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2020
Propionic Acid Market

Propionic Acid Market

by Application (Herbicides, Rubber Products, Plasticizers, Food Preservative and Others) and End-User Industry (Pharmaceuticals, Personal Care, Food & Beverage, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026

Report Code: A05327
Pages: 274
Mar 2020 | 9802 Views
Author(s) : Ayushi C
Tables: 150
Charts: 56
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Propionic Acid Market Outlook - 2026

Propionic acid market accounted for revenue of $1.2 billion in 2018 and is anticipated to generate $1.6 billion by 2026. The market is projected to experience growth at a CAGR of 3.5% from 2019 to 2026. Propionic acid is a colorless pungent liquid organic acid manufactured using fermentation process. It prevents the growth of various molds. It also possesses antibacterial properties. In addition, it is a natural preservative and is used in cheese and baked goods such as tortillas and bread for preservation to increase their shelf life. They are also used in packaging of various ready-to-eat food with the objective of preservation. Aforementioned uses of propionic acid in the food & beverage industry acts as driver for the market growth.

Propionic acid is a natural preservative and can be safely used as intermediate in several production process. However, if not used in safe manner with contact to the skin, then it may cause severe burns and pain. If it gets into a person's eyes, it can lead to severe irritation and possibly blindness. Therefore, these factors are expected to restrain the market growth.  Propionic acid is a fungicide and bactericide, registered to control fungi and bacteria in stored grains, hay, grain storage areas, poultry litter, and drinking water for livestock and poultry. Propionic acid is effective to antibiotic growth promoters for safe animal products as well as human health.  The esters of acid are used as solvents or artificial flavorings replacing the chemical ones. These uses of propionic acid offer lucrative opportunity for the growth of the market.

Propionic Acid Market

The global propionic acid market is segmented on the basis of application, end-use industry, and region. On the basis of application, the market is classified into herbicides, rubber products, plasticizers, food preservative, and others. The food preservative segment was the highest contributor to the market. Most people prefer ready-to-eat food available in the market. These foods contain propionic acid as an additive and preservative to maintain the quality and to reduce the spoilage, which boosts the demand for food preservatives. In addition, surge in demand for food preservatives drive the global propionic acid market growth. The increased demand for natural preservatives drives the market growth.

Propionic Acid Market
By Application

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Rubber products segment is projected as the fastest growing segment.

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The rubber products segment is estimated to grow with the highest CAGR during the forecast period. Rubbers are some of the most versatile materials used in almost every industry. Rubber products are increasingly being used in the automotive, building & construction, industrial manufacturing, polymer modification, and many other applications. Propionic acid is used as intermediate for production of rubber. The rubber products are witnessing increased demand from the automotive industry, owing to their wide applications in the industry. The use of propionic acid in the manufacturing of rubber drives the market growth.

Propionic Acid Market
By End-user Industry

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Agriculture segment is the fastest growing segment

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According to end-use industry, the market is categorized into pharmaceuticals, personal care, food & beverage, agriculture, and others. The food & beverage segment was the highest contributor in the global propionic acid market size. The increasing use of propionic acid as a common food preservative in breads, cakes, cheese, non-alcoholic beverages, jams, jellies, and other processed foods to prevent development of mold and bacteria and increase shelf life is expected to drive the growth of the market. The global food & beverages industry is increasing at a fast rate, owing to strong economic growth and increase in population. Further, there has been an increase in the consumption of hydrating drinks. This factor is anticipated to increase the demand for propionic acid in the food & beverage industry.

Propionic Acid Market
By Region

2026
Europe 
North America
Asia-Pacific
LAMEA

North America would exhibit CAGR of 4.0% during 2019-2026.

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Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Europe was the highest revenue contributor in the global market. The Europe propionic acid market is analyzed across Germany, France, Italy, the UK, and rest of Europe. Europe is expected to grow at a moderate rate and is marked with the presence of many manufacturers and suppliers of propionic acid. Germany is the major market for the food industry and agriculture sector in the region. Thus, use of propionic acid in both industries drive the market growth. Moreover, ongoing investments in the food industry further boost the growth of the market.

