Propanol is produced naturally during fermentation, while it can also be used as a solvent for resins and cellulose esters. From different types of propanol, n-propanol and isopropanol are significantly used as solvents as well as precursors in the process of chemical manufacturing. Increasing applications and rising demand from different parts of the world are driving the global propanol market at a significant growth rate. The market has always been dominated by certain key players from developed regions. However, growing range of applications and rapid development in several developing countries are driving the demand for propanol in their direction. As a result, the industry is expected to remain growing in the near future.
Factors Influencing Propanol Industry- An Overview
Solvent industry is the largest consumer for both n-propanol and isopropanol. The industry contributes to more than half of the total global consumption of isopropanol. The industry also contributes to more than 40% of global consumption of n-propanol. As mentioned before, the propanol market is dominated by established industrial verticals and key players from the countries like United States of America and United Kingdom. However, growing demand from emerging markets like India, China and other developing countries are creating better business opportunities in the industry.
Advancing technologies are also evolving the application segment in the propanol market. Along with creating better expansion opportunities for the existing companies, advancements are also driving new investors in the market. Pharmaceutical industry is the most significant trigger for the market. Applications in pharmaceuticals market are growing at a rapid rate. Increasing demand is naturally driving the propanol industry in terms of revenue and production. As a result, existing players in the industry are engaging into promotional activities in order to create awareness about these products and their use.
Global propanol market is segmented on the basis of the applications and geographic demand in the industry. Based on applications, the market is categorized into pharmaceuticals, chemical intermediates and others. N-propanol market is sub-segmented into direct solvents, glycol ethers, propyl acetate, n-propylamines and other products. Based on geography, the industry is segmented into North America, Asia Pacific, Europe, and rest of the world. According to the detailed analysis of these segments, the propanol industry is set to witness steady growth.
During the forecasting period of over five years (2013 to 2018), propanol market is estimated to grow at an annualized rate of over 3%. At the estimated rate, the industry will reach 2,745.8 kilotons by 2018.