[FURL=https://www.industryarc.com/Report/15999/propanol-market.html?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Propanol Market[/FURL] Propanol Market size is forecast to reach US$3.6 billion by 2026, after growing at a CAGR 4.2% during 2021-2026. Rapidly rising demand for propanol owing to its distinct chemical properties has positioned them as the building blocks for a wide range of chemicals used in the pharmaceutical and plastics industries. Generally, utilizing the hydrogenation reaction, the production of n-propanol and isopropanol is done. Globally, the rising demand for n-propanol and isopropanol in chemical intermediate manufacturing is estimated to drive market growth. Furthermore, the increasing usage of propanol owing to its antiseptic properties and as a solvent in pharmaceutical formulations has driven its demand in recent years. Moreover, rising R&D investment for bio-propanol production is further projected to propel the propanol industry in the projected time frame.Key Takeaways
The Asia Pacific region dominated the propanol market due to the enormous government investments in pharmaceutical industries in emerging economies such as China, Japan, India, and South Korea.
Globally, the increasing demand for propanol solvents, owing to their intermixing property with different solids, liquids, or gases, is estimated to drive the growth of the propanol market in the projected period.
Rapidly rising usage of paint and coatings with the incline in building and construction activities is the other major factor driving the growth of the propanol market.
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Propanol Market Segment Analysis– By Geography
The APAC region held the largest share of more than 40% in the propanol market in 2020. Globally, the region's growth in the market is mainly due to the rising investments in the pharmaceutical, personal care, agriculture, and other end-use industries. For instance, according to the Korean Drug Association, the Korea Health Industry Development Institute (KHIDI) latest analysis states that 46 R&D-based Korean pharmaceutical businesses are recently classified as innovative pharmaceutical companies by the Ministry of Health & Welfare of Korea. The R&D expenditure of these pharmaceutical companies is estimated to boost from 1,272,300 KRW million (US$ 1,126.7 Million) to 3,879,800 KRW million (US$ 3,435.9).
Propanol Market Drivers
Rising construction and automotive industries will drive the demand for paint and coatings, further driving the propanol market growth.
Rising R&D initiative for the production of bio-propanol
Propanol Market Landscape
Major players in the propanol market are Dow Chemical Company, BASF SE, Royal Dutch Shell Plc., China National Petroleum Corporation, Eastman Chemical Company, Mitsui Chemicals Inc., Zhejiang Xinhua Chemical Co Ltd., LG Chem Ltd., Oxea GMBH, ISU Chemical Co Ltd., and Others
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