Propionic Acid Market:
Industry Overview:
Global Propionic Acid (PA) is a naturally occurring carboxylic acid that is a colourless liquid with rancid odour. Propionic acid occurs naturally in essential oils in the form of esters. It can be commercially obtained by hydro carboxylation of ethylene in the presence of nickel carbonyl as a catalyst.
Global Propionic Acid Market is majorly driven by its application in animal feed and in food preservatives. About 30% is used for production of its calcium, ammonium, and sodium salts, which are also used in food industry. The other major drivers of the global propionic acid market include increase in consumption of herbicides in agriculture, which is likely to drive the market demand. The production of cellulose acetate propionate (CAP) is the underlying driver of the global market. It is highly used in applications requiring low odour, clarity, fast solvent release, anti-blocking and good adhesion to a variety of substrates. They are highly adaptable in printing inks and clear overprint varnishes because of its wide solubility in ink solvents, compatibility with other resins used in printing inks, and high melting point.
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Industry Insight:
Global Propionic Acid Market has seen a potential growth over the past few years and it has been analysed that during the forecast period the global market will grow on a rapid pace. Rising demand of preservative food is one of the major growth factor of global propionic acid market. Increasing usage of propionic acid in the application areas such as preservative, animal feed, flavouring agent, pharmaceuticals, others has increase the demand of propionic acid. Propionic acid helps in preventing the food from getting fungal and bacterial infection also it is widely used in animal feeding and in flavouring agents.
Industry Trends Influence:
Data integration and capabilities are analyzed to support the findings and study the predicted geographical segmentations. Various key variables and regression models were considered to calculate the trajectory of propionic acid market. Detailed analysis is explained and given importance to with best working models.
Geographically, the segmentation is done into several key regions like North America, Middle East & Africa, Asia Pacific, Europe and Latin America. The production, consumption, revenue, shares in mill UDS, growth rate of propionic acid market during the forecast period of 2018 to 2023 is well explained.
The ongoing market trends of propionic acid market and the key factors impacting the growth prospects are elucidated. With increase in the trend, the factors affecting the trend are mentioned with perfect reasons. Top manufactures, price, revenue, market share are explained to give a depth of idea on the competitive side.
Industry Key Players:
BASF SE (Germany),
DowDuPont (U.S.),
Perstorp Orgnr (Sweden),
Eastman Chemical Company (U.S.),
Macco Organiques Inc. (Canada).
BIOMIN Holding GmbH (Austria),
Krishna Chemicals (India),
A.M. Food Chemical Co.Ltd. (China),
Merck KGaA (Germany),
OXEA GmbH (Germany).
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