USD 1.29 billion
Global Propionic Acid Market Size, Share, Growth Analysis, By Application(Herbicides, rubber products), By End-use industry(Pharmaceuticals, personal care) - Industry Forecast 2022-2028
Report ID: SQSG15E2058 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Propionic Acid Market Insights
Global Propionic Acid Market size was valued at USD 1.29 billion in 2021 and it is expected to reach USD 1.64 billion by 2028, at a CAGR of 3.5% over a forecast period (2022-2028).
Propionic acid is a colourless, clear liquid with a strong smell. Propionic acid is created via the hydro carboxylation of ethylene using nickel carbonyl as a catalyst. Animal feed additives and food preservatives both use propionic acid and its esters. Due to its antifungal and antibacterial properties and high boiling point, propionic acid is used as a crop protection agent. It was also found to work well in cattle drinking water as an antibacterial agent. A type of carboxylic acid is propionic acid, sometimes referred to as carboxylic acid, methane carboxylic acid, or ethyl formic acid. In its natural state, it can be utilised as an ester in essential oils. It is a natural preservative that is used to increase the shelf life of baked goods like tortillas and bread as well as cheese. Additionally, they are used in the preservation packaging of certain ready-to-eat foods. Future market expansion will be aided by a quickening pace of developments in sectors that employ propionic acid.
Market snapshot
Global Market Size
Largest Segment
rubber products
Fastest Growth
rubber products
Growth Rate
3.5% CAGR
Propionic Acid Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Propionic Acid Market Size By Application, 2021-2028 ($ Bn)
Propionic Acid Market Size By Application, 2021-2028 (%)
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Global Propionic Acid Market Segmental Analysis
Global Propionic Acid Market is segmented based on the application, end-use industry, and region. Based on application, global market is segmented into herbicides, rubber products, plasticizers, food preservative, and others. Based on end-use industry, the market is segmented into pharmaceuticals, personal care, food & beverage, agriculture, and others. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Application
Based on application, the market's largest contributor was the food preservative segment. The majority of Americans favour market-available, ready-to-eat food. Propionic acid is an additive and preservative used in these goods to retain quality and prevent deterioration, which increases the demand for food preservatives. Additionally, the rising need for food preservatives fuels the expansion of the Global Propionic Acid Market. The market is expanding because of the rising demand for natural preservatives. During the projected period, the sector for rubber products is anticipated to increase at the greatest CAGR. One of the most adaptable materials, rubbers are employed in practically every industry. In addition to numerous other uses, rubber goods are increasingly used in the automotive, building & construction, industrial manufacturing, and polymer modification industries. The manufacturing of rubber requires the use of propionic acid as an intermediary. Due to its numerous uses in the industry, rubber products are in higher demand from the automobile sector. The market is expanding as a result of the usage of propionic acid in the production of rubber.
Analysis by End-Use Industry
Based on end-use industry, the largest contributor to the Global Propionic Acid Market was the food and beverage sector. The market is anticipated to grow as a result of the rising usage of propionic acid as a common food preservative in breads, cakes, cheese, non-alcoholic drinks, jams, jellies, and other processed foods to reduce the formation of mould and bacteria and extend shelf life. The robust economic growth and population growth are both contributing to the quick growth of the global food and beverage business. Additionally, there has been a rise in the use of hydrating beverages.
Propionic Acid Market By Application, 2021 (%)
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Global Propionic Acid Market Regional Insights
Global propionic acid market will be dominated by the European region, and the increase in the consumption of packaged convenience foods and meat, poultry, and seafood items in this region is cited as the cause. Additionally, one of the key reasons driving the market expansion in this region is the rise in the use of propionic acid in the pharmaceutical industry. At a double-digit CAGR throughout the forecast period, the Asia Pacific region will be the second-largest market. And the expanding food & beverage, personal care, and animal feed industries are the causes of this expansion. Another factor driving market growth in this region, driven by India, China, and Japan, is the growing use of propionic acid in various agrochemicals. The agriculture industry is also a prominent one in this region.
Propionic Acid Market By Application, 2021-2028
- Largest
- Fastest
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Global Propionic Acid Market Dynamics
Driver
Growing Use in Packed Food
- One of the main causes of the expansion of this Global Propionic Acid Market is the increasing usage of propionic acid as a preservative in packaged foods and animal feed. Another important factor driving this industry's expansion is the use of propionic acid in the production of cellulose acetate propionate and herbicides. The demand for packaged food, particularly hygienic food products, has increased as a result of changes in consumer lifestyles. This market is also growing as a result of the use of propionic acid, which is primarily used as a preservative to extend the shelf life of food products and prevent the growth of bacteria and fungus. In 2020, 471 kilo tonnes of propionic acid were consumed; in 2025, 538 kilo tonnes were consumed.
Restraint
Rising Environmental Concerns
- One of the key factors limiting the growth of this market is the escalating environmental concerns regarding the use of herbicides throughout time. Another aspect that can impede the development of this industry is a lack of creative ideas while providing items. Another reason that can serve as a roadblock to the expansion of the Global Propionic Acid Market is how the industry participants are being pressured to cut margins on product sales. This is having an impact on overall revenue. Lack of production facilities and the variety of negative effects caused by direct contact to propionic acid are two additional reasons that could restrain this market expansion.
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Global Propionic Acid Market Competitive Landscape
Global Propionic Acid Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Top Player's Company Profiles
- BASF SE
- Dow Inc.
- Eastman Chemical Company
- Perstorp Holding AB
- Hawkins
- Corbion N.V.
- Otto Chemie Pvt. Ltd.
- Merck KGaA
- Oman Oil Company SAOC
- Celanese Corporation
Recent Developments
- In January 2021, with the aim of manufacturing, by green chemistry method, different organic acids such as propionic acid, acetic acid, VALERIC acid, butyric acid, ISOBUTYRIC acid, HEXANOIC acid, and ISOVALERIC acid biotechnology start-up named AFYREN started construction of its first industrial-scale industry named AFYREN NEOXY.
Global Propionic Acid Key Market Trends
- Numerous applications exist for the Global Propionic Acid Market. It has been proven to be effective as a fungicide and bactericide to stop the growth of bacteria and fungus in grain storage, poultry litter, and livestock and poultry drinking water. Propionic acid is regarded as a successful antibiotic growth promoter for the preservation of the safety of animal products and human health. Esters of propionic acid can be employed efficiently as solvents or as artificial flavourings in place of chemicals.
Global Propionic Acid Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Propionic Acid Market analysis, in terms of application, the food preservative segment held larger market share owing to rising need for food preservatives. In terms of end-use industry, the food and beverage segment dominated the global market. Moreover, the agricultural sector's expansion is improving the market prospects for propionic acid. Whereas, one of the key factors limiting the growth of this market is the rising environmental concerns regarding the use of herbicides throughout time.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 1.29 billion |
| Market size value in 2028 | USD 1.64 billion |
| Growth Rate | 3.5% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Propionic Acid Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Propionic Acid Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Propionic Acid Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Propionic Acid Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Propionic Acid Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Propionic Acid Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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