Global Propionic Acid Market To Reach $1.55 Billion by 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/02/2017 -- Zion Market Research has published a new report titled "Propionic Acid Market for Animal Feed & Grain Preservatives, Calcium & Sodium Propionates, Cellulose Acetate Propionate, and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020." According to the report, global demand for propionic acid market was valued at USD 1.07 billion in 2014 and is expected to generate revenue of USD 1.55 billion by the end of 2020, growing at a CAGR of around 7% between 2015 and 2020. In terms of volume, the global propionic acid market stood at around 400.0-kilo tons in 2014.
Propionic acid is also known as propanoic acid. Propionic acid is a colorless, oily liquid with a pungent and unpleasant odor. It is a naturally occurring carboxylic acid with a molecular formula of CH3CH2COOH. Ethylene and carbon monoxide are key raw materials used in the manufacture of Propionic acid. Propionic acid is mainly used as a preservative in animal feed and flavoring agent in packaged food such as baked goods and cheese. Propionic acid inhibits the growth of bacteria and molds. It is also used to make particular specific propionates, for example, cellulose acetate propionate (CAP), which is a useful thermoplastic. Furthermore, propionic acid is used as an intermediate chemical in the manufacture of herbicides, pharmaceuticals, dyes, textile and plastics, cosmetics, and perfumes.
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Growing demand from animal feed and grain preservative segments are expected to be an important driving factor for the propionic acid market. Increasing demand from end application markets in emerging economies such as China, India, Brazil, etc. is expected to fuel the growth of the propionic acid market. Strong growth of food and beverages industry across the world has resulted in growing demand for flavoring agents. This is expected to be one the important driving factor for the growth of the propionic acid market. However, the adverse effect on human health, including genetic changes, tumors, and skin irritation, is estimated to be a major market restraint of the propionic acid market. Moreover, with ever increasing environmental concerns regarding the use of pesticides, propionic acid may experience down trend is demand from crop protection chemicals in the years to come.
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Animal feed and grain preservatives, calcium and sodium propionates, cellulose acetate propionate, others (herbicides etc.) are the key application market of propionic acid. Animal feed and a grain preservative were the leading and fastest growing application market for the propionic acid market. It accounted for more than 45% share of the total volume consumed in 2014. A rapid growth in livestock farming is expected in the near future owing to strong demand for food, which in turn is expected to boost the demand for animal feed and grain preservatives. Calcium and sodium propionates accounted for the second largest application segment for propionic acid in 2014. However, cellulose acetate propionate (CAP) is expected to witness a sluggish growth rate of 1.5% during the forecast period. Additionally, the herbicides market is expected to sluggish growth in the next few years owing to health hazards produced by herbicides.
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The propionic acid market was dominated by Europe with over 37% share of the total volume consumed in 2014. Strong demand for propionic acid in the region can be attributed to the high demand for animal food and grain preservatives. UK, Germany, France, Italy, Spain, etc. are leading regional economies are driving the growth of the propionic acid market in the region. Europe was followed by North America and Asia Pacific. Asia Pacific is growing at a rapid pace as compared to other geographies. Growing demand from industrial applications in the Asia Pacific is expected to further fuel the growth of the propionic market in the region. Latin America and Middle East & Africa accounted for a small share of the propionic acid market. However, Latin America and Middle East & Africa are expected to witness significant growth in the years to come.
Some of the major industry participants in the global propionic acid market include 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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