The global market for propanol features a fragmented vendor landscape due to the presence of several small and large companies in key regional markets, rendering it highly competitive, observes Transparency Market Research in a recent report. Focus on strategic collaborations, rising investment aimed at the development of bio-based products, and geographical expansion across high growth potential regional markets are some of the key strategies adopted by companies to strengthen their hold on the market.
Capacity expansion is another key growth strategy adopted by companies in the market. An instance is Oxea’s new propanol manufacturing unit in the Bay City, U.S. Construction of this unit, which is expected to run on a capacity of 40,000 mt/year of propionaldehyde and 100,000 mt/year of propanol, began in March 2017 and is expected to begin operating in 2018.
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Transparency Market Research estimates that the global propanol market will exhibit a CAGR of 2.3% from 2017 to 2025, rising from a valuation of US$2.19 bn in 2016 to US$2.68 bn by 2025.
Iso-propanol to Continue to Remain Most Consumed Type of Propanol Globally
In terms of type, the segment of iso-propanol dominated the global propanol market in 2016, accounting for more than 88% of the overall market in terms of revenue. The segment is anticipated to retain its dominance over the forecast period, chiefly owing to its usage in a wide range of applications. In terms of geography the Asia Pacific propanol market held the dominant share of nearly 45% of the global propanol market in terms of volume in 2016. The region is likely to exhibit healthy growth over the forecast period as well, with the vast rise in demand from cosmetics and pharmaceuticals industries in the region acting as the key driving force.
Thriving Cosmetics and Personal Care Industries to Drive Demand
The vast usage of propanol in the cosmetics and personal care industry is one of the key drivers of the global propanol market. Propanol finds usage as a solvent, antifoaming agent, viscosity decreasing agent, and fragrance ingredient in cosmetics and personal care products. It is also widely used in a variety of bath products, aftershave lotions, cleansing products, and hair and skin care products. With the global cosmetics and personal care products industry estimated to embark upon a healthy growth path in the next few years, projected to exhibit a promising 5% year-on-year growth over the next few years, the demand for propanol is expected to witness healthy rise.
Changing lifestyles, vast rise in disposable incomes, and increased awareness about used skincare products are expected to remain the key forces driving the cosmetics and personal care industries in the next few years. This is, in turn, expected to present vast growth opportunities for the global propanol market during the forecast period.
Fluctuating Raw Material Costs to Hamper Growth Prospects
Of the key trends negatively impacting the overall development of the global propanol market, the rising preference of the cumene process for the production of acetone and the volatility in prices of propylene are expected to have the most significant impact. The production cost of acetone through the cumene process is lower than that of production from propanol, as it is coproduced with phenol. Usage in acetone production being one of the key application areas of propanol, the increased preference of acetone manufacturers to the cumene process is expected to affect profit margins of companies in the propanol market in the next few years.
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This review of the global propanol market is based on a recent market research report published by Transparency Market Research, titled “Propanol Market (Type - Isopropanol and n-Propanol; Application - Solvent, Chemical Intermediate, Cosmetics and Pharmaceuticals, Cleansers, Adhesives, and Agricultural Chemicals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
For the study, the market has been segmented as follows:
Propanol Market: Product Type Analysis
Propanol Market: Application Analysis
- Chemical Intermediate
- Cosmetics and Pharmaceuticals
- Others (Cleansers, adhesives, agricultural chemicals, etc)
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