The global propanol (isopropanol & n-propanol) market size was worth around USD 3.1 Billion in 2022 and is predicted to grow to around USD 3.9 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 3.32% between 2023 and 2030.
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➤ Increasing demand in end-user verticals to facilitate growth
The global propanol (isopropanol & n-propanol) market is expected to expand as a result of the growing demand in the end-user verticals. The chemical has significant applications in a number of consumer goods sub-segments. The high demand for colorless alcohol is primarily due to its exceptional versatility as a solvent. For example, it is employed in the cosmetic industry, which is one of the most rapidly expanding markets worldwide. In cosmetic products, isopropanol aids in the dissolution of other ingredients, thereby enabling the production of a lotion or cream with a smooth texture and consistent consistency. This is a key selling point for numerous hygiene products.
➤ The market is being constrained by the increasing safety and health concerns.
The increasing controversy surrounding the safety of propanol is one of the primary concerns that could have a significant impact on the global propanol market. If ingested or absorbed through the epidermis, both subtypes of propanol can be harmful. Severe health complications may also result from prolonged alcohol consumption. Consequently, the chemical is subject to stringent regulation, and the end-products that are produced using propanol must comply with all regulatory requirements prior to being released to the commercial market.
➤ The demand for disinfectants is on the rise, which presents numerous growth opportunities.
The global propanol industry participants have the option to allocate additional resources to the investigation of the underlying potential of the increasing global demand for disinfectants. The high demand for powerful and effective cleansing agents that purport to eliminate all types of harmful compounds or compounds from the environment, such as floors, tiles, and door knobs, was one of the critical impacts of Covid-19. The demand is particularly high in industries that employ multiple individuals with the same instruments, such as hospitals and salons. Additionally, these facilities are subject to stringent sanitation regulations, which has resulted in an increased demand for disinfectants that are both safe and effective.
➤ Raw material prices are subject to fluctuations, which may impede market expansion.
The chemical is a petroleum derivative that is exceedingly price sensitive. The Russia-Ukraine conflict is causing a significant increase in the price of petroleum, even in 2023. The prices of petroleum and its associated products are increasing in countries worldwide. The fluctuation in the cost of raw materials can have a significant impact on the ultimate price of propanol, even if the price of crude oil only slightly increases. Furthermore, revenue losses may result from the increasing prevalence of propanol substitutes during the forecast period.
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The Global Propanol (Isopropanol & N-Propanol) Market is segmented based on product, application and region
Global Propanol (Isopropanol & N-Propanol) Market: Product Segment Analysis
● Isopropanol
● N-propanol
Global Propanol (Isopropanol & N-Propanol) Market: Application Segment Analysis
● Pharmaceutical
● Chemical Intermediate
● Household & Personal Care
● Direct Solvent
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The global Propanol (Isopropanol & N-Propanol) market profiles key players such as:
● Dow Inc.
● BASF
● Exxon Mobil Corporation
● Eastman Chemical Company
● The Dow Chemical Company
● Huntsman Corporation
● Perstorp Holding AB
● Evonik Industries AG
● Sumitomo Chemical Co. Ltd.
● INEOS Group Holdings S.A.
● Shell Chemicals
● LyondellBasell Industries N.V.
???? Recent Developments:
• GAIL, a subsidiary of the Indian Government’s Ministry of Petroleum and Natural Gas, declared in February 2023 the acquisition of a 26% stake in the GAIL Bhuwan Ship, LNG Japonica. The construction of a 50-kilo ton IPA unit in the Usar district of Maharashtra was also approved by the company’s board. This action will facilitate the organization’s diversification of its chemical operations.
• Advanced Petrochemical Company, a prominent chemical producer in Saudi Arabia, declared its intention to construct an additional IPA facility with an annual capacity of 70,000 tonnes in October 2020. The relocation will be conducted in collaboration with Jubail Industrial City.
➤ The Asia-Pacific region is expected to make a substantial contribution.
The Asia-Pacific region is anticipated to experience the most significant growth in the global propanol (isopropanol & n-propanol) market, as a result of the chemical industry’s dominance by India and China. India has recently increased its production of IPA by making numerous investments in the construction of IPA-producing facilities in response to the increased demand for the compound on a global and regional scale. Additionally, China is the global leader in the chemical sector as a result of the high demand for the product and the presence of major manufacturing players in the region.
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