for the compound, India has recently increased its IPA production through multiple investments in the construction of new IPA-producing facilities. In addition, China dominates the global chemical industry due to the presence of key manufacturing actors in the region and the product's high demand.

Increasing infrastructure, the presence of outstanding manufacturing and production sites, favourable government policies, and the widespread high consumption of the compound across all end-user verticals are some of the primary reasons for regional growth. Europe's economic expansion may be fueled by rising production-related investments and cosmetics industry demand. The North American market is highly regulated, but the demand for disinfectants is at an all-time high due to the expanding emphasis on cleanliness.

Propanol (Isopropanol & N-Propanol) Market: Competitive Analysis

The global propanol (isopropanol & n-propanol) market is:

• Dow Inc.
• BASF
• Exxon Mobil Corporation
• Eastman Chemical Company
• The Dow Chemical Company
• Huntsman Corporation
• Perstorp Holding AB
• Evonik Industries AG
• Sumitomo Chemical Co. Ltd.
• INEOS Group Holdings S.A.
• Shell Chemicals
• LyondellBasell Industries N.V.
• Mitsui Chemicals Inc.
• Solvay S.A.
• The Lubrizol Corporation
• Mitsubishi Chemical Corporation
• Zhejiang Xinhua Chemical Co. Ltd
• Sasol Limited
• Sinopec Corp.

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The global propanol (isopropanol & n-propanol) market is segmented as follows:

By Type

• Isopropanol
• N-propanol

By Application

• Pharmaceutical
• Chemical Intermediate
• Household & Personal Care
• Direct Solvent

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

FREQUENTLY ASKED QUESTIONS (FAQ)

What is propanol (isopropanol & n-propanol) market?

Propanol is also referred to as isopropanol or n-propanol. It is a colorless alcohol and is used extensively as a solvent in various end-user verticals.

Which key factors will influence propanol (isopropanol & n-propanol) market growth over 2023-2030?

The global propanol (isopropanol & n-propanol) market is projected to grow owing to the increasing demand in the end-user verticals.

Which region will contribute notably towards the propanol (isopropanol & n-propanol) market value?

The global propanol (isopropanol & n-propanol) market is expected to witness the highest growth in the Asia-Pacific region owing to the dominance of India and China in the chemical industry.

Which are the major players leveraging the propanol (isopropanol & n-propanol) market growth?

The global propanol (isopropanol & n-propanol) market is Dow Inc., BASF, Exxon Mobil Corporation, Eastman Chemical Company, The Dow Chemical Company, Huntsman Corporation, Perstorp Holding AB, Evonik Industries AG, Sumitomo Chemical Co., Ltd., INEOS Group Holdings S.A., Shell Chemicals, LyondellBasell Industries N.V., Mitsui Chemicals, Inc., Solvay S.A., The Lubrizol Corporation, Mitsubishi Chemical Corporation, Zhejiang Xinhua Chemical Co., Ltd, Sasol Limited, Sinopec Corp., and others.

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What Report Provides:

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market

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