The consumption of n-propyl alcohol in China is estimated to witness a 3.5% growth over the assessment period of 2022 and 2032. By 2029, the global Propanol Market is expected to reach a valuation of US$ 3,878.6 Mn.
NEWARK, Del., Nov. 28, 2022 /PRNewswire/ — According to Future Market Insights, the global N-Propanol Market is expected to grow from US$ 308.6 Mn in 2022 to US$ 420.6 Mn by 2032, with overall demand surge at 3.1% CAGR throughout the forecast period. Rising demand for paints, coatings, pharmaceuticals, etc. across the world is a key factor expected to drive the global market for n-propanol during the forecast period.
In recent years, end-use industries for n-propanol, including coating, food, and beverages, cosmetics, automotive, pharmaceutical, and construction have been growing at a global level. Most of these industries utilize n-propanol for various applications. Thus , expansion of these industries across the globe, especially in developing nations such as China and indiawill play a crucial role in driving the global n-propanol market during the forecast period.
Similarly, growing demand for alternative fuels to conventional ones is expected to boost sales of n-propanol during the projection period. As renewable transportation fuels, liquid multi-carbon alcohols like n-propanol are a desirable option. They are simple to carry across large distances, have great energy densities, and can be used directly in place of conventional internal combustion engines. It is desirable to have engineering catalysts that prefer high-value alcohols.
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In addition, increasing investment flow in this space and a rise in drug approvals by regulatory bodies are expected to fuel the drug manufacturing procedures, which in turn will positively impact the global n-propanol market.
Despite several promising growth potentials, the market is currently facing several difficulties which are anticipated to limit the growth potential. Environmental regulations, particularly in the chemical sector, are becoming stricter when it comes to the usage of chemically treated also links to the product development of risks when used close to people. This might serve as a barrier for the global market during the forecast period.
“Consistently growing demand from end-use industries, particularly coatings, chemicals, and pharmaceuticals is expected to drive the global n-propanol market quickly over the next ten years,” says a lead analyst at FMI.
Key Takeaways from N-Propanol Market Study
- The global n-propanol market is estimated to expand at 3.1% CAGR on a value basis through 2032.
- By application, solvents segment is estimated to create an incremental $ opportunity of about US$ 60.5 Mn during the forecast period (2022-2032).
- Based on end use, pharmaceuticals and coatings segments will generate maximum revenues throughout the forecast period.
- North America and Europe are expected to collectively hold around 35.8% of the overall market share.
- The US is a prominent…