Propionic Acid Market Trend, Segmentation and Opportunities Forecast to 2027
The Global Propionic Acid Market is forecast to reach USD 1.71 Billion by 2027, according to a new report by Reports and Data. Propionic acid [PA] is a carboxylic acid that is present naturally in various dairy products at a low level. PA also occurs ubiquitously along with other short-chain fatty acids (SCFA) in the gastrointestinal tract of mammals and humans as an end-product of the microbial digestion of carbohydrates. PA has important physiological activity in animals, which is resulting in its growing demand in the pharmaceutical sector. It is widely used as an antifungal agent in food. It inhibits the growth of some bacteria and mold at the levels between 0.1 and 1% by weight. Due to the mentioned factor, most PA produced is consumed as a preservative for bother food and feed for human consumption. Monensin is mixed to cattle feed to cattle feed to support propionibacteria over acetic acid producers in the rumen. The incorporation of monensin results in producing less carbon dioxide and enhanced feed conversion. This application, i.e., use in animal feed accounts for more than half of the global production of PA. Another mentionable use of PA is as a privative in baked goods that uses the calcium and sodium salts. In the USA, EU, New Zealand, and Australia, it is approved for use as a food additive PA is listed by its E number E280 or INS number (280).
In regards to region, North America can be seen to occupy a considerable share of the market. The market share held by the region is attributed to, high demand for personal care products, strong application of PA in the food sector, which are supporting the growth of the market in this region.
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Top Companies: Dow, BASF SE, Hawkins Inc., Eastman Chemical Company, Perstorp, Yancheng Huade Biological Engineering Co. Ltd, Sasol, DAICEL CORPORATION, Shanghai Jianbei Organic Chemical Co. Ltd and Celanese Corporation.
Key Companies in the market include:
The Propionic Acid market held a market share of USD 1.00 Billion in the year 2018 that is forecasted to grow at a rate of 6.5% during the forecast period.
In context to Manufacturing Process, the Oxidation of propionaldehyde segment is projected to witness a considerable growth rate of 6.8% during the forecast period, which is expected to occupy more than 30.0% of the market in 2018. The growth rate witnessed by the Oxidation of propionaldehyde segment is attributed to its benefits like in the availability of manganese or cobalt salts the reaction proceeds rapidly at temperatures as mild as 40–50 °C, which is resulting in its growing popularity contributing to the growth rate witnessed by this segment.
In context to Application, the Animal Feed and Food Preservatives segment held the largest market share of more than 50.0% in 2018, with a CAGR of 6.6% during the forecast period. The market share held by the Animal Feed and Food Preservatives segment is attributed to the high demand for PA in animal feed, which is a part of agriculture, which contributes to the market share held by this segment. In the application in animal feed, it is used either as ammonium salt or directly due to its ability in inhibiting the growth of certain bacteria.
In regards to End-user, the Pharmaceutical segment is projected to witness a significant growth rate of 8.6% during the forecast period, which is expected to hold 6.0% of the market by 2027. Expansion of the pharmaceutical sector and applicability of PA and direct calcium or sodium salts formulations as an antibacterial food additive preservative in food for human consumption feed and pharmaceutical products like vaginal cream preparations contributes to the growth rate witnessed by this segment.
In regards to the region, Asia Pacific is projected to witness a considerable growth rate of 7.0% during the forecast period, which is expected to hold more than 20.0% of the market by 2027. The growth rate witnessed by the APAC region is attributed to the continuous growth of the pharmaceutical sector and high demand for herbicides and animal feeds, which contributes to the expansion of the market in this region.
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Manufacturing Process Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Hydrocarboxylation of ethylene
- Oxidation of propionaldehyde
Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Animal Feed and Food Preservatives
- Cellulose Acetate Propionate
- Calcium, Ammonium, and Sodium Salts
End-user Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2027)
- Personal Care
- Food and Beverage
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Key questions covered in the global Propionic Acid market report:
- What is the expected market size of the global Propionic Acid market during the forecast period?
- What factors are expected to hamper global Propionic Acid market growth over the forecast period?
- What key factors are expected to drive global revenue growth between 2022 and 2027?
- Which application segment is expected to dominate other application segments over the forecast period?
- Which region is expected to dominate in terms of revenue during the forecast period?
- What are the key outcomes of Porter’s Five Forces analysis and SWOT analysis?
- Which leading players are operating in the global Propionic Acid market?
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