Global Propanol Market Booming Market to hit $ 2.56 billion by 2026
Global propanol marke, By Type (Isopropanol, N-Propanol), By Application (Chemical Intermediates, Pharmaceuticals, Industrial Solvents, Others)
Market Analysis: Global Propanol MarketThe Global propanol market is expected to reach USD 2.56 billion by 2025, from USD 2.14 billion in 2017 growing at a CAGR of 2.20% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
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Market Definition: Global Propanol MarketPropanol is a colorless alcohol which is primarily available in two types of isomers - isopropanol and n-propanol. They are also known as 1-propanol and 2-propanol respectively. Propanol is one of the key raw materials used in cosmetic industry. Isopropanol is used in various application such as cosmetic, personal care products, resin, pharmaceuticals, resins, inks, and adhesives. We use N-propanol in the coatings industry as a medium-volatile alcohol for enlightening the drying characteristics of electrodeposition paints, alkyd resins, and baking finishes. It is majorly used as a solvent in flexographic and other printing ink applications. According to World Population Ageing, the number of older people at the age of 60 years or more is expected to increase from 841.0 million in 2013 to more than 2.0 billion in 2050. According to Eurostat, in 2017,it is stated that the older population with age of 65 or over, Germany had the maximum share which is 21.2% followed by Greece 21.5%, Italy 22.3%. This above factor proves that ageing population is increasing around the globe and as a result of it, the required products for their personal care are also increasing. So the market of cosmetic and personal care around the globe is growing and will drive the demand for propanol.
Market Drivers:
- Increase In aging population
- High demand for propanol in the chemical and cosmetic industry
- Rising demand in developing countries
Market Restraint:
- Fluctuation in price of raw material
- Strict regulations reshaping the cosmetic market
By Type
- Isopropanol
- N-Propanol
By Application
- Chemical Intermediates
- Pharmaceuticals
- Industrial Solvents
- Others
The Global propanol market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of Propanol market for global, Europe, North America, Asia Pacific, South America and Middle East & Africa.
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