Propionic Acid Market Global Industry Analysis 2024

Global Propionic Acid Market: Snapshot

The propionic acid market has been growing at a progressive rate with the rising number of applications across the globe. The increasing research and development activities in this field is likely to accelerate the growth of the overall market in the next few years. The rising applications of propionic acid in the pharmaceutical industry is anticipated to generate promising opportunities in the near future. Key players in the market are focusing on the expansion of product portfolio and innovations, which will supplement the market’s growth in the next few years.

According to the research study, in 2012, the global propionic acid market was worth US$908.0 mn and is likely to reach a value of US$1,540.5 mn by the end of 2019. The market is predicted to register a healthy 7.70% CAGR between 2013 and 2019.

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Expansion of Application Base to Encourage Growth of Global Market

The growing demand for propionic acid from grain preservation and animal feed is one of the primary factors predicted to encourage the growth of the global market throughout the forecast period. In addition, the untapped opportunities in emerging economies are expected to accelerate the growth of the overall market in the coming few years. On the other hand, environmental impact of propionic acid and the health hazards related to the use of propionic acid are anticipated to restrict the growth of the overall market in the next few years. Nonetheless, the rising number of players in the global propionic acid market is anticipated to contribute extensively towards the development in the forecast period.

In terms of application, in 2012, the animal feed and grain preservatives segment led the global propionic acid market and accounted for a share of 52.5%. This segment is expected to remain in the leading position throughout the forecast period, thanks to the significant rise in the livestock farming. The calcium and sodium propionates segment is expected to hold the second position in the market, further followed by cellulose acetate propionate. The rising number of application of propionic acid, including food and beverages and pharmaceutical industries are anticipated to fuel the growth of the market in the next few years.

Rising Demand for Food to Augment Propionic Acid Market in Asia Pacific

From a geographical viewpoint, the global propionic acid market can be categorized into Asia Pacific, North America, Europe, and the Rest of the World. In 2012, Europe led and accounted for a share of 39.9% of the global propionic acid market. This region is expected to register a steady 2.10% CAGR between 2013 and 2019. The high growth of this region can be attributed to the ban imposed on antibiotic which has further likely to drive the demand for propionic acid in the next few years. Europe is expected to be followed by North America in the coming years.

Furthermore, Asia Pacific is expected to witness robust growth throughout the forecast period. The rising population and the growing demand for food and feed are some of the primary factors expected to augment propionic acid market in the coming years. In addition, the high contribution from India and China is estimated to accelerate the growth of the overall market. As per the research study, the rest of the world segment is expected to grow at a steady pace throughout the forecast period.

The global propionic acid market is extremely concentrated in nature with a few players holding a key share of the market. Some of the prominent players operating in the global market are Celanese Corporation, The Dow Chemical Company, Biomin Holdings GmbH, A.M Food Chemical Co. Ltd., Daicel Corporation, Prathista Industries Ltd., BASF SE, and Perstorp Holdings GmbH.

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This release was published on openPR.