PUBLISHER: SkyQuest | PRODUCT CODE: 1183329
PUBLISHER: SkyQuest | PRODUCT CODE: 1183329
Global N-Propanol Market was valued at USD 3.95 billion in 2021 and it is expected to grow to USD 5.24 billion by 2028 at a CAGR of 4.3% over the forecast period (2022-2028).
In the industrial setting, propionaldehyde is catalytically hydrogenated to produce N-propanol on a large scale. Flexographic printing inks and textiles, personal care and cosmetics, medications, and cleaners for electronic and home use are all applications for this solvent.
The global market is anticipated to advance due to the industries' robust growth as well as the expanding use of n-propanol in these sectors, which include pharmaceutical, paint & coatings, personal care, and chemicals.
Top-down and bottom-up approaches were used to estimate and validate the size of Global n-propanol market used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
Global n-propanol market is segmented by Type, Application and Region. On the basis of type, the market is segmented into Ethylene Hydrogenation Method, Compounds By-product Method. On the basis of application, the market is segmented into Agriculture, Personal Care and Cosmetics, Pharmaceuticals, Foods and Coatings. On the basis of Region, the Global N-propanol market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
Numerous industries use n-propanol as an organic solvent, chemical intermediate, and for organic synthesis. It is primarily used as a solvent in products like paint, pharmaceuticals, and solvent-based coatings. The global n-propyl alcohol market is expected to experience positive growth over the course of the forecast period as a result of the expanding use of n-propanol as a solvent in the coating and pharmaceutical industries. N-propanol is also a cosolvent and solvent in many pesticide products, including those used in agriculture, as an inert component. Thus, over the anticipated period, rising demand for these pesticide products will eventually boost n-propanol sales.
Restraint
High emissions of volatile organic compounds (VOCs) and other environmental risks linked to the product will have a detrimental effect on market expansion. Alcohol is a highly flammable substance that has been linked to adverse health effects in humans, including nausea, cancer, and central nervous system damage as well as loss of coordination. Manufacturers of adhesives, paints & coatings, and cosmetics have switched to green or bio-based solvents as a result of the risks mentioned above. The government's increased regulation of HAP, ODC, and VOC emissions as well as the volatility of oil prices have had a significant impact on the dependence of the cosmetics industry on petroleum-based solvents.
Market Trends
N-propyl alcohol has received FDA approval for use in the food industry for a variety of purposes, including adjuvants and artificial flavoring. The Joint FAO/WHO Committee suggested restricting the use of this type of alcohol in the food industry to flavoring agents, carrier solvents, and extraction solvents. As a result, businesses like Aurochemicals and Solventis have begun to offer alcohol that is suitable for use in food. The market demand will increase as consumers' preferences for flavored food products grow. This kind of propanol can be found in cosmetic products like nail polish removers, toothpaste, dental lotions, and perfumes. During the forecast period, growth opportunities are anticipated to be brought on by consumers' growing awareness of the benefits of beauty and cosmetic products.