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Market Research Future (MRFR) projects the propionic acid market to be valued at a whopping USD 2 billion by 2027. The market share will expand at a healthy rate of 7% over the appraisal period (between 2020 and 2027).
Primary Drivers and Challenges
Propionic acid’s heightened use as a preservative in animal feed and packaged food products would be a major reason for the robust market growth in the years ahead. Its rising applications in herbicides as well as in the production of cellulose acetate propionate will also create a tremendous business scenario in the future.
With rapid changes in people’s lifestyle, packaged food items that are safe and hygienic are enjoying considerable demand. This ultimately fosters the use of propionic acid as a preservative for curbing bacteria and fungus growth and boosting the shelf life of the food products.
The top firms are working on developing high-performing propionic acid to meet with the soaring demand for excellence among end-users. Production capacity expansion via acquisition, partnership, and distribution agreements remain the major strategies generally employed by the players to enhance their positions in the global market. To illustrate, in August 2021, BASF along with SINOPEC has boosted their joint Verbund unit operated by BASF-YPC Co. Ltd. It is a joint venture of both the firms in Nanjing, China, with both working on expanding the capacity of numerous downstream chemical units, which will now include propionic acid, along with propionic aldehyde, ethanolamines purified ethylene oxide, and ethyleneamines.
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The global market for propionic acid has been considered for application as well as end-use industry.
The top applications of propionic acid covered in the MRFR review study are rubber products, propionates, animal feed & food preservative, plasticizers, herbicides, and others. Propionic acid is extensively utilized as a preservative in cakes, bread, jams, non-alcoholic beverages, cheese, and various processed & packaged food products to prevent bacteria and mold growth. This helps bolster the shelf life of the packaged processed food. On the other hand, propionic acid’s use is also surging in rubber, as a result of which the segment should witness considerable growth in the coming years.
Major end-users of propionic acid are food & beverage, agriculture, pharmaceuticals, personal care, and more.
Europe is heading the global propionic acid market, and the region’s dominance can be accredited to the surging demand for convenience packed food, poultry, seafood and meat products. Additionally, the widespread utilization of propionic acid within the pharmaceutical industry adds significantly to the business value in the region. Heightened consumption of a variety of livestock by-products combined with the surge in government funds or aids encouraging development in the feed industry.
Asia Pacific, as the second biggest gainer in the global market, will capture a solid CAGR of 10.6% from 2020 to 2027. The robust growth of the personal care and food & beverages industries raises the demand for propionic acid. The extensive product use in the and agrochemicals agriculture sector in China, Japan, and India further augments the market share in the region. The market demand is also bolstered by the improving economic status and the dramatic increase in the consumption of meat, especially in India, Japan, China, and Thailand. The mounting sales of meat in the region has triggered the overall production and has led to a higher demand for feed acidifiers like propionic acid.
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The top propionic acid producers highlighted in the review report are OXEA GmbH (Germany), Merck KGaA (Germany), Eastman Chemical Company (U.S.), BASF SE (Germany), BIOMIN Holding GmbH (Austria), Krishna Chemicals (India), Macco Organiques Inc. (Canada), The Dow Chemical Company (U.S.), Perstorp Orgnr (Sweden), A.M. Food Chemical Co., Ltd. (China), to mention a few.
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