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Propionic Acid Market Size, Share Global Analysis Report, 2022 – 2028
Propionic Acid Market By End-User Industry (Pharmaceuticals, Personal Care, Food & Beverage, Agriculture, Others), By Application (Herbicides, Rubber Products, Plasticizers, Food Preservatives, Others), and By Region - Global Industry Insights, Growth, Size, Share, Comparative Analysis, Trends and Forecast 2022 – 2028
Industry Insights
[214+ Pages Report] According to Facts and Factors, the global propionic acid market was valued at USD 1,482.2 million in 2021 and is predicted to increase at a CAGR of 3.3% to USD 1,801.4 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries
Market Overview
Propionic Acid is a chemical solution that is produced by hydro carboxylation of ethylene while using nickel carbonyl as a catalyst in the process. Propionic Acid is colorless and has a strong pungent smell and is mostly used in the manufacturing of food preservatives. Its high boiling point gives it a unique characteristic and hence has found the scope of application in multiple industries across the world. It is also antifungal and antimicrobial and hence used in crops and food-related products to secure them
The rising use of packaged foods and their manufacturing has increased the demand for food preservatives that are made using Propionic Acid and hence this factor is majorly driving the Propionic Acid market growth over the forecast period. Changing lifestyle trends will also alter the propionic acid market potential over the years to come. Rising environmental concerns against the use of harmful chemicals and stringent regulations to govern the same are expected to have a restraining effect on the global Propionic Acid market growth over the forecast period.
Impact of COVID - 19
The COVID-19 pandemic led to the downfall of the Propionic Acid market and this can be attributed to the closure of nearly all of the global industrial and manufacturing sectors. Lockdown restrictions imposed to control the spread of coronavirus infections across the world made it impossible for the manufacturing and industrial sectors to function and since this is a major end-use vertical for the Propionic Acid market it led to a negative impact on the growth trend. Lapses in logistics, disrupted international trade activity, unavailability of skilled labor, and closure of multiple distribution channels were other factors that hindered the Propionic Acid market potential in 2020. The lockdown restrictions are being lifted on a global scale as infections are subsiding and successful vaccination drives are able to control the pandemic situation and this will aid the Propionic Acid market to make a steady recovery. Industrial activity resumption to pre-pandemic levels will boost the demand for Propionic Acid through 2028.
The complete research study looks at both the qualitative and quantitative aspects of the Propionic Acid market. Both the demand and supply sides of the market have been investigated. The demand side study examines market income in various regions before comparing it to all of the major countries. The supply-side research examines the industry's top rivals, as well as their regional and global presence and strategies. Each major country in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America is thoroughly investigated.
Segmentation Analysis
The global Propionic Acid market is segregated based on product types, applications, and regions.
In terms of the end-user industry, the food and beverage industries are projected to emerge as the most lucrative segment in the global Propionic Acid market landscape. Increasing demand for packaged foods and the rising use of preservatives in them are expected to propel Propionic Acid demand over the coming years. Changing lifestyle trends and rising consumption of packaged foods will further bolster the growth in this segment through 2028.
Based on application, the Propionic Acid market will be dominated by the food preservatives application owing to rising demand on a global scale. Increasing consumption of packaged foods coupled with rising disposable income will drive the demand for the food preservatives segment and subsequently drive the Propionic Acid market as well through 2028.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 1,482.2 Million |
Projected Market Size in 2028 |
USD 1,801.4 Million |
CAGR Growth Rate |
3.3% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
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 Others |
Key Segment |
By End-User Industry, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Regional Landscape
The European region will be leading the global propionic acid market in terms of revenue and volume share and see exponential growth over the forecast period owing to the consumption of packaged foods in this region. The rising use of Propionic Acid in the pharmaceutical sector will also favor the Propionic Acid market potential over the coming years.
The presence of major food and beverage manufacturers in this region and the rising disposable income of the population will further boost the Propionic Acid market potential in this region through 2028.
List of Key Players in the Global Propionic Acid Market:
- 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
The global propionic acid market is segmented as follows;
By End-user Industry Segment Analysis
- Pharmaceuticals
- Personal Care
- Food & Beverage
- Agriculture
- Others
By Application Segment Analysis
- Herbicides
- Rubber Products
- Plasticizers
- Food Preservatives
- Others
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Content
Industry Major Market Players
- BASF SE
- Dow Inc
- Eastman Chemical Company
- Perstorp Holding AB
- Hawkins,Inc
- CORBION N.V
- Otto Chemie Pvt. Ltd
- Merck KGaA
- Oman Oil Comapny SAOC
- Celanese Corporation
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