The North America Propanol Market would witness market growth of 5.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 576.36 kilo tonnes, showcasing a growth of 18.0% (2020-2023).
The US market dominated the North America Propanol Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,176.2 million by 2031. The Canada market is exhibiting a CAGR of 7.7% during (2024 - 2031). Additionally, The Mexico market would experience a CAGR of 7% during (2024 - 2031).
Propanol, also called n-propanol or 1-propanol, has various uses in various sectors because of its adaptable chemical characteristics. For example, propanol is a crucial solvent in formulating paints, varnishes, and coatings. Its ability to dissolve resins, pigments, and other additives makes it indispensable in these applications. Propanol-based paints and coatings are known for their fast-drying times, excellent flow properties, and durability, making them ideal for use in automotive, architectural, and industrial coatings.
Likewise, propanol plays a vital role in manufacturing adhesives, sealants, and bonding agents. It acts as a solvent for dissolving polymers and other adhesive components, facilitating the formulation of adhesives with desired viscosity, tackiness, and bonding strength. Propanol-based adhesives are used in various industries, including construction, automotive, and electronics, for bonding substrates such as metals, plastics, and composites.
The expansion of local manufacturing capabilities for personal care products in Mexico has resulted in greater consumption of propanol. Increased production facilities require reliable sources of propanol, boosting demand from domestic suppliers. The growing consumer preference for natural and organic personal care products has influenced manufacturers to seek safe and effective solvents. Propanol’s potential for safe formulation aligns with these trends, further driving its demand in the personal care sector.
The International Trade Administration (ITA) states that Mexico is a significant regional producer of personal hygiene goods. Mexico exported USD 2.2 billion of cosmetics and personal hygiene items in 2022. The top three destinations for these exports were the United States at over 55% and the rest to Central and South America. The growth of the personal care products industry in Mexico has led to a heightened demand for various ingredients, including propanol. This solvent is widely used in formulations for cosmetics, skincare, and hygiene products, thus driving its market growth. Hence, the expansion of the cosmetics and personal care industry is propelling the market’s growth.
Free Valuable Insights: The Propanol Market is Predict to reach USD 6 Billion by 2031, at a CAGR of 6.4%
Based on Type, the market is segmented into Isopropanol (Direct Solvent, Chemical Intermediate, Pharmaceuticals, Household & Personal Care, and Other Isopropanol Applications), and n-propanol (Chemical Intermediate, Direct Solvent, and Other n-propanol Applications). Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Country (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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