Propanol Market Growth Drivers, Strategic Analysis, Market Share, Key Trends And Forecast To 2033

The propanol market size has grown strongly in recent years. It will grow from $3.66 billion in 2023 to $3.85 billion in 2024 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to industrial solvent demand, paints and coatings industry growth, pharmaceutical manufacturing, consumer product formulations, surface coating for electronics, printing and packaging industry.

The propanol market size is expected to see strong growth in the next few years. It will grow to $4.72 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to pharmaceutical api manufacturing, environmentally friendly formulations, emerging biotechnology applications, focus on green chemistry, increasing use in personal care products, shift towards waterborne coatings. Major trends in the forecast period include technological advancements in production processes, rising demand for disinfectants and sanitizers, shift towards bio-based propanol, capacity expansions by key manufacturers, strategic collaborations and partnerships.

Market Overview -
Propanol refers to a colorless liquid that is highly miscible with all the solvents, including ke*tones, aldehydes, alcohols, glycols, aliphatic hydrocarbons, and ethers. The propanol is used as a solvent in various industries due to its high flammability, and miscibility on the human body.

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Soaring Demand In The Paints And Coatings Industry
The increasing demand for paint and coatings is expected to propel the growth of the propanol market going forward. Paint is described as a dispersion or mixture of opaque pigments or granules in a liquid or medium. Coatings refer to varnishes and inorganic binders, which are used similarly to paints. In the coating industry, propanol is used in the form of semi-volatile alcohol to increase drying qualities, such as in the manufacturing of alkyd resin paints, baked finishes, and electrodeposition paints, and is also employed as a deicing fluid, as an extracting agent, and as an entertainer in azeotropic distillations. For instance, in May 2021, according to the American Coatings Association, a US-based non-profit organization, by exporting goods valued at over $2.2 billion and creating a sizable trade surplus of $1.3 billion, the coatings business also makes a considerable contribution to the American economy. With $293 million in paint and coating exports in 2020, Illinois led the states with the most of these exports, followed by Texas ($198 million) and Ohio ($188 million). Therefore, the rising demand for paints and coatings is driving the growth of the propanol market.

Competitive Landscape -
Major companies operating in the propanol market report are The Dow Chemical Company, BASF SE, Deepak Fertilizers and Petroleum Corporation Limited, DuPont de Nemours Inc., Eastman Chemical Company, ExxonMobil Chemical Company, Honeywell International Inc., LyondellBasell Industries NV, Mitsui Chemicals Inc., Nanjing Wujiang Chemical Company Limited, Royal Dutch Shell plc, Sasol Limited, Tokuyama Corporation, Ineos Group Holdings Limited, Arkema SA, Braskem SA, Celanese Corp., Chevron Phillips Chemical Company, Evonik Industries AG, Formosa Plastics Corporation, LG Chem Ltd., Lotte Chemical Corp., Merck Co. & KGaA, Perstorp Chemicals India Private Limited, PetroChina Co. Ltd., Praxair India Pvt. Ltd., PTT Global Chemical Public Company Limited, Reliance Industries Ltd., Saudi Basic Industries Corporation, China Petroleum & Chemical Corporation, Solvay SA, Westlake Chemical Corp., Yara International ASA

Propanol Market Advances Through Strategic Partnerships And Collaborations In Sustainable Energy Initiatives
Major companies operating in the propanol market are focused on undergoing strategic partnerships and collaboration to sustain their market position. For instance, in March 2022, SHV Energy, a Netherlands-based distributor of off-grid energy, and LanzaTech, a US-based chemical manufacturing company announced a new strategic partnership to offer renewable propane and other sustainable fuels through both tried-and-true and new distribution channels. The partnership will be focused on developing LanzaTech's current synthetic biology platform and CCT technology, which converts waste carbon into sustainable fuels and other materials like fabrics, packaging, and other products. Furthermore, in July 2021, Eni S.p.A, an Italy-based energy company, and BASF SE, a Germany-based chemical company signed a strategic agreement on a joint R&D initiative to reduce the CO2 footprint of the transportation sector. This partnership aims to introduce advanced bio-propanol from glycerin, a byproduct of the manufacturing of industrial biodiesel (FAME, fatty acid methyl ester), which Eni will buy from European producers. The new method involves applying a high-pressure hydrogenation reaction over a BASF catalyst to make bio-propanol with a high yield, high purity, and the fewest possible byproducts.

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Key Segments -
The propanol market covered in this report is segmented -
1) By Type: Iso-Propanol, N-propanol
2) By Grade: Technical Grade, Pharmaceutical Grade, Cosmetic Grade, Electronic Grade
3) By End User: Pharmaceuticals, Chemicals, Personal Care, Printing Inks, Paints and Coatings, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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