N-Propanol Market Size Report, Shares & Recent Trends 2028
The global n-propanol market size is expected to reach USD 2,008.1 million by 2028, exhibiting a CAGR of 4.3% during the forecast period. The increasing application in the cosmetic industry will have a tremendous impact on the market growth during the forecast period, states Fortune Business Insights, in a report, titled “N-Propanol Market, 2021-2028.” The market size stood at USD 1,453.1 million in 2020.
The incorporation of 1-Propanol in cosmetic products and food additives for flavoring will drive the global market. The high adoption of propanol-based hand sanitizers amid coronavirus can enhance the development of the global market. The increased demand for n-propanol in the pharmaceutical industry will spur new market opportunities in the forthcoming years. However, the environmental risks associated with this primary alcohol are expected to retard the market's growth in the forthcoming years.
Oxea’s Increased Production of n-propanol in Europe to Bolster Growth
Oxea, the global leader in oxo intermediates and oxo derivatives, including alcohols, polyols, carboxylic acids, specialty esters, and amines, announced that it increased its delivery volumes in Europe due to heavy demand from hand sanitizer’s manufacturers. The surging demand from the printing industry has further urged the company to expand its manufacturing and production capacities. Oxea will increase its supply to the printing industry due to the need for printing inks and solvents in the packaging printing process. The robust growth is also attributed to the expanding disinfectant sector. Moreover, the knowledge about 1-Propanol’s effectiveness against viruses and bacteria will enable speedy expansion of the market during the global pandemic. In addition, the higher stability offered by n-propanol and n-propyl acetate against ethanol/ethyl acetate blend will boost its adoption in the printing operations, which, in turn, will uplift the n-propanol market share.
Inclination towards Green Alternatives to Dampen Growth
Environmental constraints regarding the use of n-propanol and high volatile organic compound (VOC) emissions are expected to hamper the growth of the market. It is highly flammable and can cause severe health effects, including nausea, cancer, or central nervous system damage, which, in turn, can inhibit market growth. The shift towards green or bio-based adhesives, paints & coatings, and cosmetics will further impede the market growth. The increasing emission regulations implemented by the government to reduce HAPs, ODCs, and VOCs will retard the development of the market. The growing adoption of green and bio-based alternatives for production by Dirk Rossmann GmbH, Revlon Inc., and Symrise AG will further restrict the global n-propanol market growth.
Coatings to Account for the Largest Share
Based on type, the market is divided into ethylene hydrogenation method, allyl alcohol hydrogenation method, and other compounds byproduct method. The ethylene hydrogenation segment is expected to hold the largest share globally due to its efficiency in producing this product.
Information source: https://www.fortunebusinessinsights.com/n-propanol-market-105137