NEW YORK, Oct. 21, 2019 /PRNewswire/ -- The global propanol market is forecast to reach USD 5.01 Billion by 2026, according to a new report by Reports and Data. Propanol is a colorless primary type of alcohol, and based on the isomerism; it is of two types, such as isopropanol and n-propanol. Isopropanol are mostly used in medical use applications and are also widely utilized as a direct or intermediate solvent chemical in the formulation of various chemical processing; while, the n-propanol is utilized to manufacture cosmetics, perfumes, lacquer formulations, antifreezes, soaps, window cleaner, inks, and others. The n-propanol is likely to grow higher in the forecast period because of its low emission of volatile organic compounds (VOC).
The Asia Pacific region is forecasted to grow the fastest with the highest growth rate of 4.7% in the period 2019 -- 2026, owing to higher demand in the household & personal care products and paints & coatings industries coupled with propulsion of the medical use products due to a rise in the small and severe diseases especially in the highly populous regions like India and Bangladesh.
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Further key findings from the report suggest
- Medical use applications consist of the basic chemical formulations of various syrups & therapeutic medicines and also include lifestyle drugs and medicines. The medical use applications had the highest market possession of USD 1.05 Billion in 2018. The CAGR is forecasted to be 4.2% during the forecast period.
- Propanol is one of the safest synthetic alcohol to be used in direct solvent and are widely used in chemical formulations. Eyeglasses cleaner, toner of electronics appliances, removing thermal paste from heatsinks on IC packages are some of its end-use applications. The direct solvent is forecasted to reach a market share of 34.5% by 2026 growing with a rate of 4.6% during the period 2019 – 2026.
- Chemical Intermediate segment is measured to gain a market revenue of USD 0.94 Billion by 2026 and the CAGR is forecasted to be 3.6% in the forecast period. Propanol is utilized in chemical intermediate in the process of processing propyl amines, halides, and propyl acetate.
- Isopropanol has a higher range of applications than the n-Propanol. Although, it's been estimated that the volatile organic compounds (VOC) emission is way lesser in n-Propanol usages and would be a reason that the n-Propanol will grow higher than the isopropanol in the forecast period. The isopropanol had a market share of 65.6% in 2018 and would grow at a CAGR of 3.5% during the forecast period.
- Europe would reach a market share of 20.5% by 2026 and would grow at a CAGR of 3.2% in the forecast period. Germany has the highest number of valuable manufacturers in this region, while France is the fastest-growing market.
- North America is forecasted to witness a significant growth in the overall market, with 25.7% of market possession by 2026 and CAGR of 4.3% during the forecast period. US possesses the highest market share.
- Key participants include BASF SE, Royal Dutch Shell PLC, Exxon Mobil Corporation, Tokuyama Corporation, LCY Chemical Corp., OXEA GmbH, JXTG Holdings, Inc., LG Chem Ltd., Sasol Limited, and ISU Chemical.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global propanol market on the basis of the End-Use, type, applications, and region:
End-Use Outlook (Revenue: USD Billion; 2016-2026)
- Direct Solvent
- Chemical Intermediate
- Pharmaceutical Solvents
- Pesticide Formulations
- Chemical Reagents
Type Outlook (Revenue: USD Billion; 2016-2026)
Applications Outlook (Revenue: USD Billion; 2016-2026)
- Medical Use
- Paints and Coatings
- Household & Personal Care
- Pritnting Inks
Regional Outlook (Revenue: USD Billion; 2016-2026)
- North America
- Rest of the Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
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