Growing utilization of propanol as a direct solvent in paints and coatings, household & industrial cleaners, and others is expected to pave the way for its robust sales during the projected timeline. This is the main factor as to why the global propanol market is estimated at US$ 2.8 billion in 2019, and is projected to experience steady growth during the forecast period of 2019-2029. East Asia will see the most opportunities for manufacturers over the period of forecast, with pharma- and electronic-grade isopropanol experiencing increasing sales.
Key Takeaways from Global Propanol Market
- In the coming years, as compared to isopropanol, n-propanol is expected to register a slight increase in demand, owing to new laws and regulations regarding the usage of low-VOC-emitting chemicals in pharmaceutical and food processing applications.
- Pharmaceutical and electronic-grade isopropanol is likely to be sought after in the future, owing to the growth of pharma and semiconductor industries. Worldwide, propanol used as a direct solvent across various industries is projected to account for a prominent share in the global propanol market.
- Growth prospects are high in emerging markets such as India, China, and Mexico. Companies are focusing on different strategies in order to ensure good presence in both, emerging and matured markets. Since there are limited opportunities for propanol manufacturers in developed regions, manufacturers in the propanol market are focusing on emerging markets to capture a larger share in the landscape.
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“Volatility in petroleum feedstock prices as well as propylene prices may impact the future price of propanol as well as market growth. Increasing cost of propylene is encouraging manufacturers to adopt acetone-based isopropanol production, especially in Asian countries. Acetone-based propanol production increased from 2% to 25% from 2002 to 2018 in Asian countries,” says an FMI analyst.
The implementation of new technologies or methods over conventional methods, and production capacity expansion and footprint expansion, remain the key strategies followed by propanol manufacturers to enhance productivity and capture new opportunities in the propanol market.
East Asia Set to Become Self-sufficient in Propanol
In the year 2012, the capacity base of propanol in East Asia surpassed that of North America, primarily following the start of several new facilities in China and South Korea. During the period of 2010-2018, massive addition in capacity has made China a prominent producer in Asia Pacific. In China, future import volumes are expected to decline as the country moves towards self-sufficiency. Globally, oversupply of propanol has constricted its growth and demand. At present, the total global production capacity of propanol stands at around 3,400 KT, with approximately 60% utilization rate.
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Propanol Market Taxonomy
The global propanol market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Type
- n-Propanol
- Isopropanol
By Application
- Solvents
- Chemical Intermediates
- Pharmaceuticals
- Household and Personal Care Products
- Others
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