"Innovative Market Solutions to Help Businesses Make Informed Decisions"
The global n-propanol market size was USD 1,453.1 million in 2020. The global impact of COVID-19 has been unprecedented and staggering, with n-propanol witnessing a negative demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of 1.15% in 2020 as compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 1,498.1 million in 2021 to USD 2,008.1 million in 2028 at a CAGR of 4.3% during the 2021-2028 period. The sudden rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The increasing demand for paints & coatings from the building & construction and automotive industries is the primary factor driving market growth. The need for alcohol in emerging economies is projected to grow rapidly due to rising industrialization and urbanization activities. The rise in incorporation of the n-propanol alcohol by the food and cosmetic industries for flavoring and fragrance application will further boost the market growth. Products such as beer, and perfumes use n-propyl alcohol for flavoring, and fragrance. High volatile organic compound emissions, along with the environmental hazards associated, will hamper the market growth. The market amidst COVID-19 witnessed a decline in demand from the automotive and building & construction industries; however, a surge in demand from pharmaceutical companies slowed the effect of a pandemic on the market.
Antiseptic Properties of N-Propanol to Stabilize the Market During COVID-19 Pandemic
The effect of the COVID-19 pandemic on the market is calculated to be significant. The pandemic inflicted hasty shutdowns of manufacturing plants and supply chains. As a result, manufacturers of paints & coatings were unable to acquire solvents for manufacturing their products. In addition to this, the decline in demand for automobiles impacted the paints & coatings industry's growth. However, the rising demand for n-propyl alcohol from the pharmaceutical industry due to its antibacterial and antiseptic properties slowed the impact of the COVID-19 pandemic on the market. Its usage as a disinfectant in surgeries and the possibility to minimize hospital-acquired infections (HAIs) will also help slow down the COVID-19 effects on the market. For instance, Purell company’s hand sanitizer sales registered a surge of 568% to USD 1.5 billion years over year through late February 2021. The company also invested an additional USD 400 million into expanding the manufacturing capabilities of hand sanitizers.
Request a Free sample to learn more about this report.
Incorporation of 1-Propanol in Food & Cosmetic Industries to Positively Impact the Market
U.S. Food and Drug Administration (FDA) has approved the use of n-propyl alcohol in the food industry for applications including synthetic flavoring substance and adjuvants. The Joint FAO/WHO Committee proposed the use of this type of alcohol in the food industry to be limited to extraction solvent, carrier solvent, and flavoring substance. Hence, the companies such as Aurochemicals and Solventis have started offering food grades of alcohol. Increasing the preference of consumers for flavored food products will surge the market demand. This type of propanol can be found in nail varnish removers, toothpaste, dental lotions, and perfumes in the cosmetic industry. The increasing consumer awareness towards beauty and cosmetic products is expected to provide growth opportunities during the forecast period.
Increasing Demand for Paints & Coatings to Fuel Market Growth
The construction industry is witnessing rapid expansion globally. The exponential rise in population, combined with increasing disposable income, has been prominent in boosting the construction industry’s growth, thereby fueling the demand for paints & coatings. 1-Propanol is used as a solvent in the manufacturing of paints and coatings. The increasing importance of safeguarding the structures from external damages such as corrosion and other environmental factors augments the demand for paints & coatings. 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. Therefore, developing the construction industry in these countries will boost the demand for paints & coatings, thereby driving the n-propanol market growth.
Shifting Focus Towards Green Solvents to Impede Growth
Factors such as high volatile organic compound (VOC) emissions and other environmental hazards associated with the product will have a negative impact on the market growth. Alcohol is a highly flammable substance, and excessive exposure to humans is known to cause health effects such as loss of coordination, nausea, cancer, or damage to the central nervous system. Owing to the above-mentioned risks, manufacturers of adhesives, paints & coatings, and cosmetics have switched to green or bio-based solvents. Increasing regulations by the government to reduce the emissions of HAPs, ODCs, and VOCs in the environment and the unpredictability of oil prices are the factors monumental in reducing the dependability of cosmetics manufacturers on petroleum-based solvents. To meet the terms with the strict regulations, cosmetic companies such as Dirk Rossmann GmbH, Revlon Inc., and Symrise AG have adopted bio-based solvents to manufacture products.
Ethylene Hydrogenation Segment Held Major Share of the Market in 2020
Based on type, the market is segmented into ethylene hydrogenation method, allyl alcohol hydrogenation method, and other compounds byproduct method. The ethylene hydrogenation segment held the dominant share in the n-propyl alcohol market in 2020. The segment is projected to grow at the fastest rate due to its efficiency. Ethylene hydrogenation is the most efficient method and offers the highest output. Companies including Solventis have incorporated this production method.