The key players operating in the global propionic acid market are BASF SE,Dow Inc., Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., Corbion N.V., Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, and Celanese Corporation. These players are adopting various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to create a strong consumer base and increase their propionic acid market share. For instance, in May 2019, BASF SE established a propionic acid second production plant in Nanjing, China. This is expected to help BASF SE meet the market demand of propionic acid.

Key Benefits for Stakeholders:

  • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
  • It outlines the current propionic acid market trends and future scenario of the market from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
  • Major countries in the region have been mapped according to their individual revenue contribution in the propionic acid market analysis at the regional and country-level market.
  • The key drivers, restraints, and propionic acid market opportunities and their detailed impact analyses are elucidated in the study.
  • The profiles of key players along with their key strategic developments are enlisted in the report.
  • The global propionic acid market forecast is studies from 2019-2026.

Propionic Acid Market Report Highlights

Aspects Details
BY APPLICATION
  • Herbicides
  • Rubber Products
  • Plasticizers
  • Food Preservatives
  • Others
BY END-USER INDUSTRY
  • Pharmaceuticals
  • Personal Care
  • Food & Beverage
  • Agriculture
  • Others
BY REGION
  • North America  (U.S, Canada, Mexico)
  • Europe  (Germany, UK, France, Spain, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Rest of Asia-Pacific)
  • LAMEA  (Brazil, Saudi Arabia, South Africa, Rest of LAMEA)
Key Market Players BASF SE, Dow Inc, Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc, CORBION N.V, Otto Chemie Pvt. Ltd, Merck KGaA, Oman Oil Company SAOC, Celanese Corporation
 

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Expanding interest of propionic acid from animal feed and grain preservative areas is expected to be the key driver for the global propionic acid market. In addition, rise in interest for propionic acid due to development in the nourishment industry, and from plastic industry for thermoplastics is foreseen to support the market growth. Ecological concerns with respect to the job of herbicides in air and water contamination may hamper the growth of the market.

Further, propionic acid is also utilized in the pharmaceutical industry. Rise in use of propionic acid in the pharmaceutical business to make solvents and non-steroidal relieving drugs fuels for the growth of the propionic acid market. Moreover, increase in demand for vitamin E to improve the nature of poultry feed and as a key ingredient to produce skin creams, hairspray, and other items boots the growth of the propionic acid market.

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FREQUENTLY ASKED QUESTIONS?

A. Propionic acid prevents the growth of various molds. It also possess antibacterial properties. It is a natural preservative and is used in cheese, baked goods such as tortillas and bread for preservation to increase their shelf life. They are also used in packaging of various ready-to-eat food with the objective of preservation. Aforementioned uses of propionic acid in the food & beverage industry drive the market growth.

A. Propionic acid market accounted for revenue of $1.2 billion in 2018 and is anticipated to generate $1.6 billion by 2026. The market is projected to experience growth at a CAGR of 3.5% from 2019 to 2026.

A. The players are adopting various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to create a strong consumer base and increase their propionic acid market share. For instance, in May 2019, BASF SE established a propionic acid second production plant in Nanjing, China. This is expected to help BASF SE meet the market demand of propionic acid.

A. Asia-Pacific is witnessing impressive growth rate owing to the increase in demand for food grains leads to increase in agricultural activities, which further leads to increase in use of herbicides. The increase in demand for herbicides positively impacts the propionic market growth. In addition, Asia-Pacific is also witnessing growth in demand for packaged food, thus use of propionic acid as preservatives is expected to drive the market growth in the region.

A. On May 2019, BASF SE established a propionic acid second production plant in Nanjing, China. This is expected to help BASF SE meet the market demand of propionic acid.

A. The key players operating in the global propionic acid market are BASF SE,Dow Inc., Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., Corbion N.V., Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, and Celanese Corporation.

A. The food & beverage segment was the highest contributor in the global propionic acid market size. The increasing use of propionic acid as a common food preservative in breads, cakes, cheese, non-alcoholic beverages, jams, jellies, and other processed foods to prevent development of mold and bacteria and increase shelf life is expected to drive the growth of the market.

A. Pharmaceuticals, personal care, food & beverage, agriculture, and others are potential customers of Propionic acid.

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