Propionic Acid Market is valued at USD 1.29 Billion in 2021 and expected to reach USD 1.64 Billion by 2028 with a CAGR of 3.50% over the forecast period.
Propionic Acid Market applies the most effective of each primary and secondary analysis to weighs upon the competitive landscape and also the outstanding market players expected to dominate Propionic Acid Market place for the forecast 2022-2028.
A noteworthy amount of propionic acid is used all over the world to make cellulose acetate propionate. Reasonably developing downstream usage of cellulose acetate propionate is predicted to facilitate the development of the global propionic acid market, though at a steady speed, over the coming period.
Propionic acid is an organic acid (naturally occurring) that is created by the reaction of carbon monoxide and ethylene. The chemical formula for propionic acid is C3H6O2 or CH3CH2COOH with 141.15°C as boiling point. This acid is believed as secure for the employment in versatile preservative in human food and animal feed as well as common food additive. It has antimicrobial and antifungal properties, and thereby acts as crop defending agent. Moreover, it is employed as an intermediate for the making of various chemicals such as cellulose acetate propionate. In addition, it is used widely in preservatives and herbicides, as it shows the development of mold and bacteria.
The global propionic acid market is divided into end-use industry, application, and region. By application, the market is divided into rubber products, herbicides, food preservative, plasticizers, animal feed, cellulose acetate propionate, calcium salts, ammonium salts, and others. The animal feed segment is one of the main income generators credited to rise in requirement for propionic acid in livestock farming and increase in usage of dairy & poultry products. By end-use industry, the market is divided into agriculture, chemical, pharmaceuticals, food & beverage, personal care, and others. The food & beverages leads the market, due to rise in employment of propionic acid in flavoring agents. Area wise, the market is divided across Europe, North America, LAMEA, and Asia Pacific.
The major players included in the global propionic acid market forecast are,
The rising application of propionic acid as an animal feed & a food preservative is predicted to be a major factor powering the development of the propionic acid market all over the world. Usage of propionic acid in the manufacture of cellulose acetate propionate and in herbicides is also predicted to be noteworthy through the forecast period.
Ever rising global food requirement, paired with the increasing requirement for hygienic food products, powers the requirement for food preservation which, in turn, is predicted to power the global propionic acid market for its employment as mold inhibitors in food items. Owing to changing lifestyle, usage of packaged food, which needs the employment of preservatives, has increased significantly over the last few years and is predicted to power the requirement for propionic acid globally.
The macroeconomic development of the agricultural sector is further predicted to power the requirement for propionic acid all over the world. Propionic acid is employed to manage the development of molds on crops and also defends different agriculture items from bacteria. A noteworthy amount of propionic acid is used all over the world to make CAP (cellulose acetate propionate). Reasonably developing downstream usage of CAP is predicted to facilitate the development of the global propionic acid market, though at a steady speed, over the coming period.
Owing to developing food & feed production and population, market outlook for Asia Pacific is predicted to stay fairly positive over the years to come. In Western Europe and North America, the propionic acid market is predicted to grow at moderate speed.
Market by Regional Analysis
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2021:||
USD 1.29 Billion
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2028:||
USD 1.64 Billion
|Tables, Charts & Figures:||175|
Hawkins Inc, BASF SE, Perstorp, Eastman Chemical Company, The Dow Chemical Company, Celanese Corporation, Yancheng Huade Biological Engineering Co. Ltd, A.M. Food Chemical Co. Ltd., Macco Organiques Inc., Daicel Corporation.
By Application, By End-user
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|