The market for Propanol is anticipated to register a CAGR of over 4% during the forecast period. There are two different propanol, one is n- propanol and another is isopropanol. Isopropanol is also known as 2-propanol or isopropyl alcohol and n- propanol.
- Propanol is primarily used as a solvent in various industries, such as pharmaceuticals, cosmetics, etc. In the cosmetics industry, it used as products such as skin care products, hair shampoos, soaps, perfumes, etc.
- Demand in the pharmaceutical industry is likely to drive the growth of the propanol market. Propanol is used in the manufacture of products such as medical tablets, skin cream, rubbing alcohol, etc.
Key Market Trends
Growing Application in Pharmaceutical Industry
- Propanol is used in different industry as isopropanol or n- propanol. Isopropanol is a solvent which is used in many products such as pharmaceutical, cosmetics, paints and resins, food, inks, etc.
- Isopropanol is used as an antiseptic in the pharmaceutical industry. Isopropanol is used as a disinfectant and sanitizing agent. It can be found in sanitizer, medicines, soaps, etc.
- About 40% of the propanol market demand is dominated by the pharmaceutical industry. Isopropanol is used in safe and small quantities in manufacturing capsules and tablets.
- Consumption and production of propanol are majorly growing in developing countries such as India, China, etc.
- Hence, such aforementioned factors increase the demand for the propanol from the end-user industries. This, in turn, expected to drive the demand for propanol during the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region dominated the global market share. Due to the demand from propanol in industries such as pharmaceuticals, printing, cosmetics is driving growth in countries such as India and China.
- The market of pharmaceutical and cosmetic is growing fast in India, China, which benefited the manufacturers and exporters of isopropanol.
- The next few years are likely the positive market for pharmaceutical and cosmetic products in the Asia Pacific.
- Hence, the Asia-Pacific region is also expected to witness the highest CAGR in the propanol market during the forecast period.
The propanol market is partially fragmented in nature. In terms of the market share, few players currently dominate the market. Key players in the propanol market include Dow, Honeywell International Inc., Exxon Mobil Corporation, BASF SE, Royal Dutch Shell PLC, etc.
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