Propionic Acid Market
Market Research Future The global propionic acid industry is segmented based on its application as animal feed food preservatives, propionates, herbicides, plasticizers, rubber products, and others. Among these, the animal feed and food preservative segment hold 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 preservatives and is likely to dominate the market in the coming years. This growth is attributed to the increasing demand for high-quality feed products and animal nutrition.
The propionic acid market accounted for revenue of $1.2 billion in 2018 and is anticipated to generate $1.6 billion by 2026.
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 the protection of cosmetics. Propionic acid is also used to control pH of the cosmetic products and in the plastic industry. Cellulose-acetate-propionate and Vinyl propionate are useful thermoplastics.
Competitive Dashboard
The prominent players operating the global propionic acid industry 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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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 industry has been segmented on the basis of application and end-use industry.
By mode of application, the global propionic acid industry 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 industry 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.
Regional Analysis
The propionic acid industry 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 industry 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 the pharmaceuticals and food beverage industry in this region.
The 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.
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