Increasing demand from animal feed and grain preservative sectors is expected to be a key driving factor for the propionic acid market. Furthermore, rising demand for flavoring agents from end-use industries due to growth in food industry, and from plastic industry for thermoplastics is anticipated to boost the market for propionic acid.
Albany, NY -- (SBWIRE) -- 03/30/2016 -- The global propionic acid market has been exhibiting steady growth in the last few years. Potential market opportunities in developing countries are likely to further boost the growth potential of the global propionic market during the forthcoming years. Propionic acid (CH3CH2COOH) is a colorless liquid that emits a pungent odor and is miscible in water. It is a naturally occurring carboxylic acid and is used extensively in the manufacture of several salts and esters. The use of propionic acid as a flavoring agent in the food and beverages industry has increased substantially in the last few years. However, it is mainly used as a preservative in both human food and animal feeds. Propionic acid helps in inhibiting bacterial growth or molds on agricultural yields, which explains its high demand across economies that are mainly driven by agriculture.
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For the purpose of the study, the global propionic acid market is segmented in terms of parameters including industrial application and regional distribution. The key application segments of the global propionic acid market include cellulose acetate propionate (CAP), calcium and sodium propionates, animal feed and grain preservatives, and others such as herbicides. Regionally, the global propionic acid market is segmented into Asia Pacific, Europe, North America, and Rest of the World.
The report presents a comprehensive overview of the market, providing insights into the key growth drivers and restraints. Using industry-leading analytical tools such as SWOT analysis, the report weighs out the market strengths and opportunities and cites the potential opportunities and threats that the market is likely to witness during the forecast period. The effect of Porter's five forces on the market is also studied in detail in the report.
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Overview of the Global Propionic Acid Market
The global propionic acid market, which stood at US$0.9 bn in 2012, is anticipated to reach US$1.5 bn by 2019, rising at a CAGR of 7.7% during the 2013-2019 period. In terms of volume, the global propionic acid market stood at 381.7 kilo tons in 2012 and is expected to exhibit a CAGR of 2.3% during the forecast period.
The market at present is witnessing high demand from industries such as food, pharmaceuticals, and plastic. This trend will continue over the next few years, thereby significantly fuelling the demand from the global propionic acid market. Furthermore, the increasing demand for Vitamin E is expected to boost market opportunities for the propionic acid industry.
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The rapid expansion of the food and beverages industry is expected to fuel the demand for preservatives, which subsequently will drive the global propionic acid market. The market is also expected to capitalize on the rising demand from emerging Asia Pacific economies. With the growing pharmaceutical industry, the demand for Vitamin E will surge exponentially, which will create lucrative market opportunities for the propionic acid industry. Despite registering impressive growth, the adverse effects of propionic acid on the environment and human health may hamper the market growth to an extent.
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Companies mentioned in the research report
The global market for propionic acid is highly concentrated, with only a handful of players collectively occupying the major share in the market. Some of the leading companies profiled in the report are The Dow Chemical Company, BASF SE, Celanese Corporation, Biomin Holdings GmbH, Perstorp Holdings GmbH, Daicel Corporation, A.M Food Chemical Co Ltd, and Prathista Industries Ltd.
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