Propionic Acid Market Size to Reach 2.85% by 2023 with Market Key players - The Perstorp Group,BASF SE, The Dow Chemical Company, Eastman Chemical Company, Hawkins, Inc., and MaccoOrganiques Inc

Propionic Acid Market Size and Growth Rate:

The Global propionic acid market Size is forecasted to reach a valuation of USD 1,540 billion by the end of 2018. The market is expected to grow at a healthy CAGR of 2.85% during the forecast period 2018-2023.

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Propionic Acid Market Growth Drivers and Restraints:

The main factors driving the market include growing demand for grain preservatives and harmless animal feed, increasing the convenience of the food industry, and demand for a cap from the downstream industry. Detrimental consequences of propionic acid on human health and environmental matters regarding the use of pesticides are anticipated to hinder the growth of the market.

Though there are several health hazards and environmental problems affecting the market growth that may hinder the growth of the market during the forecast tenure, the increasing use of propionic acid as preservatives in food, grains, and feed is expected to push the market in the near future. Furthermore, it is also used as cellulose acetate propionate, esters, herbicides, fragrances, and various other uses, which are expected to boost the market for propionic acid in the years ahead.

The macroeconomic completion of the agricultural industry is further anticipated to push the demand for propionic acid globally. Propionic acid is used to control the majority of molds on crops and also protects many agriculture products from bacteria. A notable amount of propionic acid is consumed globally to make cellulose acetate propionate (CAP). Moderately flowing downstream consumption of CAP is expected to facilitate the completion of the global propionic acid market, though at a modest CAGR, over the forecast period.

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Propionic Acid Market Geographical Segmentation:

Due to the growing population and food & feed production, the market outlook for Asia-Pacific is anticipated to remain fairly positive over the future years. In North America and Western Europe, the propionic acid market is anticipated to increase at moderate CAGR. The USA and Western Europe are expected to stand among key suppliers of propionic acid. The USA was a net exporter of propionic acid and its salts & esters in 2015. China and India accounted for important shares in the overall Asia Pacific market as there was a higher demand for these imports in the previous years.

Key players of the Propionic Acid Market:

Some of the important players identified across the value chain of global propionic acid market include The Perstorp Group, BASF SE, The Dow Chemical Company, Eastman Chemical Company, Hawkins, Inc., and MaccoOrganiques Inc.

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