Global Propionic Acid Market Overview, Size and Forecast 2024
Propionic Acid Market Synopsis
Market Research Future postulates that the global propionic acid market is predicted to demonstrate a stellar CAGR during the appraisal period (2017-2023). Application in food preservatives is highly favoring the market growth. Propionic acid or PA is termed as a naturally occurring carboxylic acid which is a colorless liquid and possesses rancid odor. It occurs naturally in essential oils in the form of esters and can also be commercially obtained by the hydrocarboxylation of ethylene where nickel carbonyl as a catalyst acts as a catalyst. Propionic acid is miscible with a few organic solvents and with water and is also known as carboxyethane, carboxylic acid, ethyl formic acid, ethane carboxylic acid, and others.
Propionic Acid Market Potential and Pitfalls
Propionic acid is majorly driven by its application in the food preservatives and animal feed. While 50% of the global propionic acid is consumed by the food preservative and animal feedstock, 30% of it is used to produce ammonium, calcium, and sodium salts, which are used in the food industry. With the accelerating consumption of herbicides in the agricultural sector, the market for propionic acid is estimated to flourish worldwide. The production of cellulose acetate propionate is also considered as a major driver of the global market and is extensively used in applications which require clarity, low odor, anti-blocking and good adhesion, and fast solvent release to a variety of substrates. They are also adaptable in clear overprint varnishes and printing inks due to its wide solubility in ink solvents, high melting point, and compatibility with other resins which are used in printing inks. Organic acids like propionic acid play a crucial role in the preservation of grain.
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Propionic Acid Market Competitive Dashboard
The prominent players operating the global propionic acid market are A.M. Food Chemical Co. Ltd. (China), DowDuPont (U.S.), Perstorp Orgnr (Sweden), BIOMIN Holding GmbH (Austria), Macco Organiques Inc. (Canada), Krishna Chemicals (India), Merck KGaA (Germany), BASF SE (Germany), Eastman Chemical Company (U.S.), OXEA GmbH (Germany), and others.
Propionic Acid Market: Segmental Analysis
The propionic acid market analysis has been segmented on the basis of application and end-use industry.
By mode of application, the global propionic acid market has been segmented into propionates, animal feed & food preservative, plasticizers, herbicides, rubber products, and others. Among these, the animal feed & food preservative is considered to stimulate throughout the appraisal period owing to the increased livestock farming which has resulted in the high demand for grain preservatives and animal feed.
By mode of end-users, the global propionic acid market has been segmented into food & beverage, personal care, agriculture, pharmaceuticals, and others. Among these, the agricultural sector is estimated to expand at the fastest rate. Propionic acid is utilized as a preservative in grain and animal feed. They are also used to sanitize surfaces where grain and silage are stored. It acts as an anti-bacterial agent in water and is used for drinking purposes by the livestock. As the world population is increasing, per capita income is also following an increasing trend, which further drives the agricultural sector across the globe.
Propionic Acid Market Regional Insights
Geographically, the propionic acid market span across regions namely, Europe, Asia Pacific, Latin America, North America, and the Middle East & Africa.
The Asia Pacific region is anticipated to expand at the fastest rate owing to the augmenting demand for animal feedstock in this region. Moreover, with the presence of major agricultural economies like India, China, and South Korea, the product demand as a chemical herbicide has stimulated. Additional factors gearing up the market growth are the changing consumption pattern coupled with high disposable income.