Propionic Acid Market
Size and Growth Rate:
The Global propionic acid market Size is forecasted to reach
a valuation of USD 1,540 billion by the end of 2018. The market is expected to
grow at a healthy CAGR of 2.85% during
the forecast period 2018-2023.
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Propionic Acid Market
Growth Drivers and Restraints:
The main factors driving the market include growing demand
for grain preservatives and harmless animal feed, increasing convenience of the
food industry, and demand for a cap from the downstream industry. Detrimental
consequences of propionic acid on human health and environmental matters
regarding the use of pesticides are anticipated to hinder the growth of the
market.
Though there are several health hazards and environmental
problems affecting the market growth that may hinder the growth of the market
during the forecast tenure, the increasing use of propionic acid as
preservatives in food, grains, and feed is expected to push the market in the
near future. Furthermore, it is also used as cellulose acetate propionate,
esters, herbicides, fragrances, and various other uses, which are expected to
boost the market for propionic acid in the years ahead.
The macroeconomic completion of the agricultural industry is
further anticipated to push the demand for propionic acid globally. Propionic
acid is used to control the majority of molds on crops and also protects many
agriculture products from bacteria. A notable amount of propionic acid is
consumed globally to make cellulose acetate propionate (CAP). Moderately
flowing downstream consumption of CAP is expected to facilitate the completion
of the global propionic acid market, though at a modest CAGR, over the forecast
period.
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Propionic Acid Market
Geographical Segmentation:
Due to the growing population and food & feed production,
the market outlook for Asia-Pacific is anticipated to remain fairly positive
over the future years. In North America and Western Europe, the propionic acid
market is anticipated to increase at moderate CAGR. The USA and Western Europe
are expected to stand among key suppliers of propionic acid. The USA was a net
exporter of propionic acid and its salts & esters in 2015. China and India
accounted for important shares in the overall Asia Pacific market as there was
a higher demand for these imports in the previous years.
Keyplayers of the Propionic
Acid Market:
Some of the important players identified across the value
chain of global propionic acid market include The Perstorp Group,BASF SE, The Dow Chemical Company, Eastman Chemical Company,
Hawkins, Inc., and MaccoOrganiques Inc.
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