Product Code: 51386
The propionic acid market is expected to grow at a CAGR of over 5% during the forecast period. The major factors driving the market studied include increasing demand for grain preservatives and safe animal feed, growing convenience of the food industry, and demand for cap from the downstream industry. Detrimental effects of propionic acid on human health and environmental concerns regarding the use of pesticides are expected to hinder the growth of the market studied.
- Europe is expected to dominate the global market during the forecast period.
- Propionate esters as replacements for solvents are likely to act as opportunities in the future.
Key Market Trends
Growing Demand from Agriculture Industry
- Propionic acid is used as a preservative in animal feed and grain in the agriculture industry. It is also used to sanitize the surface of places where silage and grain are stored.
- In addition to this, they are used as an anti-bacterial agent in water, which is used for drinking purposes by livestock. They are even sprayed into poultry litter to kill fungi and bacteria.
- With the world population expected to grow by 2.3 billion people during 2009-2050, and the per capita income also following a rising trend; the demand for food is expected to increase at a rapid rate through the years, thereby, driving the agricultural sector worldwide.
- According to the published data by the Food and Agriculture Organization of the United States, feeding a world population of 9.1 billion people in 2050 would require raising overall food production by around 70% by 2050.
- In developing countries, food production needs to be doubled by 2050.
- Such positive growth factors are expected to drive the agriculture sector, worldwide, which in turn, is expected to augment the consumption of propionic acid in the agriculture sector through the forecast period.
Europe to Dominate the Market
- Germany is the major market for food industry and agriculture sector in the region. Supported by the ongoing investments in the food industry, the market for propionic acid is to grow at a positive rate.
- The exit of the United Kingdom from the European Union (Brexit) will not bring any changes in the policy or trade in genetically engineered plants or animals. The political and economic uncertainties are likely to affect the growth of the market in the country.
- Italy has around 4% of the workforce dedicated to the agriculture sector. The agriculture industry in the country contributes around 2% to its GDP. The production of chicken feed increased in recent years in the country.
- France is one of the largest consumers of pharmaceuticals worldwide. Recovering from some of its issues including high unemployment, slow growth, etc., the country is to witness growth in the market for propionic acid over the forecast period.
The propionic acid market is highly consolidated in nature. Some of the major players of the market studied include BASF SE, Dow, DAICEL CORPORATION, Eastman Chemical Company, and Perstop, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Drivers
- 4.1.1 Increasing Demand for Grain Preservatives and Safe Animal Feed
- 4.1.2 Growing Convenience Food Industry
- 4.1.3 Demand for CAP from the Down-stream Industry
- 4.2 Restraints
- 4.2.1 Detrimental Effects of Propionic Acids on Human Health
- 4.2.2 Environmental Concerns Regarding Use of Pesticides
- 4.3 Industry Value-Chain Analysis
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
- 4.5 Feedstock Analysis
- 4.6 Technological Snapshot
- 4.7 Import and Export Trends
- 4.8 Price Trends
- 4.9 Supply Scenario
- 4.10 Upcoming Projects and Capital Expenditure
- 4.11 Regulatory Policy Analysis
5 MARKET SEGMENTATION
- 5.1 Application
- 5.1.1 Animal Feed and Food Preservatives
- 5.1.2 Calcium, Ammonium, and Sodium Salts
- 5.1.3 Cellulose Acetate Propionate
- 5.1.4 Herbicides
- 5.1.5 Plasticizers
- 5.1.6 Rubber Products
- 5.1.7 Other Applications
- 5.2 End-user Industry
- 5.2.1 Agriculture
- 5.2.2 Food and Beverage
- 5.2.3 Personal Care
- 5.2.4 Pharmaceutical
- 5.2.5 Other End-user Industries
- 5.3 Geography
- 5.3.1 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 India
- 18.104.22.168 Japan
- 22.214.171.124 South Korea
- 126.96.36.199 Rest of Asia-Pacific
- 5.3.2 North America
- 188.8.131.52 United States
- 184.108.40.206 Canada
- 220.127.116.11 Mexico
- 5.3.3 Europe
- 18.104.22.168 Germany
- 22.214.171.124 United Kingdom
- 126.96.36.199 Italy
- 188.8.131.52 France
- 184.108.40.206 Rest of Europe
- 5.3.4 South America
- 220.127.116.11 Brazil
- 18.104.22.168 Argentina
- 22.214.171.124 Rest of South America
- 5.3.5 Middle East & Africa
- 126.96.36.199 Saudi Arabia
- 188.8.131.52 South Africa
- 184.108.40.206 Rest of Middle East & Africa
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis**
- 6.3 Strategies Adopted by Leading Players
- 6.4 Company Profiles
- 6.4.1 BASF SE
- 6.4.2 Dow
- 6.4.3 Eastman Chemical Company
- 6.4.4 Hawkins Inc.
- 6.4.5 BASF-YPC Company Limited
- 6.4.6 Yancheng Huade Biological Engineering Co. Ltd
- 6.4.7 Perstorp
- 6.4.8 DAICEL CORPORATION
- 6.4.9 Sasol
- 6.4.10 Shanghai Jianbei Organic Chemical Co. Ltd
- 6.4.11 Macco Organiques Inc.
- 6.4.12 Yancheng Hongtai Bioengineering Co. Ltd
- 6.4.13 Celanese Corporation
- 6.4.14 OXEA GmbH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Propionate Esters as Replacements for Solvents