According to Fortune Business Insights™ The global n-propanol market size is expected to reach USD 2,008.1 million by 2028, exhibiting a CAGR of 4.3% during the forecast period. The increasing application in the cosmetic industry will have a tremendous impact on the market growth during the forecast period, states Fortune Business Insights, in a report The n-propanol industry share stood at USD 1,453.1 million in 2020.
The increased demand for n-propanol in the pharmaceutical industry will spur new market opportunities in the forthcoming years. However, the environmental risks associated with this primary alcohol are expected to retard the market’s growth in the forthcoming years.
The incorporation of 1-Propanol in cosmetic products and food additives for flavoring will drive the global market. The high adoption of propanol-based hand sanitizers amid coronavirus can enhance the development of the global market.
Oxea’s Increased Production of n-propanol in Europe to Bolster Growth
Oxea, the global leader in oxo intermediates and oxo derivatives, including alcohols, polyols, carboxylic acids, specialty esters, and amines, announced that it increased its delivery volumes in Europe due to heavy demand from hand sanitizer’s manufacturers. The surging demand from the printing industry has further urged the company to expand its manufacturing and production capacities. Oxea will increase its supply to the printing industry due to the need for printing inks and solvents in the packaging printing process. The robust growth is also attributed to the expanding disinfectant sector. Moreover, the knowledge about 1-Propanol’s effectiveness against viruses and bacteria will enable speedy expansion of the market during the global pandemic. In addition, the higher stability offered by n-propanol and n-propyl acetate against ethanol/ethyl acetate blend will boost its adoption in the printing operations, which, in turn, will uplift the n-propanol market share.
Inclination towards Green Alternatives to Dampen Growth
The shift towards green or bio-based adhesives, paints & coatings, and cosmetics will further impede the market growth. The increasing emission regulations implemented by the government to reduce HAPs, ODCs, and VOCs will retard the development of the market. The growing adoption of green and bio-based alternatives for production by Dirk Rossmann GmbH, Revlon Inc., and Symrise AG will further restrict the global n-propanol market growth. Environmental constraints regarding the use of n-propanol and high volatile organic compound (VOC) emissions are expected to hamper the growth of the market. It is highly flammable and can cause severe health effects, including nausea, cancer, or central nervous system damage, which, in turn, can inhibit market growth.
Coatings to Account for the Largest Share
Based on application, the market is divided into coatings, food additives, pharmaceutical, cosmetics, and others. The growing demand for coatings in the construction industry will stimulate the segment’s growth. The increasing demand for this product in the cosmetics industry to maintain the fluidity for easy application will influence development. The rise in disposable income will boost the consumption of cosmetic products, which, in turn, will aid market growth.
Based on type, the market is divided into ethylene hydrogenation method, allyl alcohol hydrogenation method, and other compounds byproduct method. The ethylene hydrogenation segment is expected to hold the largest share globally due to its efficiency in producing this product.
Based on Geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
Infrastructure Development to Support Expansion in Asia Pacific
Asia Pacific stood at USD 468.1 million in 2020. The growth is attributed to the booming construction industry in India and China.
North America is expected to hold a considerable share due to the high consumption of 1-propanol for printing inks and paints & coatings.
Heavy demand from pharmaceuticals and food & beverage to foster growth in Europe.
The increasing adoption of n-propanol for drug formulations in Brazil will promote growth in South America
High Production Capabilities of Key Players to Push Growth
The key players in this industry are focused on increasing their production capacities to strengthen their position in the market. Companies are also expanding their manufacturing capabilities to cater to the pharmaceutical industry’s demand during the pandemic. For instance, OQ Chemicals donated 38 canisters of propanol to promote disinfectants’ production during the crisis. This emergency aid of this product by the company will produce large disinfectants for retirement homes or doctors’ surgeries. Besides, OQ Chemicals’ support in the pandemic will help the fight against coronavirus.
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