Allyl alcohol hydrogenation method and other compounds byproduct method segments will witness a substantial growth rate during the forecast period. The alcohol obtained by these methods is used for the manufacture of paints & coatings and adhesives.
To know how our report can help streamline your business, Speak to Analyst
Coatings Segment to Occupy Significant Share of the Market during the Forecast Period
Based on application, the market is segmented into coatings, food additives, pharmaceutical, cosmetics, and others. The growth of the automotive and construction industry globally is fueling the demand for coatings. The advantageous properties of this alcohol, including high miscibility with common solvents, make it an ideal liquid for applications in the coatings industry. In addition, a consistent increase in sales of vehicles in developing countries of Asia Pacific, Europe, and South America will ultimately boost the market growth.
The food additive segment is estimated to grow at a significant CAGR during the forecast period. The increasing incorporation of 1-propanol as a food additive for flavor and fragrance application is anticipated to boost its consumption. The pharmaceutical segment is projected to grow at a substantial rate during the forecast period. The rising adoption of n-propyl alcohol for its applications such as antiseptic, solvent, cellulose esters, and others will surge its demand.
In the cosmetics industry, propyl alcohol is used as a solvent in cosmetic products to maintain their easy application fluidity. The rise in disposable income, and the increase in consciousness towards appearance, have augmented the consumption of cosmetic products, therefore driving the demand for n-propanol. Other applications include printing inks, chemical intermediates, pesticides, and resins, where it majorly serves a solvent's purpose. The rising demand from these applications will have a positive effect on market growth.
Asia Pacific N-Propanol Market Size, 2020 (USD Million)
To get more information on the regional analysis of this market, Request a Free sample
The market size in Asia Pacific stood at USD 468.1 million in 2020. The region occupied the largest n-propanol market share in 2020 and is estimated to maintain its leading position throughout the forecast period. The dominance is primarily attributed to the rapid industrialization, and urbanization in countries such as China, India, and South Korea. These countries are investing heavily in the development of infrastructure, which will fuel market growth. Additionally, the growth of the automotive industry in the region positively affects the market.
Factors such as the presence of several manufacturing facilities, combined with increasing demand from end-users, are surging the consumption of 1-propanol in North America. The region's market is primarily driven by high demand for applications such as printing inks, paints & coatings. Furthermore, increased demand from the specialty chemical industry will augment the market growth.
The rising demand from the pharmaceutical and beverage industries will increase the consumption of n-propyl alcohol. Countries, including Germany, are witnessing a surge in demand from end-users, which has resulted in key players increasing their production capacities. Oxea GmbH, situated in Germany, has expanded its production capacities to fulfill the surging demand. Furthermore, rise in disposable income and increasing consciousness towards beauty is supporting the market growth.
In South America, Brazil is the major contributor to the growth of the market. The development of the pharmaceutical industry in Brazil is boosting market growth in the region. The increasing adoption of alcohol for drug formulations by pharmaceutical manufacturers is driving its demand in South America. The development of the building and construction industry in countries including Egypt and South Africa will fuel the region's market. Additionally, the rise in the need for paints & coatings to protect the structure from corrosion due to varying temperature conditions will increase the consumption of 1-propanol.
Increasing Production Capabilities Has Augmented the Presence of Key Players in the Market
The competitive landscape of the n-Propanol market is fragmented. Key market players are adopting strategies such as expansion and acquisitions to increase their presence in the market. Companies are also offering grades compatible with food and pharmaceutical products. The leading players aim to increase their production capabilities in different regions to fulfill the surging demand and increase their market presence.
An Infographic Representation of N-Propanol Market
To get information on various segments, share your queries with us
The global n-propanol market research report provides a detailed analysis of the market. It focuses on key aspects, such as profiles of leading companies, product types, and leading applications of the product. Besides this, it offers insights into the current market trends and highlights key industry developments. In addition to this, the report encompasses several factors that have contributed to the growth of the market in recent years.
Volume (Kiloton); Value (USD Million)
By Type; Application and Geography
Fortune Business Insights says that the global market size was USD 1,453.1 million in 2020 and is projected to reach USD 2,008.1 million by 2028.
In 2020, the Asia Pacific market size stood at USD 468.1 million.
Registering a CAGR of 4.3%, the market will exhibit decent growth in the forecast period (2021-2028).
The ethylene hydrogenation segment is expected to lead this market during the forecast period.
The rising demand for paints & coatings is a major factor driving the growth of the market.
Oxea, BASF, and Dow are the major players operating in the market.
Asia Pacific dominated the market in terms of share in 2020.
Rising demand from cosmetics and pharmaceutical manufacturers is expected to drive product adoption.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry