Propanol is a petrochemical and has wide applications in manufacture of personal care products, pharmaceuticals, cosmetics, deicers, adhesives, paints, resins, and ink. The petrochemical is also used in manufacture of various chemicals such as isopropyl acetates, isopropyl esters, methyl isobutyl ketone (MIBK), glycerol, asisopropyl amines, isopropyl acetates, and acetone. Use of propanol as intermediate chemical to manufacture other chemical has been driving its popularity in chemical industry too, among all other industries. As per market analysts of chemical fraternity, “large scale application of propanol is entailing the growth of global propanol market in the coming years”.
As per the report published by Transparency Market Research, the propanol market is anticipated to expand at a CAGR of 2.3% in the forecast period 2017-2025. The valuation of propanol market size is projected to reach to US$2.68 bn by 2025.
Use of propanol as solvent is boosting the global propanol market. The solvent segment is projected to clock at a CAGR of 2.3% during the course of forecast period due to rising demand of propanol in coating and paint industry.
On the other hand, reduction in the demand of propanol in printing ink sector may give negative impact to the growth of global propanol market in the course of forecast period.
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Propanol as Solvent is Fuelling its Demand in Painting and Coating Industry
Owing to the surge in the number of personal care, pharmaceuticals, and cosmetics industry in North America, the regions is anticipated to contribute majorly in the expansion of propanol market in the course of forecast period followed by Europe. Europe is witnessing substantial rise in the number of chemical industry. This, in turn, is driving the propanol market in the region.
In the recent years, Asia Pacific was contributing 40% of the entire propanol market share standalone. Propanol is used as a solvent in the coatings and paints. This is a key factor fuelling the demand for propanol in the market. Asia Pacific region is witnessing surge in the number of chemical, coatings, and paint industry. This, in turn, is boosting propanol market as well. China, being the major consumer of propanol, is anticipated to be a major contributor in propanol market in the coming years.
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Merging and Acquisition is Tactics to Maintain Prominence in Global Propanol Market
Looking at the present trend, the market analysts at Transparency Market Research analyses that “propanol market will be witnessing intense competition in coming years, as a result of large number of small and medium companies coming in the market”. Also, the prominent players of propanol market are coming up with new market strategies to sustain its dominance in the global propanol market.
The players are putting an effort to gain significant position in the regional market, so that they can easily penetrate in the global propanol market. Key players are inclining towards merging and acquisition to strengthen their presence in the market.
Some of the key players in the global propanol market are- LyondellBasell Industries N.V., BASF SE, Eastman Chemical Company, ExxonMobil Corporation, Oxea GmbH, Mitsui Chemicals, Tokuyama Corporation, and Dow Chemical Company.