VALLEY COTTAGE, N.Y. –According to the latest business intelligence report by Future Market Insights (FMI), the global market for propanol was valued to be US$ 2 Bn in 2018. This growth remains driven by increasing use of propanol in various cleaning formulations and as a direct solvent in diverse applications. Due to low toxicity and high miscibility, the adoption of propanol as a direct solvent is expected to pave the way for robust market growth in the foreseeable future.
Demand for Isopropanol will Remain High Through 2029
The use of isopropanol has been extensive in cosmetic and personal care products, and continues to contribute major share to the global market value. In 2019, worldwide sales of isopropanol reached US$ 2 Bn. However, preferential shift away from chemical-based products due to their harmful effects is representing a threat to steady sales of isopropanol. Additionally, as manufacturers gain maturity, the isopropanol market in particular is likely to observe a slight decline in business expansion activities in the future.
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Demand for n-propanol is expected to grow at a steady CAGR over the forecast period 2019-2029. Due to rising concerns related to chemical emissions, use of low VOC emitting chemicals in food processing and pharmaceutical industries is picking pace. As a result, manufacturers are shifting their focus from isopropanol to n-propanol, as it is produced naturally with numerous fermentation process.
Propanol is manufactured using by-products of crude oil refineries. In recent years, volatility in crude oil and feedstock is resulting in fluctuation of propanol prices, especially isopropanol. This is expected to act as a limitation for petroleum-based feedstock, thereby hindering the growth of the propanol market. Innovations have been forthcoming for bio-propanol and propanol as a biofuel. However, these products have not gained much attention, due to higher production cost than gasoline and energy density than ethanol.
Preview Analysis Of 2019 Analysis and Review of Propanol Market by Type – n-Propanol and Isopropanol for 2019 – 2029:https://www.futuremarketinsights.com/reports/propanol-market
Propanol as Direct Solvent to Account for Prominent Share
Adoption of propanol as a direct solvent is expected to account for major revenue share. In recent years, demand for propanol has registered exponential growth in the pharmaceutical industry. Pharma-grade propanol is used as processing solvent in drug manufacturing, in medical wipes, and various medicinal formulations. Significant R&D activities on medical product manufacturing along with growing healthcare expenditure is projected to positively impact the consumption of propanol. Further, demand for electronic-grade isopropanol is likely to rise significantly, owing to rapid expansion of the semiconductor industry.
East Asia Takes the Lead
East Asia will remain in the vanguard of the global propanol market, owing to emergence of China and India amongst the top producers of chemicals. In addition, as more people are shifting towards urban living, demand for paints & coatings is moving swiftly in the region. This, in turn, is further augmenting the sales of propanol.
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