Propionic Acid Market Outlook
Market Research Future postulates that the global propionic acid market is predicted to demonstrate a stellar CAGR during the appraisal period (2021-2028). 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 a 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.
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Market Potential and Pitfalls
Propionic acid is majorly driven by its application in 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 a major driver of the global market and is extensively used in applications that 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 their 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. When mixed with grains in small quantities, organic acids aids in arresting the growth of mycotoxins, which is important for animal health. Propionic acid also proves to be effective against fungi or molds and helps to store grains for a long period in high moisture places. Propionic acid also helps in the digestion of proteins, which aid in maintaining good health of the animals. With the augmenting awareness of grain preservation, accelerating feed demand, and safe animal feed, the global market for propionic acid is estimated to gain prominence.
In contrast, the hazardous effect caused due to propionic acid on human health including tumors, genetic changes, and skin irritation, is considered to vitiate the market growth during the assessment period. Additionally, high prices of the raw materials required in the production of propionic acid are estimated to disrupt the market growth to a large extent. For instance, Eastman Chemical Company, BASF, and Oxea have increased the cost of propionic acid owing to the increasing production cost.
Segmental Analysis
The propionic acid market has been segmented on the basis of the application and end-use industry.
By mode of application, the global propionic acid market has been segmented into propionates, animal feed food preservatives, 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 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.
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 for a chemical herbicide has stimulated. Additional factors gearing up the market growth are the changing consumption pattern coupled with high disposable income.
The European region is considered to occupy the largest share in terms of revenue and is likely to retain its dominance. Favorable government regulations coupled with the accelerating growth rate for food preservatives animal feed markets are some of the factors stimulating the market growth to a large extent. The hygiene directive in this region for maintaining the hygiene and quality of feed-mix products has further augmented the market growth.
Competitive Dashboard Analysis
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.
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