The propanol market size is estimated at USD 3.5 billion in 2018 and is projected to reach USD 4.2 billion by 2023, at a CAGR of 4.0%.
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Browse 97 market data Tables and 51 Figures spread through 139 Pages and in-depth TOC on “Propanol Market”
Growing demand for industrial solvents in emerging economies
Solvents are used in industries due to their mixing property with different solids, liquids, or gases. Propanol solvents are widely used in industries such as pharmaceuticals, adhesives, and paint. The rapid increase in industrialization in developing economies globally will provide ample growth opportunities to the propanol manufacturers in the coming years. The increasing consumption of adhesives, paints, pharmaceuticals, and other products in the emerging economies due to factors such as development in construction, automobile, healthcare, and other industries will boost the propanol market in the developing economies.
Approximately all the developing economies will rise at the global level, with China leading the world’s top 10 economies by GDP measured in PPP terms. With the rising population and the growing domestic income, the consumer goods & services sector in emerging economies such as China and India will provide vast growth opportunities for businesses. With the increasing middle-class population in the developing economies, the demand for residential construction and related products is expected to increase, which will boost the demand for paints and coatings in these countries. The paints & coatings industry is the major consumer of propanol, and hence the increasing demand for paints & coatings will create growth opportunities for the propanol market. The emerging economies will provide enormous growth opportunities for propanol manufacturers and suppliers in the future, especially the ones involved in construction and infrastructure applications. This is considered as an opportunity for the growth of the propanol market in future.
Also, the shifting manufacturing base of industries such as paints & coatings, pharmaceuticals, cosmetics, and others from developed regions to developing regions such as APAC will prove to be a constructive decision for propanol manufacturers and suppliers in these regions. The reason for this shift is the slow growth of western countries as compared to Asian countries.
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Harmful effects of petrochemical-based solvents
Exposure to propanol solvents causes various types of health hazards. Exposure to n-propyl alcohol or n-propanol can produce mild central nervous system depression, cracking skin, drowsiness, headaches, ataxia, gastrointestinal pain, abdominal cramps, nausea, vomiting, diarrhea, and others. On the other hand, exposure to isopropyl alcohol can cause central nervous system depression; liver, kidney, cardiovascular depression; brain damage; and others. It can also act as poison if accidentally consumed by children. N-propanol is considered to be slightly more toxic than isopropyl alcohol. Thus, the harmful effects of propanol solvents can be a challenge for the market.
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