Cyclopropanol Market

The rising demand for flame retardant products projects growth opportunities in the Cyclopropanol Market

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The Cyclopropanol Market is estimated to be valued at US$ 745.5 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 containing a three-membered cyclopropyl ring. It is a colourless liquid with camphor-like odour. Cyclopropanol is commonly used as an industrial solvent and as a chemical intermediate in manufacturing flame retardants, pharmaceuticals, agrochemicals, and other specialty chemicals. Key end uses of cyclopropanol include flame retardant coatings, epoxy curing agents, plasticizers, and textile chemicals.

Market Dynamics:

Rising demand for flame retardant coatings from construction and electrical industries is a major driver for the cyclopropanol market. Stringent fire safety regulations especially in developed regions are necessitating greater use of flame retardant coatings on building structures, insulation materials, and electrical components. Moreover, advancing technologies are enabling utilization of cyclopropanol in new applications such as pharmaceutical intermediates and agrochemical formulations. However, availability of substitute chemicals and volatility in raw material prices remains a challenge for market players.

Segment Analysis

The cyclopropanol market is dominated by the chemical segment. Cyclopropanol is majorly used as an intermediate in the manufacturing of various agrochemicals, pharmaceuticals and fine chemicals. Within the chemical segment, agrochemical sub-segment holds the largest market share as cyclopropanol is a key ingredient used in production of several pesticides.

PEST Analysis

Political: Trade policies and stringent environmental regulations in different countries may affect the demand and supply of cyclopropanol and related products.
Economic: Availability of raw materials and fluctuating oil prices directly impact the overall production cost of cyclopropanol. Economic growth also determines the demand from end-use industries.
Social: Increasing population and changing lifestyle has accelerated the need for agricultural yield, pharmaceutical products, thereby positively impacting the cyclopropanol market.
Technological: New technological innovations help in developing advanced and more cost-effective production processes of cyclopropanol and its derivatives. Continuous research aims to enhance product quality and introduce novel applications.

Key Takeaways

The Global Cyclopropanol Market Size is expected to witness high growth, exhibiting CAGR of 6.5% over the forecast period, due to increasing demand from agrochemical and pharmaceutical industries. Regionally, Asia Pacific dominates the global cyclopropanol market and is expected to continue its dominance during the forecast period. This can be attributed to increasing agricultural activities and well-established chemical industries in countries like China and India.

Regional analysis

Asia Pacific holds the largest share in the cyclopropanol market due to the presence of developing economies like India and China. These countries contribute significantly to the global agrochemical and pharmaceutical production. China, being the world’s largest agrochemical producer, consumes a large amount of cyclopropanol for manufacturing various pesticides.

Key players

Key players operating in the cyclopropanol market are BASF SE, Eastman Chemical Company, Merck KGaA, Evonik Industries AG, Tokyo Chemical Industry Co., Ltd. BASF is one of the leading producers of cyclopropanol globally. Eastman Chemical is another prominent supplier focused on specialty chemical products including cyclopropanol. Merck and Evonik also offer diversified product portfolios comprising 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