Propanol Market Size, Demand Insights
The Global "Propanol Market" is Predicted to reach at a CAGR of 4.3% during the forecast period 2024-2031.
Market Scope and Summary
Metrics | Details |
Market CAGR | 4.3% |
Segments Covered | By Type, By Product, By Chemistry, By Application, and By Region |
Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
Fastest Growing Region | Asia Pacific |
Largest Market Share | North America |
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1-propanol (n-propanol, n-PA) and 2-propanol are the two isomers of propanol (i-propanol, i-PA). Both are commonly employed as solvents and intermediates in the manufacture of different esters and amides. Isopropanol is also utilized as an antifreeze and disinfectant in pharmaceutical products.
Propanol is currently used mostly for propylene production, which is a key building block in the chemical industry. Propanol has received little attention as a biofuel, owing to its high production costs compared to gasoline and the fact that its energy density is not significantly greater than that of ethanol and much lower than that of butanol. Propanol would probably be best used as a fuel in alcohol mixes such as isopropanol–butanol–ethanol fermentation.
Source: DataM Intelligence Analysis (2023)
Market Dynamics and Trends
The growing demand for biodegradable plastics in the global market is expected to act as a driver that caters to the growth of the global propanol market. However, the demand decline experienced in end-user segments is expected to restrain the respected market’s growth.
The growing environmental awareness and demand for recyclable plastics
Plastics are some of the most important man-made materials that find applications in almost every industry vertical. Due to its immense applications, plastics were produced in humongous quantities the world over for varied applications. For instance, in 2015, the global annual use of plastic exceeded 300 million tons, with approximately half of that being used to create SUPs, intended to be used for a brief period before being discarded.
However, since such plastic SUPs are a major threat to the environment, various national and regional policymakers globally implement various rules and regulations to manage plastic pollution. According to the United Nations, 127 nations have passed legislation regulating plastic bags, 27 countries had prohibited certain SUPs, materials, or manufacturing levels and 63 countries had mandated expanded producer responsibility for SUPs by 2018.
Almost 35 countries have implemented specified plastic bag material composition standards and have started encouraging the manufacturing, import, or use of oxo-biodegradable, biodegradable and compostable SUPs. Further, China, one of the world's leading producers and consumers of plastic, has announced a ban on non-biodegradable SUPs in key cities at the end of 2020 and is expected to impose the same across the country by 2025.
Although several types of biodegradable plastics have been featured in mainstream media as a promising breakthrough technology for resolving the plastic epidemic, propanol is a prominent one since it offers good clarity, moderate UV stability, and chemical resistance biodegradability exclusive to the respective material. Since propanol has considerable strength and exclusive applications and could be a viable replacement for non-biodegradable plastics, the growing environmental awareness and demand for recyclable plastics could be considered a driver for the global propanol market.
The collapse of end-user markets
Cigarette Filters and photographic films are two prominent industrial sectors where propanol finds immense applications as raw material. However, the experienced major decline in demand in these industrial verticals is expected to reduce production, thereby reducing the demand for raw material, that is, propanol.
As per the World Health Organization report published in 2019, by 2020, there would be 10 million fewer tobacco smokers, both male and female, than in 2018 and another 27 million by 2025, totaling 1.299 million. Since 2010, cigarette consumption has decreased in 60% of countries.
Furthermore, progress toward attaining the global goal established by governments to reduce tobacco usage is predicted to reach 23% by 2025. Currently, 32 countries are on track to achieve a 30% decrease in the same time range. Since the number of smokers is reducing, the demand for cigarettes is expected to witness a major downfall along with the demand for cigarette filters where propanol finds application.
Further, due to rapid digitalization and advancements in photographic technologies, the demand for sensitive, expensive and complicated old photographic films is losing its market demand. Since the prominent end-user verticals such as cigarette filters and photographic plates, where propanol is employed, are collapsing, the global propanol market demand is expected to decline tremendously. Therefore, the respective factor could be a major restraint on the market's growth.
COVID-19 Impact on Propanol Market Growth
Because of the following aspects, COVID-19 had a negative influence on the global propanol market:
- The production of propanol has been hindered by the lack of raw materials, skilled workers, and production disruptions in the manufacturing process, which has been hampered by industry lockdowns and a demand for social isolation.
- The lockdown in response to the COVID-19 outbreak impeded the supply of finished items, producing significant disruptions in the market's supply-demand dynamics.
