Pune, India, April 30, 2021 (GLOBE NEWSWIRE) -- 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 growing adoption of industry 4.0 in developing nations coupled with the booming cosmetic industry will have an excellent impact on the market growth during the forecast period, states Fortune Business Insights, in a report, titled “N-Propanol Market, 2021-2028.” The market size stood at USD 1,453.1 million in 2020.
Declined Demand from Automotive Industry to Thwart Growth amid Coronavirus
The temporary shutdown of manufacturing plants has disrupted the supply chain of industries. The disruption was majorly seen in the paints & coatings industry, as manufacturers were unable to acquire solvents to produce their products. Moreover, the reduced production and sales of cars resulted in enormous losses for the n-propanol industry. Nevertheless, the high demand for n-propyl alcohol from the pharmaceutical industry due to its antiseptic and anti-bacterial properties can expedite the market's growth in the time of COVID-19. Moreover, the high usage of disinfectants in surgeries to minimize the possibility of hospital-acquired infections (HAIs) can further improve the prospects of the market during the pandemic.
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The Ethylene Hydrogenation Segment to Hold the Largest Share
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 n-propanol.
Based on application, the market is divided into coatings, food additives, pharmaceutical, cosmetics, and others. The growing demand for coatings in the automotive and construction industry will stimulate the segment’s growth. The increasing sales of cars in Asia Pacific and Europe will contribute positively to the market’s growth. The food additive segment is expected to hold a significant share during the forecast period due to the increasing incorporation of 1-propanol as a food additive for flavor, and fragrance.
Based on Geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The report n-propanol market involves:
- Complete assessment of the market
- Valuable insights into the segments
- Trailblazing trends and vital drivers
- Main regions
- Noteworthy development
- COVID-19 impact
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Surging Demand from Paints & Coatings Industry to Boost Market Growth
The booming construction industry is expected to spur lucrative opportunities for the market owing to its use in building blocks. According to Global Construction Perspectives and Global Economics, the volume of construction output will grow by 85% to US$ 15.5 trillion worldwide by 2030, with China, the United States, and India accounting for 57% of the global growth. N-propanol is used as a solvent in the production of paints and coatings. The growing emphasis on structural protection from external damages such as corrosion will augment the market's growth in the forthcoming years. Besides, the flourishing pharmaceutical industry can incite the development of the market in the foreseeable future.
High Production Capacity of Companies to Intensify Business
Prominent companies are adopting expansion strategies to reinforce their position in this market. Companies are also offering grades compatible with food, and pharmaceutical products to support the speedy expansion of the market. For instance, in April 2020, Oxea, a global manufacturer of oxo intermediates and oxo derivatives increased its production capacity to cater to the demand from the printing industry.
Rapid Industrialization to Amplify Growth in Asia Pacific
The market size in Asia Pacific stood at USD 468.1 million in 2020. The increasing urbanization and industrialization in China, India, and South Korea will uplift Asia Pacific's market. The heavy investment in the construction industry is expected to spur opportunities for the market in the region. The booming automotive sector will contribute significantly to the market in Asia Pacific. North America is expected to experience a rapid growth rate during the forecast period. The growth is attributed to the presence of manufacturing facilities in the region. The growing demand from end-users coupled with the flourishing paints & coatings industry will boost the region's growth. The high demand from the specialty chemical industry will further propel the n-propanol market share in North America.
September 2020: The inauguration of Ningbo Juhua Chemical’s n-propanol plant. This new plant has an annual capacity of 50 kilotons and will produce propionaldehyde and n-propanol.
List of Top Companies Profiled in N-Propanol Market:
- BASF (Germany)
- Dow (U.S.)
- Eastman (U.S.)
- Oxea (Germany)
- Sasol (South Africa)
- Wu Jiang Chemical (China)
- Nanjing Rongxin Chemical (China)
- Chang Chun Group (China)
- Ningbo Juhua Chemical (China)
- Zibo Nalcohol Chemical (China)
- Other Players
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc. .
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights Impact of COVID 19 on Global N-Propanol Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global N-Propanol Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type
- Ethylene Hydrogenation
- Allyl Alcohol Hydrogenation Method
- Other Compounds Byproduct Method
- By Application
- Food Additive
- By Region
- North America
- Asia Pacific
- South America
- Middle East & Africa
- By Type
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