Propionic Acid Market Demand, Application, COVID-19 Analysis, Share, Forecast 2023
Propionic Acid Market Synopsis
Market Research Future postulates that the global propionic acid
market is predicted to demonstrate a stellar CAGR during the appraisal period
(2017-2023). 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 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.
Propionic Acid Market Potential and Pitfalls
Propionic acid is majorly driven by its application in the 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 as a major driver
of the global market and is extensively used in applications which 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 its 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.
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Propionic Acid Market 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.
Propionic Acid Market: Segmental Analysis
The propionic acid
application market has been segmented on the
basis of application and end-use industry.
By mode of application, the global propionic acid
market has been segmented into propionates, animal feed & food
preservative, 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 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.
Propionic Acid Market Regional Insights
Geographically, the COVID-19 analysis on 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 as a chemical herbicide has stimulated.
Additional factors gearing up the market growth are the changing consumption
pattern coupled with high disposable income.
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