Propanol Market Recovering Steadily with Growth in Pharmaceutical Industry

The growing FMCG and pharmaceutical industries in the developing regions such as APAC, the Middle East & Africa, and South America are expected to drive the propanol market. The increasing demand for pharmaceutical drugs and the subsequent increase in the investment for capacity expansion of the same in the rapidly growing economies worldwide are expected to augment the growth of the propanol market. Similarly, the economic development, increasing standard of living, and rising per capita income of the middle-class population of the developing economies are driving the FMCG industry, thereby boosting the demand for propanol, globally.

The Propanol Market size is projected to grow from USD 3.5 billion in 2018 to USD 4.2 billion by 2023, at a CAGR 4.0%.

Based on type, the propanol market is segmented into isopropanol and n-propanol. Isopropanol dominated the propanol market owing to its high use as a solvent in applications such as household & personal care, pharmaceutical, and paints & coatings. Isopropanol is also used as a chemical intermediate in the formulation of acetone, isopropylamine, isopropyl ester, and other chemicals. The reason for the growth of isopropanol is its cost-effectiveness and wide range of applications.

Based on application, the isopropanol market is segmented into direct solvent, chemical intermediate, household & personal care, pharmaceutical, and others. Direct solvent is estimated to be the largest application of isopropanol. Isopropanol is used as a direct solvent due to its easy miscibility with water, ethanol, ether, and chloroform. Also, it can dissolve ethyl cellulose, polyvinyl butyral, oils, alkaloids, gums, and natural resins. It is used for making paints & coatings, medicines, perfumes, nail paint removers, pesticides, and chemicals. While, the n-propanol market is segmented into direct solvent, chemical intermediate, and others. Chemical intermediate is estimated to be the largest application of n-propanol. N-propanol is a primary alcohol with colorless texture majorly used in the pharmaceutical industry for the production of resin and cellulose esters. It also used as a chemical intermediate for the formulation of various other chemicals used in applications used as flexographic and other printing inks and cosmetics, and coatings.

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The propanol market in APAC is projected to register the highest CAGR between 2018 and 2023. The region is emerging as the fastest-growing market for propanol due to the increasing consumption of pharmaceuticals, household & personal care products, and paints & coatings owing to the growing industries such as healthcare, FMCG, construction, and automotive. Thus, the huge capital investment in capacity expansion, R&D, new product launch across these industries is expected to drive the propanol market in the region. The growth of the pharmaceutical industry is attributed to the shifting focus of pharmaceutical manufacturers to the region owing to favorable regulatory conditions and developing healthcare industry. Similarly, the growth of the FMCG, construction, and automotive industries is attributed to the development of economy, availability of cheap labor, and increased foreign direct investment in the region. Owing to the increased demand from the APAC market, Royal Dutch Shell has established its new technology center in Bangalore, India. Thus, the increasing opportunities for propanol manufacturers in APAC are expected to drive the propanol market.

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