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Propionic Acid Market : A Brief Insight by Transparency Market Research

Propionic Acid Market for Animal Feed & Grain Preservatives, Calcium & Sodium Propionates, Cellulose Acetate Propionate and Other Applications - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

 

Albany, NY -- (SBWIRE) -- 10/06/2014 -- The leading market for propionic acid belongs to Europe, which has recorded a CAGR of 2.1% from 2013 to 2019. The Asia-Pacific region’s propionic acid market shows the fastest growth with a CAGR of 2.9% and stands in the third position. North America holds the second position in market size with 29.8% of the global propionic acid consumed in 2012.

About Propionic Acid :

Propionic acid is a carboxylic acid that is naturally occurring. Its chemical formula is CH3CH2COOH and is a colorless oily fluid with a pungent odor. It can be mixed in water and is used in foods. The largest use of propionic acid comes from the manufacture of esters, flavoring agents and salts. As a preservative, it is used to inhibit the growth of mold and bacteria that live off crops and other agricultural products.

The use of propionic acid is spread out in multiple consumable goods industries, from agriculture to pharmaceuticals. One of the major agricultural applications of propionic acid include the synthesis of Cellulose Acetate Propionate (CAP), herbicides, sodium and calcium propionates, and grain and animal feed preservatives. The CAP synthesis segment held about 9% of the overall revenue gathered within the propionic acid market in 2012.

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Areas of Growth :

The global propionic market is an intensely demand-driven area that shows promising growth in most of its fields of application. It finds a seemingly ever-increasing demand in the preservative sector, along with growing utility in the flavoring additives market.

Propionic acid is also used in the pharmaceutical industry to produce anti-inflammatory and non-steroidal drugs. This development will lead to large areas of growth for this market on a global scale.

Other sectors that have a sizeable demand for propionic acid are the synthesis of Vitamin E to improve the poultry feed quality, along with being a primary ingredient in hairsprays, skin creams and other personal hygiene and grooming products. Propionic acid also finds use in non-consumable goods markets such as the printing inks.

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Key Propionic Market Restraints :

One of the biggest factors that might stifle the growth of this market is the growing concern of environmental safety regarding the use of propionic acid in herbicides that can cause water and air pollution. Research regarding the negative impact of propionic acid on human health such as the causation of genetic changes, skin irritation, and tumors, could also create impediments in the growth of the propionic acid market.

Top Players in the Propionic Acid Market :

Most of the major companies that are involved in the mass-production of propionic acid are the top chemical and pharmaceutical names in the world. The most important names in the propionic acid market include: Celanese Corporation, Prathistra Industries Ltd, Daicel Corporation, Biomin Holdings GmbH, The Dow Chemical Company, Eastman Chemical Company, A.M. Food Chemical and Co. Ltd., Perstorp Holdings GmbH, and BASF SE.

Most of these manufacturers and suppliers show a high level of integration throughout the value chain and are tied in the manufacture of the acid along with its raw materials as well. They do this so as to reduce or even eliminate the dependence on other names to provide the raw materials. In addition to producing propionic acid end-user products, most of these companies also function as a forward integration unit that distributes its production of propionic acid to other end-user companies. Multiple companies prefer establishing their own distribution means and networks instead of hiring a third party to be the distribution network. A steady growth is to be anticipated in the propionic acid market due to emerging names from developing countries that are contributing to the production of the acid for the global market.

In conclusion, the global propionic acid market is set to keep growing over the next few years with little to no major raw material constraints.

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