Propanol Market Overview
Propanol Market size is forecast to reach US$3.6 billion by 2026, after growing at a CAGR 4.2% during 2021-2026. Rapidly rising demand for propanol owing to its distinct chemical properties has positioned them as the building blocks for a wide range of chemicals used in the pharmaceutical and plastics industries. Generally, utilizing the hydrogenation reaction, the production of n-propanol and isopropanol is done. Globally, the rising demand for n-propanol and isopropanol in chemical intermediate manufacturing is estimated to drive market growth. Furthermore, the increasing usage of propanol owing to its antiseptic properties and as a solvent in pharmaceutical formulations has driven its demand in recent years. Moreover, rising R&D investment for bio-propanol production is further projected to propel the propanol industry in the projected time frame.
Impact of Covid-19
Due to the COVID-19 pandemic, the shutdown of several pharmaceuticals, food and beverage, and personal care production plants in the year 2020 affected the growth of the propanol market. Due to the import-export supply chain disruption, the availability of raw materials declined, which further affected the market growth. Furthermore, considering the new normal condition and reopening of several industries in various regions, it is estimated that the market for propanol will return to normal conditions in the forecast period (2021-2026).
Propanol Market Segment Analysis- By Type
Isopropanol held the largest share in the propanol market in 2020. Due to the low cost and easy availability, isopropanol is used as a solvent in diverse applications, such as paints & coatings, inks, pharmaceuticals, and household & personal care products. Isopropanol, often known as isopropyl alcohol, is a clear, colorless liquid with an acetone-like odor. It’s a commercially available product mostly found in rubbing alcohol and hand sanitizers as a 70% solution. One of the major factors driving the demand for isopropanol is its rising usage to denaturize ethanol. Thus, the increasing use of isopropanol would further drive the market’s growth over the forecast period.
Propanol Market Segment Analysis- By Application
Drugs held the largest share in the propanol market in 2020. Propanol belongs to the beta-blocker class of drugs. Generally, propanol drugs are in oral tablets, extended-release oral capsules, oral liquid solutions, and injectable forms. Isopropanol is used in small quantities for the production of capsules and tablets. High blood pressure, abnormal cardiac rhythms, pheochromocytoma, certain types of tremors, and hypertrophic subaortic stenosis are all treated with propanol. Consumption of propanol drugs can help people to avoid angina, migraine headaches and boost their chances of surviving a heart attack. Increasing usage of propanol drugs improves blood flow and lowers blood pressure by relaxing blood vessels and reducing heart rate. Therefore, the increasing use of propanol in drug formulation is estimated to drive the market’s growth.
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Propanol Market Segment Analysis- By End-Use Industry
The pharmaceuticals industry held the largest share in the propanol market in 2020 and is projected to grow at a CAGR of 5.4% during 2021-2026. In the pharmaceutical sector, isopropanol is utilized as an antiseptic, disinfectant, and sanitizer. Rising investments for the growth of the pharmaceutical industry in emerging economies such as the USA, China, Germany, and others are increasingly driving the development of the propanol market. For instance, According to the European Federation of Pharmaceutical Industries and Association, in 2019, Europe accounted for 22.9% of world pharmaceutical sales. According to IQVIA (MIDAS May 2020), 18.4% of new medicines launched during 2014-2019 were from the European market. Therefore, the increasing usage of propanol in the healthcare industry is estimated to drive the market’s growth.
Propanol Market Segment Analysis– By Geography
The APAC region held the largest share of more than 40% in the propanol market in 2020. Globally, the region’s growth in the market is mainly due to the rising investments in the pharmaceutical, personal care, agriculture, and other end-use industries. For instance, according to the Korean Drug Association, the Korea Health Industry Development Institute (KHIDI) latest analysis states that 46 R&D-based Korean pharmaceutical businesses are recently classified as innovative pharmaceutical companies by the Ministry of Health & Welfare of Korea. The R&D expenditure of these pharmaceutical companies is estimated to boost from 1,272,300 KRW million (US$ 1,126.7 Million) to 3,879,800 KRW million (US$ 3,435.9). Moreover, increasing the production of sanitizers with the sudden emergence of the COVID-19 pandemic is estimated to drive market growth. For instance, according to The Ministry of Micro, Small and Medium Enterprises Development Institute, by 2025, the Indian hand sanitizer market is expected to reach US$ 43 million. Thus, the rising usage of propanol in several end-use industries in the APAC region is further anticipated to drive the overall market in the forecast period.
