Global Propionic Acid Market - Size, Share, and Forecasts (2017 - 2022)
|発行||Mordor Intelligence LLP||商品コード||568502|
|出版日||ページ情報||英文 100 Pages
|プロピオン酸の世界市場：市場規模、市場シェア、将来予測 Global Propionic Acid Market - Size, Share, and Forecasts (2017 - 2022)|
|出版日: 2017年08月01日||ページ情報: 英文 100 Pages||
The global propionic acid market is expected to grow by 3% annually. The demand for propionic acid is driven by the use as a preservative in animal feed and food for human consumption.
Propionic acid occurs naturally in the form of esters in essential oils. Propionic acid and its salts, mainly calcium, sodium, and ammonium, are used as preservatives for packed food, stored grain, and animal feed. Nearly 80% of the global propionic acid is consumed as preservatives. Another major use of propionic acid is in the production of diethyl ketone and Cellulose Acetate Propionate (CAP). Propionic acid serves as an intermediate in the production of herbicides, pharmaceuticals, dyes, textiles, plasticizers, cosmetics, and rubber products.
Increasing global demand for hygienic food is expected to propel the growth of the propionic acid market. There has been a significant increase in packaged food consumption, owing to changing lifestyles and preservatives being an integral part of convenience food. Growth of the agricultural industry is expected to further drive the propionic market. There is an ever-increasing demand for grain storage, herbicides, and pesticides. In addition, the demand for CAP from downstream industries is expected to influence the propionic market. However, direct human exposure to propionic acid can cause irritation and may be dangerous.
In terms of consumption, Western Europe accounted for the largest market size in 2016. During the forecast period, the market is expected to register the highest CAGR of XX%, followed by North America and Asia-Pacific. Western Europe and North America are the major regions for producing and exporting calcium and sodium propionates. The propionates are preferred over propionic acid in food and feed applications, as they are less corrosive and easier to handle. The factors are expected to drive the propionic acids market in the regions. The consumption growth rate in Asia-Pacific, Middle East & Africa, and South America are expected to increase during the forecast period.
In Jun 2017, BASF & SINOPEC expanded the capacity of the current propionic acid production, with the addition of 30,000 metric ton at Verbund Site, BASF-YPC Company Limited, a joint venture in Nanjing, China. The production expansion capacity would increase up to 69,000 metric ton at the Verbund site in China. BASF is still expected to remain as one of the leading producers of propionic acid in Asia.
The global chemical company, Oxea, expanded the production capabilities for butyric acid and propionic acid in Oberhausen, Germany.
Identify the latest developments, market shares, and strategies employed by the major market players, such as:
List not Exhaustive