Propanol Market To Reach $6.25 Billion By 2030 | CAGR: 6.6%

Propanol Market Growth & Trends

The global propanol market size is expected to reach USD 6.25 billion by 2030, as per the new report by Grand View Research, Inc.,expanding at a CAGR of 6.6% from 2023 to 2030. The growth is majorly driven by rising consumption of in solvents and disinfectants.

The market is segmented on basis of product namely n-propanol and isopropyl alcohol. Isopropyl alcohol is the fastest growing product segment owing to rising demand as a solvent and as a disinfectant.

To meet the expected demand from all end-use industries, manufacturers increased their production capacities. In addition, the demand for the product from the transportation, chemical and pharmaceutical industries is also expected to rise significantly. This could result in a boom in the manufacturing industry as companies increasingly rely on propanol to meet their production needs. With the recovery of the global manufacturing industry, the demand for propanol is also expected to increase.

Chronic diseases have prompted large-scale innovations in the pharmaceutical industry. As a result of the rising pandemic caused by COVID-19, there has been an increase in the demand for hand sanitizers and personal protective equipment. Many sanitizer formulations contain isopropyl alcohol. Due to the growing trend of preventive healthcare, sales of sanitizers and other related products are expected to increase.

Europe's market is the second fastest-growing regional segment. The growth is driven by rising consumption in the Germany & U.K. The rising demand from the pharmaceutical and cosmetics industry is boosting the market growth. The presence of a large number of manufacturers and constant product innovation has positioned propanol among the highly consumed solvents within the country.

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Propanol Market Report Highlights

• Isopropanol is the dominating product type accounting for a revenue share of 85.9% in 2022 and is projected to grow at a highest growth rate of 7.0% from 2023 to 2030 owing to rising application as a solvent and in the production of chemical intermediates

• The direct solvent application segment of isopropyl alcohol is anticipated to grow at a CAGR of 7.4% from 2023 to 2030 by revenue owing to rising demands for paints and other chemicals.

• Asia Pacific is projected to reflect the fastest growth rate with a volumetric CAGR of 6.1% over the forecast period due to the high demand from end-use industries in countries such as China, India, Japan, and South Korea.

• In April 2020, Oxea Gmbh tripled its supply of n-propanol across Europe to meet the rising demand for hand sanitizers and disinfectants.

• The major industry participants globally are Royal Dutch Shell Plc, Exxon Mobil Corporation, BASF SE, Dow Inc., LG Chem Ltd., and Sasol Limited.

Propanol Market Segmentation

Grand View Research has segmented the global propanol market report on the basis of product by application, and region:

Propanol Product By Application Outlook (Volume, Kilotons, Revenue, USD Million, 2018 - 2030)

• Isopropyl Alcohol

  • Direct Solvent

  • Chemical Intermediate

  • Pharmaceuticals

  • Household and Personal Care

  • Other

• N-propanol

  • Chemical Intermediate

  • Direct Solvent

  • Others

Propanol Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Netherlands

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • South Africa

List of Key Players in the Propanol Market

• Shell Chemicals

• ExxonMobil

• BASF SE

• Dow Inc.

• Sasol Limited

• Eastman Chemical Company

• Tokuyama Corporation

• Lyonellbasell

• Solvay

• Mitsui Chemicals Inc.

• KH Chemicals

• Dairen Chemical Corporation