Propanol Market Drivers
Rising construction and automotive industries will drive the demand for paint and coatings, further driving the propanol market growth.
Rapidly developing construction and automotive industries are driving the demand for paint and coatings thus, which has benefited the propanol industry. In the paints and coatings industry, N-propanol is utilized as a solvent in the manufacturing process. The growing urban population in most emerging nations is the driving force behind the construction industry’s growth. In addition, there is an increasing population transfer to tier 1 and metro areas, which is driving up demand for residential buildings. According to the Institute of Civil Engineers, worldwide construction production will increase by 85 percent to US$ 15.5 trillion by 2030, with three countries China, the United States, and India accounting for 57% of the global growth. In addition, another major consumer of paints and coatings is the automotive sector. The rising production of automotive has further driven the development of the industry. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in Austria, motor vehicle production increased by 2.2% in the year 2019. As a result, the growing construction and automotive industries will enhance demand for paints and coatings, driving the global propanol market.
Rising R&D initiative for the production of bio-propanol
Biopropanol is n-propanol derived from biomass. The University of British Columbia has developed technology to produce biopropanol from syn-gas using new catalysts. Eni and BASF inked a strategic agreement on a joint R&D initiative in July 2021 in Italy and Germany to develop a new technology to create advanced bio-propanol from glycerin, a byproduct of the production of industrial biodiesel (FAME, fatty acid methyl ester). The new approach consists of applying a high-pressure hydrogenation reaction over a BASF catalyst, ensuring that the bio-propanol is produced with a high yield and purity while minimizing by-products. Bio-propanol offers the potential to reduce greenhouse gas emissions by 65 to 75% compared to fossil fuels. Thus with such rising R&D initiatives for the production of bio-propanol the market is estimated to rise over the forecast period.
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Propanol Market Challenges
Rising Harmful Effects Will Hinder the Market Growth.Propanol solvents expose individuals to a variety of health risks. Mild central nervous system depression, drowsiness, cracking skin, headaches, ataxia, gastrointestinal pain, stomach cramps, nausea, vomiting, diarrhea, and other symptoms might occur after exposure to n-propyl alcohol or n-propanol. On the other hand, Isopropyl alcohol can produce depression in the central nervous system, kidney, liver, and cardiovascular depression, as well as brain damage. It might also be poisonous if taken by children by accident. When compared to isopropyl alcohol, N-propanol is a little more hazardous alcohol. Thus, due to the rising harmful effects, the market growth for propanol is estimated to face challenges in the upcoming years.
Propanol Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the propanol market. Major players in the propanol market are:
Dow Chemical Company
BASF SE
Royal Dutch Shell Plc.
China National Petroleum Corporation
Eastman Chemical Company
Mitsui Chemicals Inc.
Zhejiang Xinhua Chemical Co Ltd.
LG Chem Ltd.
Oxea GMBH
ISU Chemical Co Ltd., and Others
Acquisition/Product Launches
In March 2019, BASF SE introduced its first Isopropanol-Azole Revysol®, a new fungicide to hit the market. As a result, its approval in the EU was a significant step toward providing farmers in Europe and worldwide with a new, high-performing instrument to combat resistance and enhance farm operations.
Key Takeaways
The Asia Pacific region dominated the propanol market due to the enormous government investments in pharmaceutical industries in emerging economies such as China, Japan, India, and South Korea.
Globally, the increasing demand for propanol solvents, owing to their intermixing property with different solids, liquids, or gases, is estimated to drive the growth of the propanol market in the projected period.
Rapidly rising usage of paint and coatings with the incline in building and construction activities is the other major factor driving the growth of the propanol market.
However, an increase in various harmful effects caused by the exposure of propanol solvents may create hurdles for the market growth in the projected period.
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