Propionic Acid Market Global Industry to Surpass US$ 1,258 Million by 2030 with a 6.53% CAGR
Kings Research™ presents this information in its report titled, “Propionic Acid Market Size, Share & Industry Analysis, By Application (Animal Feed & Food Preservatives, Chemical Intermediates, Herbicides, and Others), By End-Use Industry (Food & Beverage, Healthcare & Pharmaceuticals, Animal Nutrition, Agriculture, and Others), and Regional Analysis, 2024-2031
Propionic Acid Market size was valued at USD 919.6 million in 2023 and is projected to grow from USD 952.0 million in 2024 to USD 1,258.8 million by 2031, exhibiting a CAGR of 4.07% during the forecast period.
List of Key Companies in Propionic Acid Market
- Celanese Corporation
- BASF SE
- Daicel Corporation
- Dow
- Eastman Chemical Company
- Merck KGaA
- Hawkins
- OQ Chemicals GmbH
- Perstorp
- Yancheng Hongtai Bioengineering Co., Ltd
Browse Full Report Details Followed by TOC @ https://www.kingsresearch.com/propionic-acid-market-872
One of the main drivers of the propionic acid market is its usage in the food and feed industry, where it acts as an effective antimicrobial agent. The global rise in food production, particularly to meet the demands of growing populations, has fueled the need for preservatives that extend the shelf life of food and feed products. Propionic acid has gained favor due to its ability to inhibit the growth of mold and bacteria, especially in stored grains and animal feed. This has led to increasing adoption by agricultural and food industries, driving market growth further.
In addition to its preservative function, propionic acid is also a key chemical intermediate used in various industrial processes. It serves as a precursor in the production of cellulose acetate propionate, which is used in the manufacturing of coatings, films, and fibers. Its role in the production of herbicides and plasticizers also contributes significantly to market demand. The rising industrial applications of propionic acid in these sectors, combined with the expansion of the agrochemical industry, further strengthens the market.
The agricultural sector, particularly in developing regions, is another critical growth area for the propionic acid market. With increasing emphasis on efficient farming practices and storage solutions for grains and feed, the demand for propionic acid as a grain preservative has surged. Countries with growing agricultural industries, such as India and Brazil, are adopting more efficient storage and preservation techniques, which is positively impacting the propionic acid market.
However, despite its growing demand, the market faces certain challenges. Stringent regulations imposed by health and environmental bodies regarding the use of chemical preservatives in food and feed can act as a restraint. Governments and regulatory agencies are increasingly focusing on the safety of food preservatives, and any concerns regarding the potential health risks of propionic acid could hamper market growth. Manufacturers are, therefore, under pressure to ensure compliance with safety standards and to develop sustainable, eco-friendly products.
Geographically, the market shows promising growth in regions like North America, Europe, and the Asia-Pacific. North America, particularly the United States, dominates the market due to its well-established food and agricultural industries. The presence of key players and strong demand for agricultural products has cemented North America's leading position in the global market. Europe follows closely, with high demand from its robust food processing industry, coupled with its stringent food safety regulations.
Meanwhile, the Asia-Pacific region is expected to witness the fastest growth during the forecast period. The rapid industrialization and urbanization in countries like China and India are contributing to the expansion of the food, feed, and chemical industries, all of which are major consumers of propionic acid. The growing population in these regions has also boosted the demand for food preservatives, further propelling market growth.
In terms of competitive landscape, the market is characterized by the presence of several prominent players such as BASF SE, Eastman Chemical Company, Perstorp Holding AB, and Dow Chemical. These companies are focusing on strategic initiatives such as mergers, acquisitions, and product innovations to strengthen their market position and expand their global presence. For instance, efforts are being made to develop bio-based propionic acid to cater to the increasing demand for environmentally sustainable products. These strategies are expected to drive growth and create new opportunities within the market.
Furthermore, the demand for organic acids, including propionic acid, has been steadily increasing due to their use in personal care products, particularly in cosmetics. The cosmetic industry’s shift towards natural ingredients has also created new growth avenues for propionic acid producers. As more consumers prefer products with natural preservatives, the market for propionic acid in the personal care sector is expected to expand.
Overall, the propionic acid market is poised for significant growth in the coming years, driven by its extensive applications across multiple industries. However, manufacturers will need to navigate regulatory challenges and focus on innovation to remain competitive and capitalize on emerging opportunities in the global market.
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