Propanol Market Size Worth $7.00 Billion By 2027 | CAGR: 6.5%

The global propanol market size is projected to reach USD 7.00 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.5% from 2020 to 2027. Increasing demand for solvents and disinfectants is anticipated to remain a key factor favoring growth.
The market is made up of two major products namely n-propanol and isopropyl alcohol. Isopropyl alcohol is the fastest growing product segment owing to rising demand as a solvent and as a disinfectant. The recent fall in crude oil is expected to harm production as manufacturers are grappling with low cost of raw materials and high cost associated with the synthesis of the final product.
Solvent applications of n-propanol and isopropyl alcohol are expected to grow rapidly as demand for FMCD products, such as paints and coatings and adhesives, is increasing significantly. Although, the global manufacturing industry is affected by the COVID-19 pandemic, its recovery in the latter half of 2019 is expected to boost consumption of propanol. Manufacturers may have to increase production as demand from all end-use industries will witness a significant rise.
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North America is the second fastest-growing regional market. The growth is attributed to rising consumption in U.S. and Canada. Rising demand from the pharmaceutical and cosmetics industries is boosting the market growth. Presence of a large number of manufacturers and constant product innovation have positioned propanol among the highly consumed solvents within the region.
Propanol Market Report Highlights
• Demand for n-propanol is expected to reach USD 2.21 billion by 2027 backed by rising application as a solvent and in the production of chemical intermediates
• The pharmaceutical application segment of isopropyl alcohol is anticipated to grow at a CAGR of 7.5% from 2020 to 2027 by volume owing to rising demand from disinfectant and hand sanitizer manufacturers
• Asia Pacific is projected to witness the fastest growth over the forecast period due to high demand from end-use industries in countries, such as China, India, Japan, and South Korea
• In April 2020, Oxea Gmbh tripled its supply of n-propanol across Europe to meet the rising demand for hand sanitizers and disinfectants.
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Propanol Market Segmentation
Grand View Research has segmented the global propanol market on the basis of product and region:
Propanol Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• Isopropyl Alcohol
o Direct Solvent
o Chemical Intermediate
o Pharmaceuticals
o Household and Personal Care
o Other
• N-propanol
o Chemical Intermediate
o Direct Solvent
o Others
Propanol Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o France
o Italy
o Netherlands
• Asia Pacific
o China
o India
o Japan
o South Korea
• Central & South America
o Brazil
o Argentina
• Middle East & Africa
o South Africa
o Saudi Arabia
List of Key Players of Propanol Market:
• Royal Dutch Shell Plc.
• BASF SE
• Eastman Chemical Company
• China National Petroleum Corporation
• Mitsui Chemicals Inc.
• Zhejiang Xinhua Chemical Co Ltd.
• Oxea GMBH
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunit ...

News Release: Propanol Market Size Worth $7.00 Billion By 2027 | CAGR: 6.5%
Submitted on: August 07, 2020 06:00:34 AM
Submitted by: sitakant
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