About Propionic Acid
Propionic acid is a short-chain saturated fatty acid comprising ethane attached to the carbon of a carboxy group. It has a role as an antifungal drug. Propionic acid inhibits the growth of mold and various bacteria and is used as a preservative for food (especially bread and other baked goods as its sodium or calcium salts), animal feed (directly or as its ammonium salt), and grains. The propionic acid market holds promising growth potential, driven by its diverse applications, increasing focus on sustainability, and expanding regional markets. By addressing the challenges and leveraging the opportunities, propionic acid manufacturers can capitalize on this growing market and contribute to various industries.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The key manufacturers are targeting the innovations of the products with better quality, and better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking about mergers and acquisitions to maintain their presence in the market. Analyst at AMA Research estimates that Global Vendors will contribute the maximum growth to Global Propionic Acid market throughout the forecasted period. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
BASF SE (Germany), Eastman Chemical (United States), PETRONAS Chemicals Group (Netherlands), Perstorp (Sweden), Evonik Industries AG (Germany), Mitsubishi Chemical Group Corporation (Japan), Dow (United States), LyondellBasell Industries Holdings B.V. (Netherlands), Hexion (United States) and Solvay (Belgium) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are LANXESS (Germany), Arkema (France), DuPont (United States), Mitsui Chemicals, Inc. (Japan) and Sumitomo Chemical Co., Ltd. (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Propionic Acid market by , Application (Grain and Feed Preservatives, Calcium and Sodium Salts, Herbicides, Cellulose Acetate Propionate, Plasticizers and Others) and Region.
On the basis of geography, the market of Propionic Acid has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End User Industry, the sub-segment i.e. Agriculture will boost the Propionic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Form, the sub-segment i.e. Natural will boost the Propionic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Grade, the sub-segment i.e. Food Grade will boost the Propionic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Process, the sub-segment i.e. Larson Process will boost the Propionic Acid market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Technological Advancements in the Production of Propionic Acid
Market Growth Drivers:
Rising Demand in Agriculture and Growing Food and Beverage Industry
Challenges:
Fluctuations in Raw Material Prices
Restraints:
Propionic Acid can be Irritating to the Skin, Eyes, and Respiratory System
Opportunities:
The Rising Demand for Propionic Acid in Developing Regions like Asia Pacific and Latin America and Focus on Sustainable Bio-Based Propionic Acid
Market Leaders and their expansionary development strategies
In January 2022, Perstorp announced it had acquired GEO’s Di-Methylolpropionic Acid [DMPA] business. The acquisition reportedly emphasizes Perstorp’s commitment as the sustainable specialty solution provider within the resins and coatings segment. This acquisition enhanced Perstorp's position within the Di-Methylpropionic acid platform.
In October 2022, BASF announced the launch of "NPG ZeroPCF" and "PA ZeroPCF," which are versions of their Neopentyl Glycol (NPG) and Propionic Acid products with a cradle-to-gate product carbon footprint (PCF) of zero.
Key Target Audience
Propionic Acid Manufacturer, Government Bodies, Suppliers & Distributors, Research Organization, Potential Investors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.