Propionic Acid Market

Propionic Acid Market: Global industry analysis and forecast 2016 - 2026

Introduction

Propionic acid is a colorless liquid with pungent smell. It is miscible with water and few organic solvents and is also known by synonyms like carboxylic acid, carboxyethane, ethanecarboxylic acid, ethylformic acid, etc. Propionic acid is a naturally occurring substance which is available in the form of esters in essential oils. Key raw materials used for the production of propionic acid are carbon monoxide and ethylene.

Propionic acid is used as a versatile preservative for human food and animal feed. It also serves as 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. In the manufacture of cellulose acetate propionate (CAP), a thermoplastic, propionic acid is utilized as an intermediate. Growth trends of food, feed, and pharmaceutical industries are expected to remain key factors affecting the market growth of propionic acid and the global market is expected to increase at a moderate CAGR over the forecast period 2016-2016.

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Market Dynamics

The increasing application of propionic acid as a food & an animal feed preservative is expected to be a key factor driving the growth of the propionic acid market globally. Consumption of propionic acid in herbicides and in the manufacture of cellulose acetate propionate is also expected to be significant through 2026.

Ever increasing global food demand, coupled with the rising need for hygienic food products, drives the demand for food preservation which, in turn, is expected to boost the global propionic acid market for its use as mold inhibitors in food products. Due to changing lifestyle, consumption of packaged food, which requires the use of preservatives, has significantly increased over the past few years and is expected to fuel the demand for propionic acid across the globe.

The macroeconomic growth of the agricultural industry is further expected to push the demand for propionic acid globally. Propionic acid is used to control the growth of molds on crops and also protects various agriculture products from bacteria. A significant amount of propionic acid is consumed globally to manufacture cellulose acetate propionate (CAP). 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.

Human exposure of propionic acid, either through skin, eye, ingestion, and inhalation, may be dangerous and special care is required while treating and transporting the same.

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Market Segmentation

On the basis of application
  • Animal feed & food preservatives
  • Calcium and sodium Salts
  • Cellulose acetate propionate
  • Herbicides
  • Others (Flavors, fragrances, etc.)
On the basis of the end user industries
  • Agriculture
  • Food and Beverage
  • Personal Care
  • Chemical
  • Pharmaceutical

 

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Regional Outlook

Due to growing population and food & feed production, market outlook for Asia-Pacific is expected to remain fairly positive over the coming years. In North America and Western Europe, the propionic acid market is expected to increase at moderate CAGR. USA and Western Europe are estimated to stand among key suppliers of propionic acid. USA was a net exporter of propionic acid and its salts & esters in 2015. China and India accounted for significant shares in the overall Asia Pacific market demand and major demand was met was imports in 2015.

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Key Players

Some of the key players identified across the value chain of global propionic acid market include BASF SE, The Dow Chemical Company, Eastman Chemical Company, The Perstorp Group, Hawkins, Inc., and Macco Organiques Inc.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to categories such as market segments, geographies, types and applications.

The report covers exhaustive analysis on:

  • Market Segments
  • Market Dynamics
  • Market Size
  • Supply & Demand
  • Current Trends/Issues/Challenges
  • Competition & Companies involved
  • Value Chain

Regional analysis includes:

  • North America
  • Latin America
  • Asia Pacific
  • Japan
  • Western Europe
  • Eastern Europe
  • Middle East & Africa

The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors, along with market attractiveness within the segments. The report also maps the qualitative impact of various market factors on market segments and various geographies.

Report highlights:

  • Detailed overview of parent market
  • Changing market dynamics in the industry
  • In-depth market segmentation
  • Historical, current and projected market size in terms of volume and value
  • Recent industry trends and developments
  • Competitive landscape
  • Strategies of key players and products offered
  • Potential and niche segments, geographical regions exhibiting promising growth
  • A neutral perspective on market performance
  • Must-have information for market players to sustain and enhance their market footprint

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