Industry leaders in propanol market must improve stakeholders' bottom lines by leveraging construction and automotive industries along with variegating their end-use applications.
DUBAI, UNITED ARAB EMIRATES / ACCESSWIRE / April 21, 2020 / Future Market Insights (FMI), The global propanol market is pegged for steady growth at approximately 3% CAGR over the forecast period (2019-20290. Growing consumption of propanol in industrial & household cleaners is supplementing the market growth. FMI projects the global revenue pool to exceed US$ 3 Bn by 2021 end.
"Sales of electronic-grade and pharma-grade isopropanol will inflate on the back of growing consumption. Moreover, prolific demand for acetone-based propanol in emerging Asian economies is a major growth driver. Japan and China will remain growth epicenters both in terms of production and consumption," states FMI analyst.
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Key Takeaways of Propanol Market Study
- Isopropanol accounts for more than 90% share in terms of product type.
- Paints & coatings industry remains leading end-use area of propanol.
- Gains in global propanol market remains concentrated in East Asia on account of burgeoning pharmaceutical and chemical industries.
- Propanol market in Europe and North America will experience brisk growth during the forecast period.
Propanol Market - Key Growth Factors
- Footprint and capacity expansion strategies undertaken by market leaders are stimulating the growth of propanol market.
- Stringent regulations regarding low VOC emissions will boost the demand for n-propanol as opposed to isopropanol.
- Proliferation of top players in developing Asian countries is fuelling the growth of propanol market in the region.
- Use of propanol as a direct solvent will remain a significant growth contributor through 2029.
- Role of propanol as a chemical intermediate will continue to be a major growth lever during the forecast period.
Propanol Market - Key Restraints
- Fluctuation in feedstock prices will impact the sales of propanol over the projection period.
- Growing emphasis on self-sufficiency will reduce the import volumes in countries such as China.
Impact of COVID-19 on Propanol Market
As of February 2020, the total chemical production across the globe dropped by 2.4% in the wake of COVID-19 outbreak. Different categories of chemicals have been affected variably by the Coronavirus crisis. The prominent application of propanol remains paint & coatings industry. The chemicals included in this category have suffered the maximum 9.4% decline in margin within the same timeframe. Travel restrictions and industrial slow-downs continue to slash the demand for propanol. These factors have led to increase in prices in view of low stock availability as well. However, as the pandemic has subsided in China, where the raw materials are sourced from, the supply will return to normalcy in April, 2020.
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Competitive Landscape
Some of the major stakeholders featured in this FMI study include, but are not limited to, Mitsui Chemical Inc., LG Chem Ltd., BASF SE, ExxonMobil Corporation, Royal Dutch Shell Plc, and Sasol. Key players in the global propanol market are exploring other end-use applications such as household & personal care products and pharmaceuticals. However, they must prioritize construction and automotive end-use areas in view of low toxicity and high miscibility of propanol. Furthermore, enhancing productivity is the key strategic tenet of top players in the propanol market.
More about the Report
This Future Market Insights study of 300 pages provides all-inclusive insights on the global propanol market. The market analysis is based on type (n-Propanol, Isopropanol), application (solvents, chemical intermediates, pharmaceuticals, household and personal care products) across seven regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa).
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