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
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 an organic acid produced by the reaction of ethylene and carbon monoxide. The chemical formula for propanoic acid is CH3CH2COOH or C3H6O2 with boiling point of 141.15°C. This acid is considered to be safe for use as common food additive and versatile preservative in animal feed and human food. It possesses antifungal and antimicrobial properties, and hence acts as crop protection agent. In addition, it is used as an intermediate for manufacturing of different chemicals such as cellulose acetate propionate. Moreover, it is widely used in herbicides and preservatives, as it inhibits the growth of bacteria and mold.
The factors such as rise in application of propionic acid in the food & beverage industry and increase in demand for safe animal feed drive the growth of the global propionic acid market. However, environmental problems related to the use of pesticides, increase in side effects due to direct exposure, and lack of production facilities restrain the market growth. On the contrary, the use of propionic acid as antibiotics and propionate esters as solvents are expected to offer lucrative growth opportunities for the market expansion in the near future.
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. According to end-use industry, the market is categorized into pharmaceuticals, personal care, food & beverage, agriculture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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 in the market. 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.
KEY MARKET SEGMENTS
By End use Industry
Food & Beverage
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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