Key Market Overview:
Propanol Market size was valued at USD 4.79 Billion in 2022, accounting for a CAGR growth of 6.6% during the forecast period (2023-2030), and the market is projected to be valued at USD 8.51 Billion by 2030.
Propanol is one of the most common types of alcohol. Propanol has the formula CH3CH2CH2OH. It is commonly referred to as Propan-1-ol, n-propyl alcohol, 1-propyl alcohol, or n-propanol. Propanol is a colorless, flammable, and aromatic liquid that is miscible in all proportions with water and is moderately toxic. Propanol is produced by the synthesis of methanol (methyl alcohol) from carbon monoxide and hydrogen resulting in propanol or propyl alcohol as a by-product.
The versatility and effectiveness of propanol in various applications make it a popular choice in many industries. For instance, in the printing industry, propanol compounds such as isopropanol or isopropyl alcohol are commonly used as solvents for printing ink. Propanol is also widely used as a disinfectant in various industries, including pharmaceutics, hospitals, clean rooms, and electronics or medical device manufacturing. Furthermore, propanol is also found in fusel oil and is commonly used as a solvent in cosmetics as well as in lacquer preparation. Moreover, Asia Pacific is expected to be the fastest-growing region in the propanol market during the forecast period. This is due to the increasing demand for propanol in various end-use industries of this region, such as pharmaceuticals, cosmetics, and personal care.
Propanol is commonly used as an antiseptic and disinfectant in healthcare settings, and its use has increased due to the COVID-19 pandemic. The growing awareness of the importance of hygiene and cleanliness is driving the demand for propanol as a disinfectant. Moreover, in pharmaceutics, hospitals, clean rooms, and electronics or medical device manufacturing, isopropyl alcohol (2-propanol), also known as isopropanol or IPA, is the most popular and widely used disinfectant.
- Propanol has low toxicity for human health endpoints including developmental and reproductive effects. Further, drying and cracking of the skin also occur as a result of repeated skin exposure to propanol. Hence, the growth of the propanol market is restricted due to the above-mentioned factors.
- The side effects of high concentrations of propanol cause irritation in the eyes, nose, and throat, headaches, drowsiness, dizziness, confusion, nausea, and vomiting, and can damage the liver. Hence, the market growth is limited due to all these above-mentioned side effects.
The advancements in technology present opportunities for the companies operating in the propanol market to develop an efficient and cost-effective manufacturing process for the production of propanol. For instance, the development of new manufacturing processes and technologies that use renewable resources and reduce energy consumption, which will help to lower the cost of production. One such technology can be bio-based production, which will involve the use of renewable feedstocks such as corn, sugarcane, or other plant-based sources to produce propanol. This technology will help to reduce the reliance on fossil fuels and lowers the carbon footprint of propanol production, making it more sustainable and environmentally friendly.
Propanol Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||8.51 Billion|
|By Type||N-propanol and Isopropanol|
|By Application||Pharmaceutical Manufacturing, Insecticides & Herbicides, Chemical Intermediate, Polishes, Coatings, Paint Additives, Printing Inks, and Others|
|By End-Use||Chemical Industry, Pharmaceutical Industry, Printing Inks Industry, Paints & Coatings Industry, Cosmetics & Personal Care Industry, Cleaning Industry, and Others|
|By Geography||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Players||Dow Chemical Company, LyondellBasell Industries Holdings B.V., Royal Dutch Shell plc, ExxonMobil Chemical Company, Sasol Limited, Honeywell International Inc., Eastman Chemical Company, Zhejiang Xinhua Chemical Co Ltd., Deepak Fertilisers and Petrochemicals Corporation Ltd., and Merck KGaA.|
The type segment is categorized into n-propanol and isopropanol. In 2022, the isopropanol segment accounted for the highest market share in the propanol market. Isopropanol is also known as isopropyl alcohol (IPA) and is widely used in various industries such as pharmaceuticals, personal care, cleaning agents, and printing inks due to its excellent solvent properties and low toxicity. Furthermore, isopropanol is also used as a disinfectant in hospitals and laboratories which contributes to the dominance of the segment.
