Westford, USA, Dec. 13, 2022 (GLOBE NEWSWIRE) -- N-propanol is used as an important intermediate in the production of adhesives, coatings, resins, inks, and detergents. It is also used as a solvent in many applications such as printing, metal cleaning, and paint stripping. The global n-propanol market is driven by the growing demand from Asia-Pacific countries, particularly China and India. In addition, the rise in construction activities and the growing automotive industry are also fueling the market growth. However, the high cost of raw materials and stringent environmental regulations are some of the key factors restraining the market growth.
Demand for N-propanol has been growing steadily over the past few years due to increasing demand for surfactants and other chemicals in which it is used as an intermediate.
However, global N-propanol market is under intense pressure from the current economic conditions. SkyQuest's analysis shows that the market is forecast to grow at a compound annual growth rate (CAGR) of only 4.3% between 2022 and 2028. This is significantly lower than the industry's long-term average growth rate of 5.8%. We attribute this slowdown to two key factors: Firstly, prices for propane, the main feedstock for N-propanol, have been volatile in recent years. Secondly, there has been an increase in capacity for alternative fuels such as butanol and pentanol, which have impacted the demand for N-propanol.
Despite these challenges, Bain believes that there are still opportunities for companies operating in the N-propanol market. The analysts believe that those companies that are able to differentiate themselves on the basis of quality and service will be best placed to succeed in this challenging market environment.
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Top Trends Shaping the N-Propanol Market
- First, the rise of China as a leading producer of N-propanol has been a major driver of growth in the industry. Chinese producers have helped to meet rising global demand for the chemical, driving down prices and making it more accessible to consumers.
- Second, the emergence of new applications for N-propanol has expanded the potential market for the chemical. In particular, Bain's chemists have identified two key areas where N-propanol can be used: as a solvent in paints and coatings, and as an antifreeze agent in automotive coolants.
- Finally, environmental concerns are increasingly playing a role in decisions about N-propanol production. As a result, producers are seeking to develop more environmentally friendly manufacturing processes.
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SkyQuest’s Industry Experts Says Vertical Integration is Must for Manufacturers in Global N-Propanol Market
However, the study also found that the n-propanol market is highly competitive, with small players accounting for a significant share of the market. These players are often able to undercut larger players on price, making it difficult for them to increase market share. In addition, many of these small players are not vertically integrated and rely on third-party suppliers for raw materials, which makes them vulnerable to supply disruptions. To be successful in the n-propanol industry, Bain & Company recommends that companies focus on vertical integration to improve their cost position and increase their bargaining power with raw material suppliers. In addition, companies should focus on innovation to develop new applications for n-propanol and differentiate their products from those of their competitors.
SkyQuest's analysis of the n-propanol market shows that vertical integration is a must for manufacturers in this space. Proponents of vertical integration argue that it allows manufacturers to better control the quality of their product, as well as the prices they charge for it. Additionally, vertically integrated manufacturers are able to bring new products to market faster and more efficiently than those who are not vertically integrated.
However, it has also been argued that it can lead to higher costs and less flexibility for manufacturers. They also point out that vertically integrated companies may have a hard time adapting to changing markets. Our analysis of the global N-propanol market shows that, on balance, the benefits of vertical integration outweigh the drawbacks for n-propanol manufacturers. In particular, the ability to control quality and pricing are key advantages for vertically integrated manufacturers in this market. As such, SkyQuest recommends that n-propanol manufacturers consider vertical integration as a way to gain a competitive advantage in this space.
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Manufacturers in the Global N-Propanol Market on Spree of Increasing Prices
SkyQuest's analysis shows that prices for n-propanol, a key ingredient in many household and industrial cleaning products, have been on the rise in recent months. The price increases come as manufacturers struggle to keep up with rising demand for the product. N-propanol is used in a wide variety of cleaning and disinfecting products, including hand sanitizers, wipes, and sprays. The chemical is also used in a number of industrial applications, such as paint stripping and metal degreasing. In the first half of 2021, the global N-propanol market witnessed price surge of $125/Metric ton of N-propanol.
The price increases come as manufacturers struggle to keep up with rising demand for the product. N-propanol is in high demand due to the COVID-19 pandemic, as it is an effective disinfectant against the virus. Demand for the chemical has surged in recent months, leading to shortages and price hikes. our analysis shows that prices for n-propanol have increased by over 20% in the 12 months. The price hikes are likely to continue in the short term, as manufacturers grapple with higher costs and surging demand.
Apart from this, with Chinese manufacturing activity in the in the N-propanol market now picking up, demand for n-propanol has increased, leading producers to raise prices. The price increases come as good news for U.S. producers of n-propanol, who have been struggling in recent years. The higher prices should help lead to increased profitability for producers, although it remains to be seen how long the higher prices will last given the current market conditions.
DOW and BASF are Top Producers in Global N-Propanol Market
DOW and BASF are key producer of N-propanol. With the ever-growing demand for N-propanol, DOW and BASF have stepped up to become the world's leading producers of this vital chemical. N-propanol is used in a wide range of industries, from cosmetics and pharmaceuticals to cleaning agents and fuel additives. DOW's production facility in Texas is the largest in the world, with a capacity of 1.2 million tons per year. BASF's facility in Germany is not far behind, with a capacity of 1 million tons per year. Together, these two companies produce over 30% of the world's N-propanol. As the demand for N-propanol continues to grow, DOW and BASF are well-positioned to meet the needs of their customers. With their large production capacities and commitment to quality, these two companies are poised to continue their leadership roles in the global N-propanol market.
Major Producers of N-Propanol Market
- BASF (Germany)
- Dow (U.S.)
- Eastman (U.S.)
- Oxea (Germany)
- Sasol (South Africa)
- Wu Jiang Chemical (China)
- Nanjing Rongxin Chemical (China)
- Chang Chun Group (China)
- Ningbo Juhua Chemical (China)
- Zibo Nalcohol Chemical (China)
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