The propionic acid market size is expected to see steady growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to continued growth in livestock farming, increasing focus on sustainable agriculture, rising demand for processed food, global food security initiatives, growing application in derivatives production, environmental regulations and sustainable practices. Major trends in the forecast period include emergence of propionic acid as a herbicide, technological innovations in production processes, growing adoption in pharmaceutical and cosmetic industries, regulatory compliance and quality standards, market expansion in developing regions..
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Scope Of Propionic Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Propionic Acid Market Overview
Market Drivers –
Growth in the agricultural industry is expected to propel the growth of the propionic acid market going forward. The agriculture industry refers to a sector of the economy that encompasses all activities related to cultivating plants and raising animals for various purposes, including food production, fiber, and materials production. Propionic acid is used in the agriculture industry as an antimicrobial and antifungal agent employed in managing poultry litter and treating livestock drinking water. For instance, in May 2023, according to the National Statistical Institute of Iceland, an Iceland-based official statistics institution, the agricultural industry in Iceland experienced an increase in production value from $0.54 billion in 2021 to $0.61 billion in 2022, a growth of 12%. Therefore, the growth in the agricultural industry is driving the growth of the propionic acid market.
Market Trends –
Major companies operating in the propionic acid market are focused on developing novel processes for propionic acid production, such as biomimetic fermentation for producing bio-sourced organic acids. Biomimetic fermentation of bio-sourced organic acids is based on the fermentation technology used to produce pure organic acids, primarily propionic acid. For instance, in October 2022, AFYREN SA, a France-based chemicals manufacturing company, launched a plant for the industrial production of bio-sourced acids utilizing Afyren technology based on the biomimetic fermentation of GMO-free co-products. This helps produce a high-quality and pure organic family of seven fully bio sourced acids, including afyren propionic acid.
The propionic acid market covered in this report is segmented –
1) By Product: Oxo Process, Reppe Process, By-product Process
2) By Application: Herbicides, Rubber Products, Plasticizers, Food Preservatives, Other Applications
3) By End-User Industry: Pharmaceuticals, Personal Care, Food And Beverage, Agriculture, Other End-User Industries
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Regional Insights –
Europewas the largest region in the propionic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the propionic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the propionic acid market report are BASF SE, Merck KGaA , Dow Chemical Company, Thermo Fisher Scientific Inc., Honeywell International Inc., INEOS Group Holdings S.A., Evonik Industries AG, Solvay S.A., Arkema SA, Eastman Chemical Company, Celanese Corporation, Clariant AG, Sigma-Aldrich Corporation, Daicel Corporation, Novozymes A/S, OQ Chemicals GmbH, Corbion N.V. , Hawkins Inc., Nacalai Tesque Inc., Kishida Chemical Co. Ltd. , Macco Organiques Inc. , Niacet Corporation, Gelest Inc., Vigon International Inc., Kanto Chemical Co. Inc., Impextraco N.V., Otto Chemie Pvt. Ltd., Perstorp Holding AB, Jarchem Industries Inc., TRInternational Inc.
Table of Contents
1. Executive Summary
2. Propionic Acid Market Report Structure
3. Propionic Acid Market Trends And Strategies
4. Propionic Acid Market – Macro Economic Scenario
5. Propionic Acid Market Size And Growth
…..
27. Propionic Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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