However, n-propanol is expected to be the fastest-growing segment in the market over the forecast period due to the increasing demand for n-propanol for the production of various chemicals such as propyl acetate, propylamines, and n-propyl esters. Additionally, n-propanol is used as a solvent in various industries such as coatings, adhesives, and pharmaceuticals, which is driving the demand for this segment.
The application segment is categorized into pharmaceutical manufacturing, insecticides & herbicides, chemical intermediate, polishes, coatings, paint additives, printing inks, and others. The pharmaceutical manufacturing segment accounted for the highest market share in 2022. This is because propanol, especially isopropanol, is widely used in the pharmaceutical industry as a solvent, cleaning agent, and disinfectant due to its excellent properties such as solvency, low toxicity, and rapid evaporation. Further, it is used in the manufacturing of various drugs and medications such as antibiotics, antiseptics, and anesthetics which contributes to the growth of the segment.
However, polishes, coatings, and paint additives are expected to be the fastest-growing segments during the forecast period. This is due to the increasing demand for propanol in the production of various coatings, polishes, and paint additives which are increasingly used in the construction, automotive, and other industries. Propanol is used as a solvent and coalescing agent in these applications, which helps in improving the performance and stability of the products. Hence, these factors are expected to increase the demand for propanol in this segment.
The end-user segment is categorized into the chemical industry, pharmaceutical industry, printing inks industry, paints & coatings industry, cosmetics & personal care industry, cleaning industry, and others. In 2022, the pharmaceutical industry segment accounted for the highest market share due to the use of propanol in the pharmaceutical industry as a solvent. It is used to dissolve active pharmaceutical ingredients (APIs) and other compounds, helping to create homogenous and stable solutions. Additionally, propanol is also used as a cleaning agent to sanitize and disinfect equipment, containers, and surfaces in pharmaceutical manufacturing facilities. Thus, the segment generated maximum revenue in 2022.
Propanol is used in various cosmetic and personal care products such as hair sprays, deodorants, and fragrances, among others. The increasing demand for personal care products and cosmetics, particularly in emerging economies, is driving the growth of this segment. Propanol is used as a solvent, emollient, and preservative in these products, helping to improve their texture, shelf life, and overall performance. However, the cosmetics and personal care industry is expected to be the fastest-growing segment during the forecast period.
By region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2022, North America accounted for the highest market share in the propanol market. The demand for propanol in North America is driven by the growing use of propanol as a solvent in various industries, including pharmaceuticals, printing inks, and coatings. Additionally, the increased demand for propanol as a disinfectant in healthcare facilities due to the COVID-19 pandemic also contributed to the growth of the market in North America.
However, Asia Pacific is expected to be the fastest-growing region in the market during the forecast period. The growth in this region is driven by rapid industrialization and urbanization in countries such as China and India, which are leading to an increased demand for propanol as a solvent and raw material for various industrial applications. Additionally, the growing demand for personal care and cosmetic products in the region is also expected to contribute to the growth of the propanol market.
Propanol Market Competitive Landscape:
The propanol market is highly competitive, with several large players and numerous small and medium-sized enterprises. These companies have strong research and development capabilities and a strong presence in the market through their extensive product portfolios and distribution networks. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships. The key players in the market include–
- Dow Chemical Company
- LyondellBasell Industries Holdings B.V.
- Royal Dutch Shell plc
- ExxonMobil Chemical Company
- Sasol Limited
- Honeywell International Inc.
- Eastman Chemical Company
- Zhejiang Xinhua Chemical Co Ltd.
- Deepak Fertilisers and Petrochemicals Corporation Ltd.
- Merck KGaA
- In April 28, 2022, BASF and SINOPEC broke ground for the expansion of their joint Verbund site operated by BASF-YPC Co., Ltd. in Nanjing, China. The expansion includes the addition of several downstream chemical plants and a new tert-butyl acrylate plant, which can be used as a feedstock to produce propanol.
- In February 2020, Evonik successfully close the acquisition of PeroxyChem in July 2021 for USD 640 million. The acquisition is part of Evonik’s strategy to strengthen its position in growth markets and expand its business in specialty chemicals.
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