Propionic acid is a three-carbon carboxylic acid manufactured by the hydrocarboxylation of ethylene with the inclusion of a nickel carbonyl catalyst. It prevents the growth of some bacteria and mold due to which it is widely used as preservatives for food for human consumption and animal feed. In addition, it is used to make specialized propionates such as acetate propionate used as thermoplastics. Other applications of propionic acid and derivatives include solvents, and herbicides. Derivatives of propionic acid such as ibuprofen and fenoprofen are widely used in the pharmaceutical industry.
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The global industry for propionic acid & derivatives has grown considerably during the past few years and is expected to continue the same trend in the forecast period owing to the growing demand for food preservations, grain preservations and feed preservations. Europe was the largest market of propionic acid & derivatives mostly driven by the ban imposed on the antibiotics in pharmaceutical applications. In addition, the demand for propionic acid & derivatives in the European region is expected to remain strong with the huge demand in the grain and feed preservatives segment. Europe was followed by North America and Asia Pacific with U.S. being the largest single market for propionic acid & derivatives across the globe.
Factors such as growing demand for safe grain and feed preservations are expected to fuel the future growth for the propionic acid and derivatives market. In addition, changing lifestyle has also led to rising demand to augment the shelf life of food products thereby increasing the food preservatives demand, including propionates. However, rising health concerns due to exposure of propionic acid and derivatives causing irritation to skin and eyes has led to continuous monitoring by various health organizations. Niacet Corporation, Eastman Chemical, Perstorp, The Dow Chemical Company, and BASF SE are some of the major players dominating the propionic acid and derivatives industry.
This research report analyzes this market depending on its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
· North America
· Asia Pacific
· Europe
· Rest of the World
This report provides comprehensive analysis of
· Market growth drivers
· Factors limiting market growth
· Current market trends
· Market structure
· Market projections for upcoming years
This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides market projections for the coming years. It includes analysis of recent developments in technology, Porter’s five force model analysis and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
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