Press release
Propionic Acid Market Report 2024: Strategies And Recent Developments | BASF SE, Merck KGaA , Dow Chemical Company, Thermo Fisher Scientific Inc., Honeywell International Inc
Propionic Acid Market Characteristics
The Business Research Company offers in-depth market insights through Propionic Acid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The propionic acid market size has grown strongly in recent years. It will grow from $1.42 billion in 2023 to $1.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increasing demand in animal feed preservatives, expanding food and beverage industry, focus on grain preservation, growing awareness of food safety, rise in livestock farming, application in cellulose acetate propionate (cap) production..
The propionic acid market size is expected to see steady growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to continued growth in livestock farming, increasing focus on sustainable agriculture, rising demand for processed food, global food security initiatives, growing application in derivatives production, environmental regulations and sustainable practices.. Major trends in the forecast period include emergence of propionic acid as a herbicide, technological innovations in production processes, growing adoption in pharmaceutical and cosmetic industries, regulatory compliance and quality standards, market expansion in developing regions..
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Market Segmentation:
The main products of propionic acid are prepared by oxo process, Reppe process, and by-product process. Oxo process refers to a chemical reaction used in the production of aldehydes and alcohols. It is used for various applications such as herbicides, rubber products, plasticizers, food preservatives, and others by pharmaceuticals, personal care, food and beverage, agriculture, and other end-user industries.
Major Driver - Expanding Agricultural Sector Boosting The Propionic Acid Market
Growth in the agricultural industry is expected to propel the growth of the propionic acid market going forward. The agriculture industry refers to a sector of the economy that encompasses all activities related to cultivating plants and raising animals for various purposes, including food production, fiber, and materials production. Propionic acid is used in the agriculture industry as an antimicrobial and antifungal agent employed in managing poultry litter and treating livestock drinking water. For instance, in May 2023, according to the National Statistical Institute of Iceland, an Iceland-based official statistics institution, the agricultural industry in Iceland experienced an increase in production value from $0.54 billion in 2021 to $0.61 billion in 2022, a growth of 12%. Therefore, the growth in the agricultural industry is driving the growth of the propionic acid market.
Competitive Landscape:
Major companies operating in the propionic acid market report are BASF SE, Merck KGaA , Dow Chemical Company, Thermo Fisher Scientific Inc., Honeywell International Inc., INEOS Group Holdings S.A., Evonik Industries AG, Solvay S.A., Arkema SA, Eastman Chemical Company, Celanese Corporation, Clariant AG, Sigma-Aldrich Corporation, Daicel Corporation, Novozymes A/S, OQ Chemicals GmbH, Corbion N.V. , Hawkins Inc., Nacalai Tesque Inc., Kishida Chemical Co. Ltd. , Macco Organiques Inc. , Niacet Corporation, Gelest Inc., Vigon International Inc., Kanto Chemical Co. Inc., Impextraco N.V., Otto Chemie Pvt. Ltd., Perstorp Holding AB, Jarchem Industries Inc., TRInternational Inc.
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Top Trend - Innovative Production Techniques Transforming The Propionic Acid Industry
Major companies operating in the propionic acid market are focused on developing novel processes for propionic acid production, such as biomimetic fermentation for producing bio-sourced organic acids. Biomimetic fermentation of bio-sourced organic acids is based on the fermentation technology used to produce pure organic acids, primarily propionic acid. For instance, in October 2022, AFYREN SA, a France-based chemicals manufacturing company, launched a plant for the industrial production of bio-sourced acids utilizing Afyren technology based on the biomimetic fermentation of GMO-free co-products. This helps produce a high-quality and pure organic family of seven fully bio sourced acids, including afyren propionic acid.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Propionic Acid Market Characteristics
3. Propionic Acid Market Trends And Strategies
4. Propionic Acid Market - Macro Economic Scenario
5. Propionic Acid Market Size And Growth
…..
27. Propionic Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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