The global propanol market fexhibits a fragmented competitive landscape on account of the presence of several small-, medium-, and large scale players. The competition in the market has also stiffened in recent time and each market player is on a quest to outdo its rival. The increased competition makes it integral for market players to devise innovative methods of capturing the market share. Most of the players are focused on conducting key research in the domain to gain a greater market. Investments are also projected to be redirected by these players towards the betterment of their research and development initiatives. Bio-based varieties of propanol products are a new development in the field, and the ability to tap into the market for these product is anticipated to bring fortune to market players. To gain a greater market share, the established market players are expected to acquire the smaller regional players. This would give them a wider geographical reach and the perks of greater market penetration. Strategic alliances and collaborations are also set to play a pivotal role in getting a larger market share for players. To exemplify the expansion initiatives of the market players, Oxea, a leading market player, has commenced with the construction of a new unit in U.S.
The report throws light on the market growth indicators over the forecast period from 2017 to 2025. The market value that stood at US$2.19 bn in 2016 is projected to experience a moderate rise to US$2.68 bn by 2025. The market would expand at a CAGR of 2.3% over the period from 2017 to 2025. Based on product type, the market is forecasted to be dominated by the isopropanol segment. The segment held 88% of the total revenue share in 2016. The prominence of the segment owes to the application of isopropanol across multiple industries. Regionally, Asia Pacific contributed the highest revenue to the market in 2016, and the region is expected to hold lucrative growth opportunities in the coming years.
Usage in Cosmetics Harnesses Positive Results for Market
In recent times, the inclination of the masses towards body care and beauty has risen by leaps and bounds. The rising disposable income of the people has allowed them to make substantial spending on products that enhance physical appearance and offer physiological wellness. The rise of the cosmetics and personal care industry has, thus, become a launch pad for the growth of the market. Since, propanol is an important alcohol used across a wide array of personal care products, the demand within the market is expected to keep soaring high. Anti-ageing products are at the core of this propensity for personal care products while easy availability of brands also plays a key role in market growth. Several industrial chemicals are produced with the mediation of propanol, which also creates demand. Propanol reacts with acetic acid to produce propyl acetate, and with ammonia to give propyl-amines. Hence, the growth of the chemical industry across the world is projected to offering growth spaces to market players.
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Popularity of Acetone Could Hinder Market Growth
The proclivity of the consumers towards acetone manufacturers, which hinders growth within the market. Acetone, when produced with the cumene process is lower than that of propanol, which is the key reason behind this preference shift. The fluctuating cost of raw material used for producing propanol is also an obstruction for the market. Nevertheless, the popularity of bio-based products is anticipated to keep bolstering market growth.