Propanol Market is Anticipated to Grow at an Impressive CAGR
Stratview Research delivers key insights on the global Propanol Market. According to Stratview Research, the market is segmented by Type (Isopropanol and N-Propanol), by Application Type (Isopropanol Applications [Direct Solvent, Chemical Intermediate, Household & Personal Care, Pharmaceutical, and Others] and N-Propanol Applications [Chemical Intermediate, Direct Solvent, and Others]), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
The report also covers the Covid impact on the market. Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and an uptrend is witnessed from 2021.
Market Insights
The report suggests that the overall propanol market was estimated at USD 4.35 Billion in 2021 and likely to grow at a CAGR of 5.1% during 2022-2028 to reach USD 6.16 Billion in 2028.Major factors such as fire-resistant properties of propanol and its high durability with easy maintenance are driving the growth of the market. Further, propanol’s ability to help enhance the appearance of internal & external walls significantly influences its impact during the forecast period.
Market Segments' Analysis
Based on the application type, the propanol market is segmented as isopropanol applications and N-propanol applications. The isopropanol application segment is estimated to lead the market as isopropanol is used as a direct solvent in various products such as paints & coatings, cosmetics, and pharmaceuticals which are gaining traction in automotive, healthcare, construction, and beauty care industries.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing market for propanol during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the region can be attributed to rise in population and increasing spending power of people, which is giving rise to growth of automotive, construction, pharmaceutical, and household & personal care industries, leading to increasing usage of propanol in the region. Also, North America and Europe are expected to offer substantial growth opportunities over the forecast period.
Key Players
The following are some of the key players in the Propanol Market:
· BASF SE
· Eastman Chemical Company
· Exxon Mobil Corporation
· JXTG Holdings, Inc.
· LCY Chemical Corp.
· LG Chem Ltd.
· Royal Dutch Shell Plc
· Sasol Limited
· The Dow Chemical Company
· Tokuyama Corporation.
FREQUENTLY ASKED QUESTIONS
The report answers several questions related to the market. The user can get to know the answers to the following questions…
- What is the global demand for Propanol Market in terms of revenue?
- Which are the prominent players in the market?
- At what CAGR is the market projected to grow within the forecast period?
- What are the driving factors fuelling the growth of the market?
- Which region accounted for the largest share in the market?
- How did the Covid19 impacted the market?
- How long will it take to recover from the Covid impact?
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