The Propionic acid is an organic acid introduced by the reaction of ethylene and carbon monoxide. The chemical formula for propanoic acid is CH3CH2COOH or C3H6O2 with the boiling point of 141.15 C. This acid is painstaking to be safe for usage as common food additive and adaptable preservative in the animal feed and human food. It retains anti fungal and antimicrobial belongings, and hence functions as crop protection agent. In addition, it is utilized as an intermediate for manufacturing of dissimilar chemicals such as cellulose acetate propionate. Moreover, it is broadly used in herbicides and preservatives, as it prevents the growth of bacteria and mold.
According to the report analysis, ‘Propionic
Acid Market by Application (Herbicides, Rubber Products, Plasticizers, Food
Preservative and Others) and End-User Industry (Pharmaceuticals, Personal Care,
Food & Beverage, Agriculture, and Others): Global Opportunity Analysis and
Industry Forecast, 2019-2026’ states that in the propionic acid
market there are several corporates which presently operating more effectively
for leading the fastest market growth and registering the great value of market
share around the globe more effectively over the upcoming duration while
spreading the awareness related to the propionic acid, increasing the
applications, benefits and features of such, analyzing the strategies and
policies of the government and competitions, implementing the profitable
strategies, delivering the better consumer satisfaction, decreasing the
associated prices and employing the young work force includes BASF SE,Dow Inc.,
Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., Corbion N.V.,
Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, Celanese Corporation
and several others. Although, these players are implementing the various
strategies such as acquisitions, partnerships, collaboration, joint ventures,
agreements, enlargements, and new product established to create a strong customer
base in the market. For instance, in May 2019, BASF SE recognized a propionic
acid second production plant in Nanjing, China. This is projected to assist
BASF SE meet the market requirement of the propionic acid.
In addition, the Propionic acid market registered for revenue of
USD 1.2 billion in 2018 and is projected to create USD 1.6 billion by 2026. The
market is predicted to experience growth at a CAGR of 3.5% from 2019 to
2026. The aspects such as effective augment in application of propionic
acid in the food & beverage industry and increment in the demand for the safe
animal feed propel the growth of the worldwide propionic acid market. However, the
environmental problems related to the usage of pesticides, increase in side
effects owing to direct exposure, and shortage of production facilities limit
the market growth. On the contrary, the usage of propionic acid as antibiotics
and propionate esters as solvents are projected to offer worthwhile growth
opportunities for the market expansion during the near future.
It is predicted that Europe was the maximum revenue contributor in
the worldwide market. The Europe propionic acid market is analyzed around
Germany, France, Italy, the UK, and rest of Europe. Europe is projected to grow
at a restrained rate and is marked with the existence of several manufacturers
and contractors of propionic acid. Germany is the foremost market for the food
industry and agriculture segment in the region. Thus, usage of the propionic
acid in both industries propels the market growth. Moreover, ongoing
investments across the food industry further enhancement the growth of the
market. Therefore, in the coming years, it is predicted that the market of
propionic acid will increase around the globe more effectively over the
upcoming duration.
For More Information, refer to
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Related
Report:-
Global
P-Hydroxyphenyl-Propionic Acid (CAS 501-97-3) Market 2020 by Manufacturers,
Regions, Type and Application, Forecast to 2025
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