Despite disruptions in the propanol market's production process as well as the supply chain of raw materials and finished products, the market is expected to boom in the post-COVID-19 era owing to increasing demand for propanol as a raw material for manufacturing various components in the healthcare and textile industries.
For instance, Eastman announced a partnership with Rotuba in May 2020 to produce propanol-based face shields for medical professionals during the coronavirus pandemic. As per the partnership, Rotuba will use Eastman's propanol to produce 75,000–100,000 splash guards per week.
Market Segment and Shares Analysis
The global propanol market is segmented based on type, product, chemistry, application, and region.
The growing cigarette production and consumption in Asia-Pacific and the environmental and filtration capabilities of propanol supplement to the cigarette filter sector's domination in the application segment of the global propanol market
Based on application, the global propanol market is segmented into cigarette filters, textiles & apparel, photographic films, tapes & labels, and others. The cigarette filters segment is expected to dominate the application segment of the global propanol market
Cellulose acetate has become the preferred filter material in cigarettes due to its superior filtration qualities. Cellulose acetate also has exceptional biodegradability, which is advantageous when considering its environmental impact. As a result of the growing cigarette manufacturing industry in emerging economies such as China and India, where people's disposable income is constantly rising and a growing young population is more inclined to smoke, the cigarette filter application is expected to grow at a healthy rate.
Source: DataM Intelligence Analysis (2023)
Market Geographical Analysis
The growing advancements and demand from textile and cigarette industrial verticals allow Asia-pacific to dominate the regional segment of the global industrial chemicals market
Because of increased demand from local cigarette and textile sectors, Asia-Pacific is expected to dominate the global propanol market. Furthermore, Asia-rapid Pacific's expansion in the market could be attributed to the cigarette and textile sectors' escalating technological and infrastructural advancements.
The convenient accessibility and the presence of several large cigarette & textile producers have further strengthened propanol demand in the region. Additionally, the region's growing environmental awareness and demand for environmentally friendly plastic and textile materials also contribute to the region's dominance of the regional segment of the corresponding market.
Source: DataM Intelligence Analysis (2023)
Companies and Competitive Landscape
The global propanol market is active and competitive in terms of the number and size of global and local competitors. The market is categorized as fragmented because a few primary competitors control the majority of the market share. BASF SE, Solenis, Mitsubishi Chemical Holdings Corporation, Akzo Nobel N.V., Baker Hughes Company, Solvay, Dow, Eastman Chemical Company, Celanese Corporation, and Merck KGaA are some of the major market players. The key market stakeholders utilize market tactics such as mergers, acquisitions, product launches, contributions, and partnerships to gain competitive advantages and recognition in their respective markets.
Celanese Corporation
Overview: Celanese Corporation is a global chemical pioneer in developing unique chemistry solutions and specialty materials used in a wide range of industries and consumer products. The company employs a full range of chemistry, technology, and commercial knowledge to create value for customers, employees, shareholders, and businesses. In 2020, based in Dallas, the Celanese Foundation had net revenues of US$ 5700 million and employed around 7,700 people globally.
Product Portfolio:
- BLUERIDGE: The product is an excellent pick for appealing, cost-effective, and ultimately sustainable alternatives to single-use plastics that are difficult to recycle. The primary raw material of the product is sustainably harvested cellulose, which is functionalized with acetic acid, or vinegar. While the product is chemically similar to paper, it may be processed into various products, such as straws, cutlery, thermoformed lids, and other items, using standard plastic processing equipment.
Key Development:
- For instance, on October 4, 2021, The multinational chemical and specialty materials firm, Celanese Corporation, announced a price increase of US$ 0.40/kg or € 0.34/kg on all propanol tow product grades supplied globally.
Why Purchase the Report?
- To visualize the global propanol market segmentation by type, product, chemistry, application, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities in the global propanol market by analyzing trends and co-development.
- Excel data sheet with numerous data points of propanol market-level with four segments.
- PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
- Product mapping available as excel consisting of key products of all the major market players
The global propanol market report would provide approximately 69 tables, 71 figures, and almost 180 pages.
Target Audience 2023
- Propanol Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
- Logistics companies
- Distributors/ Suppliers
Frequently Asked Questions
What is the Projected CAGR value of the Propanol Market?
The Propanol Market is expected to grow at a high CAGR of 4.3% during the forecasting period 2024-2031.
Which region controlled the global market during 2023-2029?
North America region Controls the Propanol Market during 2024-2031
Which is the fastest-growing region in the Propanol Market?
Among all regions, Asia Pacific is the fastest-growing market share during the forecast period.
