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Propionic Acid Market size was valued at USD 1.05 billion in 2019 and is poised to grow from USD 1.1 billion in 2023 to USD 1.42 billion by 2031, growing at a CAGR of 3.78% in the forecast period (2024-2031).

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. 'BASF SE', 'Dow Chemical Company', 'Eastman Chemical Company', 'Perstorp Holding AB', 'Celanese Corporation', 'Daicel Corporation', 'A.M. Food Chemical Co. Ltd.', 'Biomin Holding GmbH', 'Hawkins, Inc.', 'Kemin Industries, Inc.', 'Macco Organiques Inc.', 'Merck KGaA', 'Niacet Corporation', 'Prathista Industries Ltd.', 'Qingdao Jiutai Biotechnology Co. Ltd.', 'Shandong Tong Tai Wei Run Chemical Co. Ltd.', 'Sinopec Qilu Petrochemical Corporation', 'Taminco Corporation', 'The Good Scents Company', 'Yancheng Huade Biological Engineering Co. Ltd'

Globally, the propionic acid market is dominated by Europe. An increase in the consumption of packaged convenience foods and meat, poultry, and seafood items in this region is one of the major reasons for the market expansion. 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, Asia Pacific is projected to be the second-largest market. 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.

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Global Propionic Acid Market

Product ID: SQMIG15E2345