Propionic Acid Market to Demonstrate a Strong Growth Over 2027 – MRFR
Hydrocarboxylation of
ethylene in presence of nickel carbonyl catalyst results in the formation of
propionic acid. It is a colourless liquid with a pungent smell.
The global propionic
acid market is segmented on the basis of its application as animal feed &
food preservative, propionates, herbicides, plasticizers, rubber products, and
others. Among these, the animal feed and food preservative segment holds a
major share of the global market in terms of both, value and volume. Around
50-55% of propionic acid is consumed in the manufacture of animal feedstock and
food preservative and is likely to dominate the market in coming years. This
growth is attributed to increasing demand for high-quality feed products and
animal nutrition. Furthermore, the increasing demand for packaged food products
coupled with high disposable income is the major driver of the market growth.
Moreover, the use of propionic acid and its various salts such as calcium,
sodium, magnesium, retard bacterial growth and are thus, used in protection of
cosmetics. Propionic acid is also used to control pH of the cosmetic products
and in plastic industry. Cellulose-acetate-propionate and Vinyl propionate are
useful thermoplastic.
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Market Segmentation
The global propionic
acid market is segmented based on application and end-use industry. On the
basis of the application, the market is segregated into animal feed & food
preservative, propionates, herbicides, plasticizers, rubber products, and others.
The market by end-user is further bifurcated into agriculture, food &
beverage, personal care, pharmaceuticals, and others.
Market Scenario
The propionic acid market is spanned across the
five regions of Europe, North America, Asia Pacific, Latin America, and the
Middle East & Africa. Among these, Europe is the leading region in the
global propionic acid market on account of the favouring regulations and growth
for animal feedstock.
North America is
anticipated to grow at a significant CAGR on account of the high demand for the
product from pharmaceuticals and food & beverage industry in this region.
Asia Pacific is
expected to be the fastest emerging region due to the high demand for propionic
acid as animal feedstock, herbicide and food preservative from major
agricultural countries in this region.
Competitive Analysis
Some of the prominent
players operating in the global propionic acid market are BASF SE (Germany),
The Dow Chemical Company (U.S.), Perstorp Orgnr (Sweden), Eastman Chemical
Company (U.S.), and Macco Organiques Inc. (Canada). BIOMIN Holding GmbH (Austria),
Krishna Chemicals (India), A.M. Food Chemical Co., Ltd. (China), Merck KGaA
(Germany), and OXEA GmbH (Germany) among others.
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