IMARC Group, a leading market research company, has recently releases report titled “Propanol Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” The study provides a detailed analysis of the industry, including the global propanol market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the propanol market?

The global propanol market size reached US$ 3.77 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.58 Billion by 2032, exhibiting a growth rate (CAGR) of 4.46% during 2024-2032.

Factors Affecting the Growth of the Propanol Industry:

Expanding Pharmaceutical Industry

The expanding pharmaceutical industry significantly impacts the global propanol market. Propanol, specifically isopropanol (isopropyl alcohol), is widely used in the pharmaceutical sector as a solvent and intermediate. It plays a critical role in the formulation of various medications, including over-the-counter drugs, and is used in the production of antiseptics and disinfectants. The growth of this industry, driven by increased healthcare spending, aging populations, and advancements in drug development, creates a steady demand for propanol. As pharmaceutical companies continue to innovate and expand their product lines, the need for high-quality solvents like propanol remains strong. Additionally, propanol is utilized in the production of active pharmaceutical ingredients (APIs) and as a cleaning agent in manufacturing processes.  

Growing Automotive Sector

The growing automotive sector is a major driver of the global propanol market. Propanol is used in various automotive applications, including the production of automotive components, fuels, and cleaning agents. In particular, isopropanol is employed as a solvent in automotive coatings and paints, which are crucial for vehicle aesthetics and protection. The rise in vehicle production and sales worldwide, fueled by increasing disposable incomes and urbanization, boosts the demand for propanol. Additionally, propanol’s role in automotive maintenance products, such as windshield cleaners and degreasers, contributes to its market growth. The automotive industry’s ongoing innovations, including advancements in electric vehicles and improved manufacturing techniques, also drive the demand for propanol. 

Rising Need for Adhesives and Sealants

The rising need for adhesives and sealants significantly impacts the global propanol market. Propanol, especially isopropanol, is commonly used as a solvent in the production of adhesives and sealants, which are essential in various industries, including construction, automotive, and consumer goods. The growth in construction activities, driven by urbanization and infrastructure development, increases the demand for high-performance adhesives and sealants, which use propanol in their formulation. In the automotive industry, adhesives are used in vehicle assembly and repairs, further driving propanol consumption. Additionally, the expanding consumer goods sector relies on adhesives for packaging and product assembly, boosting market demand. As industries seek advanced adhesive solutions for improved performance and durability, the need for propanol as a solvent and carrier in these products remains strong.

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Propanol Market Report Segmentation:

Breakup By Product Type:

• N-propanol
• Isopropanol

Isopropanol's dominant position is due to its extensive use in cleaning agents, pharmaceuticals, and industrial applications, making it the most widely consumed form of propanol.

Breakup By End Use:

• Pharmaceutical
• Chemical
• Personal Care
• Printing Inks
• Paints and Coatings
• Others

The pharmaceutical industry's significant demand for propanol as a solvent and intermediate in drug production and cleaning processes makes it the leading end-use segment.

Market Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific's large-scale industrial activities, rapid economic growth, and expanding pharmaceutical and automotive sectors contribute to its status as the largest regional market for propanol.

Global Propanol Market Trends:

The global propanol market is influenced by several key drivers, such as the expanding pharmaceutical industry fuels demand for propanol due to its use as a solvent and intermediate in drug production. In line with this, the growing automotive sector relies on propanol in the manufacturing of various automotive components, boosting market growth. Additionally, the rising need for adhesives and sealants, which use propanol as a solvent, supports market expansion. Furthermore, increased construction activities globally drive the demand for propanol in coatings and paints. Apart from this, the surge in industrial applications, including chemical synthesis, contributes significantly to market growth.  

Some of these key players include:

• BASF SE
• Dairen Chemical Corporation
• Dow Inc.
• Eastman Chemical Company
• Honeywell International Inc
• LyondellBasell Industries Holdings B.V.
• OQ Chemicals GmbH (OQ SAOC)
• Paari Chem Resources
• Pon Pure Chemicals Group
• Sasol Limited
• Solvay S.A.
• Solventis Ltd.

Browse the full report with TOC and List of Figures: https://www.imarcgroup.com/propanol-market

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