According to a new report, published by KBV research, The Global Propanol Market size is expected to reach $6 billion by 2031, rising at a market growth of 6.4% CAGR during the forecast period. In the year 2023, the market attained a volume of 3,171.75 kilo tonnes, experiencing a growth of 18.6% (2020-2023).
The wide range of industries in which propanol is used, such as manufacturing, personal care, and pharmaceuticals, has propelled the market’s growth. Advances in industrial processes and the growing demand for sanitization products have significantly boosted the market, particularly for isopropanol, a key ingredient in disinfectants and hand sanitizers. Additionally, the increasing use of n-propanol as a solvent in producing coatings, paints, and chemicals has further fueled market growth.
The n-propanol segment is registering a CAGR of 7.7% during (2024 - 2031). Due to its solvency power and evaporation rate, n-propanol is a key ingredient in the formulation of paints, varnishes, and coatings. It is a solvent for dissolving resins, pigments, and additives, improving coatings’ flow, adhesion, and drying characteristics. With the growth of the construction, automotive, and industrial sectors, the demand for paints and coatings has risen, driving the demand for n-propanol as a solvent.
Full Report: https://www.kbvresearch.com/propanol-market/
The Asia Pacific region dominated the Global Propanol Market by Region in 2023; thereby, achieving a market value of $2.4 billion by 2031. The North America region is poised to grow at a CAGR of 5.7% during (2024 - 2031). Additionally, The Europe market region would witness a CAGR of 5.9% during (2024 - 2031).
By Type (Volume, Kilo Tonnes, USD Billion, 2020-2031)
By Geography (Volume, Kilo Tonnes, USD Billion, 2020-2031)
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