The competitive landscape for the global for propanol market is fragmented due to the presence of multiple small, medium, and large-scale players. The market also experiences stiff competition, as the players compete against each other to maintain their presence in the market, as analyzed by Transparency Market Research (TMR). To strengthen their foothold in the market players, introduce new and innovative strategies to increase their market share. Investments are also forwarded to get better research and development by the players. The players are equally making efforts to gain their position in the regional market that will give them larger geographical reach and increase their penetration in that region itself. Mergers and acquisition could give these players an upper edge to makes themselves inevitable in the region. Some of the prominent players analyzed in the report are Eastman Chemical Company, BASF SE, Oxea GmbH, Dow Chemical Company, Tokuyama Corporation, Mitsui Chemicals, Inc, ExxonMobil Corporation, and LyondellBasell Industries N.V.
As per the TMR report, the market is anticipated to reach at a valuation of US$ 2.68 bn by the end of forecast period ending in 2025, which was US$ 2.19 bn in 2016. The propanol market could reach a CAGR of 2.3% during the tenure from 2017 to 2025. The isopropanol segment is a product type and is projected to dominate the market, as the revenue share is 88% as of 2016. The application of isopropanol is widely used across various industries and significantly boosting the market. Asia pacific holds the highest revenue share in 2016 and is further expected to provide greater growth prospects in coming years.
Increasing Usage of Propanol as a Solvent Will Boost the Revenue for the Market
The significant part played by solvent segment in the global propanol market, which is now highly used in the paints and coatings industry across the globe. The segment for solvent has shown a positive market reach by tapping 49% of the global market with a CAGR of 2.3% in 2016. Although lower growth from the end-users mainly printing ink may deter the solvent segment to grow at its full potential. The use of propanol with various chemicals to manufacture different industrial chemicals have also contributed significantly to boost the demand for propanol market. Thus, the chemical intermediate the key application segment is the second most significant market and is further expected to rise with the growing chemical industries in emerging economies.
The availability of substitute goods mainly acetone may deter the propanol market to reach its expected growth. The major reason for this shift is acetone manufacturing by using cumene process results lower than propanol. Instable cost of raw material also adds up in restraining the growth of the market. However, bio-based products may revert the confining agents and bolster the demand for propanol market.