In 2018, the global propionic acid market size was value at USD xx million and estimated to project a value of USD xx million, registering a CAGR of x.x% during the forecast period.
The major driver of the global Propionic acid market is increasing application of the propionic acid as a preservative in food and animal feed. Consumption of propionic acid in the herbicides and in the manufacture of cellulose acetate propionate is also expected to be significant through 2025. The rise in demand for hygienic food which leads a chance to the preservative market certainly also provides a chance to the market of the propionic acid for its use as a mold inhibitors in food products. Also, due to changing times, there is high demand for packaged food, which requires preservatives and thus acts as a fuel for Propionic acid market across the globe.
Also, the growth of macroeconomic growth of agricultural industry also pushes the demand for propionic acid market. The propionic acid is used to control mold on the crops and protect various agricultural products from bacteria. The Cellulose acetate propionate (CAP) is also manufactured from the propionic acid. Moderately growing downstream consumption of CAP is expected to facilitate the growth of the global propionic acid market, though at a modest CAGR, over the forecast period. Propionic acid is colorless and has a pungent smell. Human exposure to the propionic acid is dangerous and it thus, need to be handled carefully. It is miscible with water and few solvents like carboxylic acid, carboxyethyl, ethane carboxylic acid, ethyl formic acid, etc. propionic acid is naturally occurring and its key raw materials are carbon monoxide and ethylene. It is naturally available in the forms of esters in essential oils.
Propionic acids acts a synthetic intermediate to produce pharmaceuticals, crop protection agents and solvents. Moreover, propionic acid is used to manufacture esters, vitamin E and also as a flavoring agent in food products. Growth trends of food, feed, and pharmaceutical are expected to push the growth and increase the CAGR of the global propionic acid market in the forecast period.
Leading players of the global propionic acid market include The Dow chemical company, Eastman Chemical Company, Macco Organiques Inc., The Prestorp Group, Hawkins, BASF SE, and more others.
The global propionic acid market is segmented to several classifications including application outlook, end-users industrial outlook, and regional outlook. Based on the application outlook, the market is categorized by Animal feed & food preservatives, Calcium and sodium Salts, Cellulose acetate propionate, Herbicides, and Others (Flavors, fragrances, etc.). Furthermore, based on the end-user industrial outlook, the market is driven by Agriculture, Food and Beverage, Personal Care, Chemical, and Pharmaceutical. Whereas, on the basis of regional outlook the market is widely spread in North America, Latin America, Asia-Pacific, Japan, Western Europe, Eastern Europe, and Middle East & Africa.
Key Segmentation of the global propionic acid 2018-2025
Application Outlook of global propionic acid 2018-2025
- Animal feed & food preservatives
- Calcium and sodium Salts
- Cellulose acetate propionate
- Others (Flavors, fragrances, etc.)
End user Industry Outlook of the global propionic acid 2018-2025
- Food and Beverage
- Personal Care
Regional Outlook of the global propionic acid 2018-2025
- North America
- Latin America
- Asia Pacific
- Western Europe
- Eastern Europe
- Middle East & Africa
What to expect from the upcoming report on ‘Global Propionic Acid Market:
- Future prospects and current trends of the global Propionic Acid market by the end of forecast period (2018-2025)
- Information regarding technological progressions as well as innovations taking place in developing economies
- Supportive initiatives by government likely to influence the market dynamics
- Trends, drivers, opportunities, restraints, challenges and key developments in the market
- In-depth analysis of different market segmentations including regional segmentations, and product types
- Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market
Who should buy this report?
Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers ,researchers, strategy managers, and academic institutions looking for insights into the market to determine future strategies.