Consumption of n-propyl alcohol in China is estimated to grow at a rate of 3.5% during the assessment period of 2022 and 2032. By 2029, the global propanol market is expected to reach a valuation of $3,878.6 million.
NEWARK, Del., November 28, 2022 /PRNewswire/ — According to Future Market Insights, globally N-Propanol market is expected to grow from $308.6 million in 2022 at $420.6 million by 2032, with global demand increasing to 3.1% CAGR throughout the forecast period. Increasing demand for paints, coatings, pharmaceuticals, etc. worldwide is a key factor expected to drive the global n-propanol market during the forecast period.
In recent years, end-use industries for n-propanol including coatings, food and beverage, cosmetics, automotive, pharmaceutical, and construction have grown globally. Most of these industries use n-propanol for various applications. Thus, the expansion of these industries across the globe, especially in developing countries such as China and Indiawill play a crucial role in driving the global n-propanol market during the forecast period.
Similarly, increasing demand for alternative fuels over conventional fuels is expected to boost the sales of n-propanol during the forecast period. As renewable transportation fuels, multi-carbon liquid alcohols such as n-propanol are a desirable option. They are easy to transport over long distances, have high energy densities and can be used directly in place of conventional internal combustion engines. It is desirable to engineer catalysts that prefer high value alcohols.
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Additionally, increasing investment flow in this space and an increase in drug approvals by regulatory bodies are expected to fuel drug manufacturing procedures, which in turn will positively impact the global n- propanol.
Despite several promising growth potentials, the market currently faces several headwinds that are expected to limit growth potential. Environmental regulations, especially in the chemical sector, are becoming increasingly strict when it comes to the use of chemically treated products, which are also linked to the development of risks when used near people. This could serve as a barrier for the global market during the forecast period.
“Constantly increasing demand from end-use industries, particularly coatings, chemicals and pharmaceuticals, is expected to rapidly drive the global n-propanol market over the next ten years.” says a senior analyst at the IMF.
Key takeaways from the N-Propanol market study
- The global n-propanol market is estimated to expand to 3.1% CAGR on a value basis until 2032.
- By application, the solvent segment is estimated to create an incremental opportunity of approx $60.5 million during the forecast period (2022-2032).
- On the basis of end-use, pharmaceutical and coating segments will generate maximum revenue throughout the forecast period.
- North America and Europe are expected to hold collectively 35.8% of the total market share.
- The USA is a major importer of n-propanol with an estimated import volume of 35,146.5 tons of n-propyl alcohol.
- Demand for n-propanol throughout China is expected to grow at a steady rate over the next ten years.
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Who’s winning?
The n-propanol market is highly consolidated where key players are expected to hold a major market share. Some of the top manufacturers include BASF SE, The Dow Chemical Company, Eastman Chemical Company, Sasol Limited, OQ Chemicals, Spectrum Chemicals, Solvay SA, Dairen Chemical Corporation, Zibo Nalcohol Chemical Co., Ltd., Solventis Ltd. and Hefei TNJ Chemical Industry Co., Ltd.
Key players are focusing on increasing production capacity to expand their footprint across the globe and gain traction in the market. In addition, certain key players are focusing on investments in n-propanol production due to the significant increase in demand from the coatings industry.
For example, Hon July 29, 2021, BASF SE announced a joint research and development initiative with Eni to reduce the CO2 footprint of the transport sector. The companies have collaborated to develop a sustainable technology to produce bio-propanol from industrial waste.
More information about the N-Propanol Market Report
In its latest report, Future Market Insights provides an unbiased analysis of the global N-propanol market, providing historical data from 2017 to 2021 and forecast statistics from 2022 to 2032. To understand the potential, growth and scope of the global market, the market is segmented into application, end use and region.
For Further Inquiries on Global N-Propanol Market Analysis Report and Forecast, 2032 Click This Link – https://www.futuremarketinsights.com/reports/n-propanol-market
content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand trends
1.3. Supply trends
1.4. Technology roadmap
1.5. Analyzes and Recommendations
2. Market overview
2.1. Market coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key market trends
3.1. Key trends affecting the market
3.2. Intermediation Trends in innovation/development
4. Key success factors
4.1. Adoption/Intermediate Use Analysis
4.2. Intermediate USPs / Features
4.3. Strategic promotion strategies
5. Global Market Demand Analysis 2017-2021 and Forecast, 2022-2032
5.1. Historical analysis of market volume (tons), 2017–2021
5.2. Projections of current and future market volume (tonnes), 2022-2032
5.3. Annual growth trend analysis
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