Propargyl Alcohols Market Segments, Latest Manufacturing Breakthroughs, Rapid Innovations By 2023
Propargyl alcohol is a colorless viscous liquid organic compound containing an alkyne functional group. Propargyl alcohol is miscible with several popular organic solvents as well as water. It is produced as a byproduct of industrial synthesis of 1, 4-Butynediol or by copper catalyzed addition of formaldehyde with acetone. Propargyl alcohol is flammable and highly toxic liquid. Propargyl alcohol is usually used as an intermediate in the processing of various industrial chemicals. Propargyl alcohol is also used as a corrosion inhibitor component in the manufacture of several industrial products.
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As an intermediate, propargyl alcohol is used for the synthesis of pesticides, antibiotics, as an iron dissolution inhibitor in mineral acids, a precursor to fungicides amongst others. Propargyl alcohol also finds applications as a corrosion inhibitor during oil well simulation as an electroplating bath additive. The end-user industry where propargyl alcohol is extensively used includes oilfield solutions, furniture, paints and coatings, personal care and hygiene and paper amongst others. Propargyl alcohol is used in industrial as well as automotive paints and coatings across the globe.
The demand for propargyl alcohol is anticipated to be mainly driven by the paints and coatings industry along with oil and gas industry. The demand for Propargyl alcohol is expected to run parallel to the demand for corrosion inhibitors across various industries. The growing demand for automobiles across the globe is expected to drive the market for automotive paints and coatings, thus consequently driving the market for Propargyl alcohol in the next few years. The growth in oilfield activities is also expected to drive the market for corrosion inhibitors in the next few years. New and upcoming shale gas reserves in North America and various other parts of the globe are anticipated to further drive the market for corrosion inhibitors and subsequently Propargyl alcohol. The demand for Propargyl alcohol from agriculture industry is also projected to show strong growth in the near future. Burgeoning population in Asia Pacific and other regions is anticipated to drive the demand for pesticides and agricultural products across the globe. With Propargyl alcohol being a key intermediate in the production of these chemicals, the demand for Propargyl alcohol is forecasted to show robust growth in the forecast years.
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In terms of demand Asia Pacific was the largest consumer of propargyl alcohols followed by North America, Europe and Rest of the World. In North America U.S was the largest market for propargyl alcohols followed by Canada and Mexico. The demand for Propargyl alcohol is largely driven by the paints and coatings industry in this region. The demand for propargyl alcohols is also projected to witness strong growth in European countries such as Germany, France, U.K, Italy etc. on account of growing automotive sector in these countries.
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