Propionic acid Market: Insights
The market for Propionic acid is anticipated to increase globally seeing its potential application in food, feed, and health industries because of its wide range of applications. Propionic acid is a carboxylic acid which occurs naturally. It is colorless oily liquid with pungent, rancid odor. Propionic acid is also known by the name ethyl formic acid, carboxyethane, ethane carboxylic acid, carboxylic acid, etc. The reaction of carbon monoxide and ethylene produces propionic acid. The widespread consumption of canned food products has led to increased demand for food preservatives driving the Propionic acid market. Propionic acid hinder the growth of fungus and bacteria and hence is used as a preservative for animal feed and in food for human consumption. Propionic acid is used as a food additive, food preservative and flavoring agent in food products like baked goods and cheese. One of the essential factors proving to be the critical driver in the Propionic acid market is the fact that Propionic acid is used as a half in the production of other chemicals. It is used as an antiketogenic, glycogenic and antifungal agent. The increase of cosmetic and personal care product has also led to the growing demand for propionic acid which is used to control the PH level of these products.
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Reasons for covering propionic acid as title:
With the rapid increase in urbanization, the consumption of canned food is increasing which is resulting in the expansion of food preservative market which is supplementing the growth of Propionic acid. The propionic acid having antimicrobial and antifungal property and having a significant element of vitamin E is used as feed preservative. Increasing concern for improving animal nutrition is anticipated to grow the market of Propionic acid. One of the critical drivers for the propionic acid market is the fact that Propionic acid is also used as an intermediate in the production of other chemicals. One such chemical is cellulose acetate propionate (CAP). Cellulose acetate propionate (CAP) is a vital thermoplastic cellulose ester. Growing demand for CAP has resulted in the increased market for Propionic acid. Increasing use of cosmetic and personal care product will expand the market for Propionic acid as it is used to control the PH level in them.
Propionic acid Market: Key Players
Some of the key players operating in the global Propionic acid market are BASF-SE, The Dow chemical company, Mitsubishi chemical holding, Eastman Chemical Company, The Perstorp Group, Hawkins, Inc., and Macco Organiques Inc, Linde AG
Key Developments in propionic acid market:
- In June 1, 2017 BASF and SINOPEC expanded capacity for propionic acid in Nanjing, China. The expansion is due to growing demand for food and feed preservation which improves the shelf life of the product
- In December 11, 2017 Dow Industrial Solutions, a business unit of The Dow Chemical Company, announced plans to expand its propionic acid facility in Texas City, to meet the rising global demands
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Propionic acid Market Opportunities:
Attributed to increasing hectic lifestyles, the consumption trend among consumers is resulting in changes in the food industry and has resulted in positive momentum for propionic acid manufacturers. The consumption of canned and longer lasting food products has increased, thus increasing the demand of Propionic acid as a preservative, thus driving the growth of propionic acid in the near future. As an antimicrobial and antifungal, feed additive, Propionic acid is efficient than others. Moreover, Propionic acid is also used as a preservative in grains and feed for animal food production as a mold inhibitor which has led to the increase in the demand of propionic acid. Feed grain preservation using propionic acid is more economical and ecologically sound resulting in a growing market for Propionic acid. One of the key drivers for the Propionic acid market is its use in the manufacturing of other chemical components such as cellulose acetate propionate (CAP). The growing demand for CAP is expected to lead a positive momentum in the growth of propionic acid market. Rising demand from end-use industries in developing economies such as the Asia Pacific provides excellent potential for growth in the propionic acid market in the region. The USA and Western Europe are estimated to stand among significant exporters of propionic acid. Moreover, the growing pharmaceutical industry has been contributing to the growth of the market.
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