The
global propionic acid market was valued at USD 908.0 million in 2012
and is expected to reach USD 1,540.5 million by 2019, growing at a
CAGR of 7.7% over the forecast period from 2013 to 2019. In terms of
volume, the market was valued at 381.7 kilo tons in 2012 and is
expected to grow at a CAGR of 2.3% over the forecast period from 2013
to 2019.
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Growing
global food and beverage industry is expected to fuel the
preservatives market which in turn is expected to drive the global
propionic acid market. Rising demand from end-use industries in
emerging economies such as Asia Pacific provides huge potential for
growth in the propionic acid market. Moreover, the growing
pharmaceutical industry has been contributing to the growth of the
market. Additionally, increasing demand for Vitamin E is expected to
create opportunities for the propionic acid market in the near
future. However, market growth may be hampered during the forecast
period due to adverse effects of propionic acid on human health and
environment.
Animal
feed and grain preservatives led the market with 52.5% of global
demand in 2012. It is expected to experience slight increase in its
market share in the next few years due to increase in livestock
farming that resulted in growing demand for animal feed and grain
preservatives. Calcium and sodium propionates accounted for second
largest application segment of the global propionic acid demand in
2012. Cellulose Acetate Propionate (CAP) is anticipated to grow
steadily at a CAGR of 1.9% from 2013 to 2019. On the other hand, the
herbicides market is expected to experience sluggish growth in the
coming years due to health hazards caused by herbicides.
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The
global propionic acid market was led by Europe with 39.9% market
share in 2012. Europe is expected to show steady growth in the near
future as compared to other emerging economies. North America
followed Europe and is expected to experience slight decline in its
market share by 2019. Asia Pacific is expected to be fastest growing
segment during the forecast period. Rest of the World (RoW) that
includes Latin America, Middle East and Africa is expected to
experience steady growth in 2019 owing to increasing propionic acid
imports in the region.
Key
market players include BASF SE, the Dow Chemical Company, Perstorp
Holding GmbH and Eastman Chemical Company. The market for propionic
acid is highly concentrated, with the top three players accounted for
more than 80% of the global market in 2013.
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The
report segments the global propionic acid market as,
Propionic
Acid Market - Application Segment Analysis,
Animal
feed and grain preservatives
Calcium
and sodium propionates
Cellulose
Acetate Propionate
Others
(Herbicides etc.)
Propionic
Acid Market - Regional Segment Analysis,
North
America
Europe
Asia
Pacific
Rest
of the World (RoW)
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