Rockville, MD -- (SBWIRE) -- 07/24/2019 -- Market Outlook of propionic acid:
The market for Propionic acid is anticipated to increase globally seeing its potential application in food, feed, and health industries because of its wide range of applications. Propionic acid is a carboxylic acid which occurs naturally. It is colorless oily liquid with pungent, rancid odor. Propionic acid is also known by the name ethyl formic acid, carboxyethane, ethane carboxylic acid, carboxylic acid, etc. The reaction of carbon monoxide and ethylene produces propionic acid. The widespread consumption of canned food products has led to increased demand for food preservatives driving the Propionic acid market. Propionic acid hinder the growth of fungus and bacteria and hence is used as a preservative for animal feed and in food for human consumption. Propionic acid is used as a food additive, food preservative and flavoring agent in food products like baked goods and cheese. One of the essential factors proving to be the critical driver in the Propionic acid market is the fact that Propionic acid is used as a half in the production of other chemicals. It is used as an antiketogenic, glycogenic and antifungal agent. The increase of cosmetic and personal care product has also led to the growing demand for propionic acid which is used to control the PH level of these products.
Reasons for covering propionic acid as title:
With the rapid increase in urbanization, the consumption of canned food is increasing which is resulting in the expansion of food preservative market which is supplementing the growth of Propionic acid. The propionic acid having antimicrobial and antifungal property and having a significant element of vitamin E is used as feed preservative. Increasing concern for improving animal nutrition is anticipated to grow the market of Propionic acid. One of the critical drivers for the propionic acid market is the fact that Propionic acid is also used as an intermediate in the production of other chemicals. One such chemical is cellulose acetate propionate (CAP). Cellulose acetate propionate (CAP) is a vital thermoplastic cellulose ester. Growing demand for CAP has resulted in the increased market for Propionic acid. Increasing use of cosmetic and personal care product will expand the market for Propionic acid as it is used to control the PH level in them.
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Propionic acid: Market Segmentation
On the basis of end user, the Propionic acid market has been segmented as –
Chemical
Agriculture
Healthcare
Personal care
Food and Beverages
On the basis of application, the Propionic acid market has been segmented as –
Food preservation and food additive
Production of Cellulose acetate propionate
Chemical intermediate for herbicides, pharmaceuticals, dyes, textile and rubber products, plastics, plasticizers etc.
On the basis of grade, the Propionic acid market has been segmented as –
Biotech/Analytical(high purity)
Technical(low purity)
On the basis of region, the global Propionic acid market has been segmented as:
North America
U.S.
Canada
Latin America
Brazil
Mexico
Argentina
Chile
Peru
Rest of Latin America
Europe
EU – 4 (Germany, France, Italy, Spain)
U.K.
BENELUX (Belgium, Netherlands, Luxemburg)
NORDIC (Norway, Denmark, Iceland, Sweden)
Eastern Europe (Poland, Ukraine, Czech Rep., etc.)
Rest of Europe
CIS & Russia
Japan
APEJ
Greater China
India
S. Korea
ASEAN Countries
Rest of APEJ
Middle East & Africa
GCC Countries
Turkey
Iran
Israel
South Africa
Propionic acid Market: Key Players
Some of the key players operating in the global Propionic acid market are BASF-SE, The Dow chemical company, Mitsubishi chemical holding, Eastman Chemical Company, The Perstorp Group, Hawkins, Inc., and Macco Organiques Inc, Linde AG
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Key Developments in propionic acid market:
In June 1, 2017 BASF and SINOPEC expanded capacity for propionic acid in Nanjing, China. The expansion is due to growing demand for food and feed preservation which improves the shelf life of the product
In December 11, 2017 Dow Industrial Solutions, a business unit of The Dow Chemical Company, announced plans to expand its propionic acid facility in Texas City, to meet the rising global demands
Propionic acid Market Opportunities:
Attributed to increasing hectic lifestyles, the consumption trend among consumers is resulting in changes in the food industry and has resulted in positive momentum for propionic acid manufacturers. The consumption of canned and longer lasting food products has increased, thus increasing the demand of Propionic acid as a preservative, thus driving the growth of propionic acid in the near future. As an antimicrobial and antifungal, feed additive, Propionic acid is efficient than others. Moreover, Propionic acid is also used as a preservative in grains and feed for animal food production as a mold inhibitor which has led to the increase in the demand of propionic acid. Feed grain preservation using propionic acid is more economical and ecologically sound resulting in a growing market for Propionic acid. One of the key drivers for the Propionic acid market is its use in the manufacturing of other chemical components such as cellulose acetate propionate (CAP). The growing demand for CAP is expected to lead a positive momentum in the growth of propionic acid market. Rising demand from end-use industries in developing economies such as the Asia Pacific provides excellent potential for growth in the propionic acid market in the region. The USA and Western Europe are estimated to stand among significant exporters of propionic acid. Moreover, the growing pharmaceutical industry has been contributing to the growth of the market.
Brief Approach to Research Propionic acid Market
A modelling-based approach and triangulation methodology will be followed to estimate data covered in this propionic acid. A detailed market understanding and assessment of the applications, types, forms and end uses of the product segments covered in the study is followed by carrying out a demand-side approach to estimate the sales of target product segments, which is then cross-referenced with a supply-side assessment of value generated over a pre-defined period. The statistics and data is collected at a regional level, consolidated and synthesized at a global level to estimate the overall market sizes.
Key Data Points Covered in the Report -
Some of the key data points covered in our report on include:
An overview of the market, including background and evolution
Macroeconomic factors affecting the market and its potential
Market dynamics, such as drivers, challenges and trends
Detailed value chain analysis of the propionic acid market
Cost structure of the products and segments covered in the study
In-depth pricing analysis, by key product segments, regions and by major participants of propionic acid market
Analysis of supply and demand, such as top producing and consuming geographies, imports/exports and overall trade scenario of propionic acid
Analysis of the market structure, including a tier-wise categorization of key market participants of propionic acid
Competitive landscape of the market, including detailed profiles of the top players in propionic acid market
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
Market Dynamics
Market Size
Market Segments
Demand & Supply Trends
Current Issues and Challenges
Companies and Competitor Landscape
Value Chain
Technology
Regional Segments Analyzed Include
North America (U.S., Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, U.K, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (China, India, ASEAN, Australia & New Zealand)
Japan
Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
Elaborated scenario of the parent market
Transformations in the market dynamics
Detailed segmentation of the target market
Historical, current and forecast market size based on value and volume
Latest industry developments and trends
Competition landscape
Strategies adopted by the market players and product developments made
Potential and niche segments, along with their regional analysis
Unbiased analysis on performance of the market
Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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