by The global Cyclopropanol Market is estimated to be valued at US$ 745.5 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cyclopropanol is an organic compound with the formula C3H5OH. It is the smallest cycloalkanol containing an alcohol functional group. Cyclopropanol finds its major applications in the construction sector as a precursor for resins. It is used for manufacturing epoxy resins and unsaturated polyester resins which are further utilized in flooring, wall panels and sealants. Cyclopropanol imparts properties like high tensile strength, chemical resistance and abrasion resistance to end products. Rise in construction activities globally due to rapid urbanization and industrialization has fueled the demand for Cyclopropanol over the years.
Market key trends:
One of the key trends in the Cyclopropanol market is growing construction of green buildings. With increasing focus on sustainability, construction of green buildings which uses eco-friendly materials is on the rise. Cyclopropanol derived resins possess properties like durability and strength which makes them suitable for various applications in green buildings such as flooring, sealants and coatings. This is expected to significantly drive the demand for Cyclopropanol over the forecast period. Furthermore, ramp up in infrastructure development projects in emerging economies of Asia Pacific and Latin America is anticipated to propel the Cyclopropanol consumption for manufacturing construction chemicals.
Porter’s Analysis
Threat of new entrants: The cyclopropanol market needs high capital investment for R&D and production facilities. The existence of patent protection and regulatory norms pose barriers for new companies.
Bargaining power of buyers: The market has numerous buyers but individual customers have low bargaining power due to the availability of substitutes and undifferentiated products.
Bargaining power of suppliers: The raw materials required for cyclopropanol production are easily available from multiple suppliers. Hence suppliers have low bargaining power.
Threat of new substitutes: Substitute chemicals like butanes serve as substitutes but pose process complexities limiting the threat.
Competitive rivalry: The market is consolidated with major industry players. Price competition is moderate due to product differentiation.
Key Takeaways
The Global Cyclopropanol Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period 2023 to 2030, due to increasing demand from pharmaceutical and agrochemical industries.
The Asia Pacific region is expected to dominate the market over the forecast period. Growing pharmaceutical sector in India and China is driving the demand. Furthermore, increasing agrochemical usage in countries like India is surging the cyclopropanol consumption.
Key players operating in the cyclopropanol market include BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd., Alfa Aesar, TCI America, MP Biomedicals, Santa Cruz Biotechnology, Inc., Energy Chemical. The companies are focusing on R&D to develop newer application of cyclopropanol and its derivatives.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
