According to Future Market Insights, the global n-propanol market is forecasted to witness substantial growth, reaching US$ 420.6 Million by 2032 from US$ 308.6 Million in 2022, reflecting a Compound Annual Growth Rate (CAGR) of 3.1% throughout the forecast period. This projected expansion is attributed to the increasing demand for n-propanol in diverse industries such as paints, coatings, and pharmaceuticals on a global scale. The escalating need for these key applications is expected to be a significant driving force behind the market’s upward trajectory, highlighting the pivotal role of n-propanol in various industrial sectors.
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.
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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.
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.
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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 Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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