Impact of COVID-19 on Economy, Industry and Company :
The emergence of novel coronavirus has affected the global economy, industry dynamics and company’s top line. The entire ecosystem has to suffer the impact of this pandemic disease which would result in significant demand & supply gap, production delay and weak consumer demand of end products across industries. At Bizizz Market Research, our analyst has done extensive research across industries and identify various methodologies which would assist C-Level executive to counter this ongoing threat and make informed business decision.
Kindly contact us to know more details: https://www.bizizzmarketresearch.com/contact
"Global Propanol Market was Valued at US$ 3.1 Bn in 2019 and it is Expected to Reach More than US$ 4.3 Bn by 2028, Likely to Grow with the CAGR of 3.4% During the Forecast Period."
The propanol market is rising owing to growing demand from end-use industries such as chemicals, pharmaceuticals, paints & coatings, printing inks, and others. Advancing innovations in the technology industries are projected to provide market participants with lucrative opportunities during the forecast period. Increasing the use of propanol for expanding the pharmaceutical industry is expected to drive the demand over the forecast period, due to the growing population and changing lifestyle in emerging countries. Increasing the use of propanol as a coating agent in the building and automobile industries is also expected to propel the demand over the forecast period. In the cosmetics industry, propanol derivatives are increasingly being used as a solvent substitute, which is further expected to increase demand for the product in years to come. However, strict environmental restrictions on the transport and handling of organic compounds are likely to hinder market growth for propanol over the years.
The growing demand for industrial solvents in developing economies, the rapid growth of paints & coatings and worldwide growth of the pharmaceuticals industry will drive market growth. The growing demand for propanol from the personal care industry is another factor for the significant growth of the market. Shifting focus towards green solvents will also enhance the market in years to come.
The global propanol market on the basis of the end-use segment is bifurcated into chemical intermediates, pharmaceuticals, solvents, personal care & household products and others. The geography segment is analyzed into Asia-pacific, North America, Latin America, Europe, Middle East and Africa (MEA).
As Per Chemical Type, Isopropanol Expected To Grow At The Significant Rate Owing To Its Diverse Applications
By type, isopropanol is expected to witness the highest growth in the propanol market across the globe. It is expected to hold XX% of the total market. In 2019, the isopropanol segment dominates the propanol market. Isopropanol is the main form of propanol used as a solvent in a variety of applications, including pharmaceutical, inks, and household and personal care products, due to its less cost and easy availability. The increasing demand for these products in the emerging regions of the Asia Pacific and the Middle East & Africa is expected to drive the market for propanol due to the high growth industries such as healthcare, construction automotive and printing. On the contrary, n-propanol is widely used as a solvent and in the coating, printing, and ink industries. Increasing applications in various end-use industries are expected to boost global demand for products during the forecast period.
By End-Use, Pharmaceuticals Are Estimated To Witness High Sales In Propanol Market
The pharmaceutical segment dominates the propanol market in 2019. The isopropanol is used in the pharmaceutical industry as an antiseptic. Isopropanol is used as a sanitizing agent and a disinfectant and also used in medications, sanitizers, soaps, etc. Isopropanol is also used as capsules and tablets manufacturing. The rapid growth of the pharmaceutical industry in emerging nations will also propel market growth. As a result of the aforementioned factors, the pharmaceutical segment will show significant growth in the years to come.
On the contrary, the growing use of n-propanol in the chemical and pharmaceuticals industry will boost market demand. Growing consumption of various products including beauty care, cosmetics, paints & coatings, and others will also drive the market.
Asia Pacific Region to Dominate the Overall Propanol Market In Terms of Revenue Share.
Expansion of pharmaceutical, automotive, chemical and coating industries in the developing economies of Asia Pacific will boost the demand in the region. India and China will be the major contributor to the Asia Pacific propanol market. Rising industrial investments in the region will also boost the market demand in the region. The market is expected to register a CAGR of XX% during the forecast period.
The propanol market will hold substantial market share in North America owing to increased application in the pharmaceutical industry in drug production and rubbing alcohol. Increased consumption of cosmetics and beauty care products in the region will also spur the market.
Dow Chemical Company, Royal Dutch Shell Plc., BASF SE, Eastman Chemical Company, China National Petroleum Corporation, Mitsui Chemicals Inc., Zhejiang Xinhua Chemical Co Ltd., Oxea GMBH, LG Chem Ltd., ISU Chemical Co Ltd., and LCY Chemical Corp. are few of the key players in the global propanol market.
Segmentation of Global Propanol Market
Propanol Market by Chemical Type
Propanol Market by End-use
- Chemical Intermediates
- Personal Care & Household Products
Propanol Market by Region
- North America
- South America
- Middle East & Africa