Propanol Market is Projected to Reach US$ 6.16 Billion in 2028
Stratview Research
4 min read
Stratview Research
Propanol Market is expected to reach US$ 6.16 Billion in 2028, growing at a CAGR of 5.1% during 2022- 2028, reports Stratview Research.
Raipur, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Stratview Research, a leading market research firm has launched a report on the Propanol Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
The report has a very high utility for the key decision-makers and strategists in terms of accurate market insights, future growth opportunities, and key success factors.
Most importantly, the report analyses the possible impact of COVID-19 on the market dynamics which offers cushioning against the uncertain business environment and helps in streamlining the resources and investment decisions in a fruitful manner.
What are the Top Market Drivers?
According to the report, the Propanol Market is driven by a host of factors, some of which are noted below:
Fire-resistant properties of propanol and its high durability with easy maintenance.
It’s ability to help enhance the appearance of internal & external walls.
Growing construction and automotive industry.
Increasing demand for paint and coating applications.
The report also includes growth rate estimates based upon the intensity of drivers and constraints and provides the users with several graphical illustrations of the key insights.
Propanol Market Segmentation:
Stratview Research has segmented the market in the following ways which fulfill the market data needs of multiple stakeholders across the industry value chain.
By Type,
By Application Type,
By Region.
Propanol Market Insights
Market Trends by Type
Based on the type, the market is segmented as isopropanol and N-propanol. The isopropanol segment is expected to hold the larger share of the market during the forecast period, due to its easy availability and low cost, which makes it to be widely used in applications such as in pharmaceuticals, paints & coatings, household & personal care products, painting, automotive, and inks.
Market Trends by Application Type
Based on the application type, the propanol market is segmented as isopropanol applications and N-propanol applications. The isopropanol application segment is estimated to lead the market as isopropanol is used as a direct solvent in various products such as paints & coatings, cosmetics, and pharmaceuticals which are gaining traction in automotive, healthcare, construction, and beauty care industries.
Which region offers the best opportunity and growth?
In terms of regions, Asia-Pacific accounted for more than 42% of the market share in 2021 and is estimated to be the fastest-growing market during the forecast period, with China, Japan, India, and Australia being the major countries with lucrative growth opportunities. The growth of the region can be attributed to rise in population and increasing spending power of people, which is giving rise to growth of automotive, construction, pharmaceutical, and household & personal care industries, leading to increasing usage of propanol in the region. Also, North America and Europe are expected to offer substantial growth opportunities over the forecast period.
COVID-19 Impact on the Propanol Market
COVID-19 has put an instant halt to many industries across the globe. Lockdown norms in several countries have swiftly affected the global economy by affecting the supply chain, production, and demand in the market. Both direct, as well as indirect impacts of the pandemic, have been incorporated in this report.
To know more about the covid-19 impact, get a free sample report, here:
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