The Propionic acid is an organic acid introduced by the reaction of ethylene and carbon monoxide. The chemical formula for propanoic acid is CH3CH2COOH or C3H6O2 with the boiling point of 141.15 C. This acid is painstaking to be safe for usage as common food additive and adaptable preservative in the animal feed and human food. It retains anti fungal and antimicrobial belongings, and hence functions as crop protection agent. In addition, it is utilized as an intermediate for manufacturing of dissimilar chemicals such as cellulose acetate propionate. Moreover, it is broadly used in herbicides and preservatives, as it prevents the growth of bacteria and mold.
According to the report analysis, ‘Propionic Acid Market by Application (Herbicides, Rubber Products, Plasticizers, Food Preservative and Others) and End-User Industry (Pharmaceuticals, Personal Care, Food & Beverage, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast, 2019-2026’ states that in the propionic acid market there are several corporates which presently operating more effectively for leading the fastest market growth and registering the great value of market share around the globe more effectively over the upcoming duration while spreading the awareness related to the propionic acid, increasing the applications, benefits and features of such, analyzing the strategies and policies of the government and competitions, implementing the profitable strategies, delivering the better consumer satisfaction, decreasing the associated prices and employing the young work force includes BASF SE,Dow Inc., Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., Corbion N.V., Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, Celanese Corporation and several others. Although, these players are implementing the various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, enlargements, and new product established to create a strong customer base in the market. For instance, in May 2019, BASF SE recognized a propionic acid second production plant in Nanjing, China. This is projected to assist BASF SE meet the market requirement of the propionic acid.
In addition, the Propionic acid market registered for revenue of USD 1.2 billion in 2018 and is projected to create USD 1.6 billion by 2026. The market is predicted to experience growth at a CAGR of 3.5% from 2019 to 2026. The aspects such as effective augment in application of propionic acid in the food & beverage industry and increment in the demand for the safe animal feed propel the growth of the worldwide propionic acid market. However, the environmental problems related to the usage of pesticides, increase in side effects owing to direct exposure, and shortage of production facilities limit the market growth. On the contrary, the usage of propionic acid as antibiotics and propionate esters as solvents are projected to offer worthwhile growth opportunities for the market expansion during the near future.
It is predicted that Europe was the maximum revenue contributor in the worldwide market. The Europe propionic acid market is analyzed around Germany, France, Italy, the UK, and rest of Europe. Europe is projected to grow at a restrained rate and is marked with the existence of several manufacturers and contractors of propionic acid. Germany is the foremost market for the food industry and agriculture segment in the region. Thus, usage of the propionic acid in both industries propels the market growth. Moreover, ongoing investments across the food industry further enhancement the growth of the market. Therefore, in the coming years, it is predicted that the market of propionic acid will increase around the globe more effectively over the upcoming duration.
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