Versatile N-Propanol Market Trends: Growing Demand for Safer Solvents Sets the Stage for a 4.20% CAGR, Estimated to Reach $2.01 Billion by 2028
DUBLIN, Sept. 18, 2023
The "Global N-Propanol Market Report and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
DUBLIN, Sept. 18, 2023 /PRNewswire/ -- A recent report indicates that the global N-propanol market is set to achieve a Compound Annual Growth Rate (CAGR) of 4.20% between 2023 and 2028.
This projected growth is attributed to the versatile applications of N-propanol across diverse industries and the increasing demand for safer solvents. By 2028, the market is expected to witness substantial expansion.
Understanding the N-Propanol Market:
N-propanol, also known as 1-Propanol or n-Propyl alcohol, belongs to the alcohol family and serves as a crucial solvent in the pharmaceutical, cosmetics, and coatings industries.
It is a colorless liquid with miscibility in water and a characteristic alcoholic odor. Its attributes, including a high evaporation rate, low toxicity, and medium solvency, make it a preferred choice for various applications, from coatings to cleaners and inks.
Key Market Trends and Drivers:
Several trends and drivers are contributing to the growth of the global N-propanol market:
- Pharmaceutical Sector: N-propanol plays a vital role in the pharmaceutical sector as a solvent for various topical and oral drug formulations. Its ability to ensure uniform distribution of active pharmaceutical ingredients and enhance drug stability continues to drive demand in this sector.
- Cosmetics and Personal Care: In the cosmetics and personal care industry, N-propanol is prized for its exceptional solvent properties. It can dissolve a wide range of ingredients while maintaining product stability, making it indispensable for lotions, creams, and perfumes. The growing cosmetics sector's emphasis on product quality and diversification is expected to drive consistent demand for N-propanol.
- Coatings Industry: N-propanol is crucial in the coatings sector, ensuring smooth and even application of coatings, particularly in automotive and industrial applications. As the global automotive sector recovers post-pandemic and industries emphasize protective coatings, the demand for N-propanol is poised to surge.
- Electronics Sector: The rapid growth of the electronics sector presents a significant opportunity for N-propanol application. It is used in circuit board cleaners due to its effective dissolving ability, enabling the removal of flux residues and contaminants.
- Environmental Concerns: Environmental awareness and the search for sustainable and less hazardous chemicals have increased the demand for N-propanol. Its favorable environmental and health profile positions it as a safer solvent alternative, further supporting market growth.
- Research and Development: Ongoing research and development activities in the chemicals sector are uncovering new applications for N-propanol. This continuous innovation, combined with N-propanol's inherent attributes, ensures its expansion across various industrial sectors.
The global N-propanol market is segmented based on preparation method, application, and region:
- Ethylene Hydrogenation Method
- Allyl Alcohol Hydrogenation Method
- Compound Byproduct Method
- Food Additive
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The report provides insights into market shares, plant turnarounds, capacities, investments, mergers and acquisitions, and other major developments of leading companies in the global N-propanol market. Key players explored in the report include BASF SE, Eastman Chemical Company, Sasol Limited, The Dow Chemical Company, LG Chem, Solvay S.A., Dairen Chemical Corporation, and others.
For more information about this report visit https://www.researchandmarkets.com/r/3fkwfg
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SOURCE Research and Markets