The global propanol market size is estimated at USD 3.5 billion in 2018 and is projected to reach USD 4.2 billion by 2023, at a CAGR of 4.0%. Propanol is a colorless type of alcohol available in two isomeric formulations, namely, isopropanol and n-propanol. Isopropanol also known as isopropyl alcohol is a colorless, flammable liquid used as a solvent in various applications such as paints & coatings, cosmetics, pharmaceutical, food processing, resin, and pesticide formulation. It is also used as a chemical reagent and chemical intermediate for chemical formulation processes. N-propanol is majorly used as a direct solvent in applications such as coatings and flexographic inks. It is also used as a chemical intermediate for the formulation of derivatives such as n-propylamine, n-propyl ester, and glycol ether. The derivatives formed using n-propanol are further used in the pharmaceutical, food, and cosmetics applications.
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Increasing demand for direct solvent application is expected to drive the propanol demand
In the propanol market, the increasing direct solvent application of isopropanol and n-propanol is expected to drive the overall demand. Isopropanol and n-propanol are used as a direct solvent in diverse applications, such as paints & coatings, cosmetics, flexographic inks, chemical processing, and food processing, in the construction, automotive, beauty care, and FMCG end-use industries. All these industries are expected to register high growth in developing countries during the forecast period owing to increasing R&D spending on new product development, developing economy, favorable trade policies & conditions, and growing middle-class population.
N-propanol is the fastest-growing type segment of the propanol market during the forecast period
N-propanol is projected to be the fastest-growing type segment of the propanol market during the forecast period. Its low toxicity as compared to isopropanol and the new law regarding usage of low VOC emitting chemicals are the major factors driving the n-propanol demand. Also, the increasing consumption of n-propyl acetate in the beauty & fragrance and pharmaceutical industries is fueling the global n-propanol demand. N-propanol is used as a chemical intermediate in the formulation of n-propyl acetate. All these factors together are expected to increase the consumption of n-propanol in various applications, thus boosting the global propanol market during the forecast period.
APAC is projected to be the largest propanol market during the forecast period. The growing investment in capacity expansion of the automotive and healthcare industries, along with increasing infrastructure development, growing household & personal care products market due to the favorable rules & regulations, and economic development of the region are driving the market. Additionally, the growth in demand for new and improved pharmaceutical drugs to cater to the critical medical conditions have boosted the need for domestic pharmaceutical manufacturing, which is expected to boost the demand for propanol.
Royal Dutch Shell Plc (Netherlands), Exxon Mobil Corporation (US), BASF SE (Germany), The Dow Chemical Company (US), LG Chem Ltd. (South Korea), Sasol Limited (South Africa), Eastman Chemical Company (US), Tokuyama Corporation (Japan), LCY Chemical Corp. (Taiwan), JXTG Holdings, Inc. (Japan), Deepak Fertilisers and Petrochemicals Corporation Ltd. (India), and OXEA GmbH (Germany) are the leading players operating in the propanol market.
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