Future Market Insights projects that the global n-propanol market will increase from US$ 308.6 Million in 2022 to US$ 420.6 Million by 2032, with a 3.1% CAGR for the whole forecast period. A significant factor anticipated to propel the global market for n-propanol over the forecast period is the rising demand for paints, coatings, pharmaceuticals, etc. globally.
In recent years, end-use industries for n-propanol, including coating, food, and beverages, cosmetics, automotive, pharmaceutical, and construction have been growing at a global level. Most of these industries utilize n-propanol for various applications. Thus, expansion of these industries across the globe, especially in developing nations such as China and India, will play a crucial role in driving the global n-propanol market during the forecast period.
Similarly, growing demand for alternative fuels to conventional ones is expected to boost sales of n-propanol during the projection period. As renewable transportation fuels, liquid multi-carbon alcohols like n-propanol are a desirable option. They are simple to carry across large distances, have great energy densities, and can be used directly in place of conventional internal combustion engines. It is desirable to have engineering catalysts that prefer high-value alcohols.
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In addition, increasing investment flow in this space and a rise in drug approvals by regulatory bodies are expected to fuel the drug manufacturing procedures, which in turn will positively impact the global n-propanol market.
Despite several promising growth potentials, the market is currently facing several difficulties which are anticipated to limit the growth potential. Environmental regulations, particularly in the chemical sector, are becoming stricter when it comes to the usage of chemically treated products that are also linked to the development of risks when used close to people. This might serve as a barrier for the global market during the forecast period.
“Consistently growing demand from end-use industries, particularly coatings, chemicals, and pharmaceuticals is expected to drive the global n-propanol market swiftly over the next ten years,” says a lead analyst at FMI.
Key Takeaways from N-Propanol Market Study
- The global n-propanol market is estimated to expand at 1% CAGR on a value basis through 2032.
- By application, solvents segment is estimated to create an incremental $ opportunity of about US$ 60.5 Million during the forecast period (2022-2032).
- Based on end use, pharmaceuticals and coatings segments will generate maximum revenues throughout the forecast period.
- North America and Europe are expected to collectively hold around 8% of the overall market share.
- The U.S. is a prominent importer of n-propanol with an estimated import volume of 35,146.5 tons of n-propyl alcohol.
- Demand for n-propanol across China is expected to grow at a steady pace over the next ten years.
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Who is Winning?
The n-propanol market is highly consolidated in which key players are expected to account for a major share of the market.
Some of the top manufacturers include
- BASF SE
- The Dow Chemical Company
- Eastman Chemical Company
- Sasol Limited
- OQ Chemicals
- Spectrum Chemicals
- Solvay S.A.
- Dairen Chemical Corporation
- Zibo Nalcohol Chemical Co., Ltd.
- Solventis Ltd.
- Hefei TNJ Chemical Industry Co., Ltd.
Key players are focusing on increasing their production capacity to expand their footprint all over the globe and to gain traction in the market. Further certain key players are focusing on investing in n-propanol production owing to a significant increase in the demand from the coating industry.
For instance, On July 29, 2021, BASF SE announced a joint R&D initiative with Eni to reduce the CO2 footprint of the transportation sector. The companies collaborated to develop sustainable technology to produce bio-propanol from industrial residues.
More Insights into the N-Propanol Market Report
In its latest report, Future Market Insights offers an unbiased analysis of the global N-propanol market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented into application, end use, and region.
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N-Propanol Market Segmentation
By Application:
- Solvents
- Chemical Intermediates
- Entrainer
- Deicing Fluids
- Others
By End Use:
- Pharmaceuticals
- Household & Personal Care Products
- Chemical Production
- Coatings
- Anti-freeze
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
About FMI – Chemicals and Materials
The Chemicals and Materials division of FMI offers a distinct and pinpoint analysis of the chemicals and materials industry. This exhaustive coverage extends from commodity, bulk, specialty, and petrochemicals to advanced materials, composites, and nanotechnology in particular, with special emphasis on ‘green alternatives, recycling, renewable technology developments, and supply-demand-trade assessment. Our research studies serve as referencing market guidelines for chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally Published by: https://www.chronicles24.com/index.php/2023/09/13/n-propanol-market-set-for-remarkable-growth-beyond-us-420-6-million-by-2032-driven-by-booming-coatings-and-pharmaceuticals-demand/
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