The Global Propionic Acid market is valued at US$1.6 billion in 2020 and is expected to grow at a CAGR of over 5.1% during the forecasted period. ChemIntel360’s Global Propionic Acid market study is a 210-page report comprising an in-depth analysis of historical and forecasted spending and consumption patterns in the sector.
Propionic Acid (PA) is a naturally occurring colourless and corrosive carboxylic acid with a molecular formula of CH3CH2COOH. It is also known as Ethane carboxylic Acid, Carboxyethane, and Ethylformic Acid. The main factors driving growth is the chemical’s extensive use in feed and food preservatives, the demand for which has witnessed robust growth in the agricultural industry.
The Global Propionic Acid market is further segmented by application into Animal Feed and Food Preservatives, Herbicides, Cellulose Acetate Propionate, Calcium, Ammonium, and Sodium Salts, Plasticizers, and Other applications. The report further breaks out the market size of each of these applications in terms of their volumes and values.
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Animal feed is one of the larger application segments which is growing on account of higher demand for nutritional animal food. Farm owners and animal feed manufacturers in the EU are under the directives to produce and provide feed under hygienic conditions, leading to higher usage for propionic acid in animal feed additives.
Regional Insights
Europe is expected to be the largest regional market, while the APAC will continue to be the fastest growing market for Propionic Acid.
The European Propionic Acid market includes Germany, France, Italy, the UK, and rest of Europe. It holds the largest market share, and we expect the growth in the region to be moderate during the forecast period, owing to market maturity.
Germany has a sizable market share of the food industry and agriculture sector. The use of Propionic Acid in both industries will boost the growth of the market. Additionally, ongoing investments in the food industry will further drive the market growth.
Furthermore, Germany also has the biggest market for cosmetics. The growing demand for creams with advanced solutions will drive the demand for Propionic Acid in the region.
Propionic Acid derivatives are used in the manufacturing of anti-inflammatory drugs, and France being one of the largest consumers of pharmaceuticals globally, the Propionic Acid market in the country is likely to witness growth in the forecasted period.
Asia-Pacific is also witnessing a positive growth rate mainly due to the increase in demand for food grains, the cultivation of which requires herbicides in large quantities. Propionic acid is one of the main ingredients in herbicides. Additionally, the growth in the packaged food industry which makes liberal use of Propionic Acid as a food preservative, is also expected to drive the market.
Impact of COVID-19
Impact of the COVID-19 pandemic has been factored in the volume and revenue estimations, trends, and drivers
The Propionic Acid market was negatively affected by the COVID-19 pandemic, due to a sudden fall in demand from major end-use industries such as agriculture, pharmaceuticals, and cosmetics and also because of supply chain bottlenecks caused by border closures and strict lockdowns. This was especially true in Europe, which is the leading producer and exporter of animal feed globally.
The agriculture industry was among the worst affected owing to the chemical’s extensive use to sanitize grain storage facilities and as a preservative in animal feed and grain.
In the pharmaceutical industry, the impact was felt due to the ban on some anti-inflammatory drugs containing propionic acid, as they were deemed to increase the risk of contracting COVID-19. This was especially true in Italy. Additionally, the cosmetic industry has also been negatively impacted by the COVID-19 crisis. Production of cosmetics products have declined due to shutdown of production facilities and sales has been hampered due to social distancing norms. These factors have in turn affected the demand for Propionic Acid globally.
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Key Players
Eastman Chemical Company, The Dow Chemical Company, BASF SE, Celanese Corporation, Perstorp, OXEA GmbH, Hawkins Inc., Impextraco NV, Macco Organiques Inc., OQ Chemicals GmbH
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