Global Propionic Acid Market is expected to reach USD 1.53 billion by
2020, according to a new study by Grand View Research, Inc. Animal feed
application dominated the propionic acid market accounting for over 50% of
global demand in 2013. Increasing demand for mold & bacteria curbing
additives in animal feed coupled with growing concern for improving animal
nutrition is expected to drive market growth.
Global propionic acid market estimates and forecast, by application,
2012 - 2020 (Kilo Tons)
|
Europe was the largest regional market accounting for over 35% of global
propionic acid market demand in 2013. Favorable regulatory scenario along with
growing food preservative & animal feed market in the region has favored
propionic acid demand over the past few years. The regional market is expected
to continue dominance over the forecast period on account of new market
supporting regulations and expanding niche applications including herbicides
& bakery preservatives. ‘The European Union Hygiene Directive’ by REACH
aims towards maintaining hygiene and quality of mixed-feed products and is
expected to fuel propionic acid market growth over the next six years.
In depth research report on Propionic Acid Market
Further key findings from the study suggest:
· Global propionic acid market demand was 399.4 kilo tons in
2013 and is expected to exceed 470.0 kilo tons by 2020, growing at an estimated
CAGR of 2.7% from 2014 to 2020.
·
North America propionic acid market accounted for over 28%
of global demand in 2013 and is estimated to lose share to high growth regions
such as Asia Pacific. Asia Pacific market is expected to grow at a CAGR of over
3% from 2014 to 2020 owing to expanding animal feed additives industry in
Australia, India and China. Chinese propionic acid market is characterized by growing
demand in food preservatives and pharmaceuticals.
·
Calcium & sodium propionate was the second largest
application segment accounting for over 18% of the global demand in 2013 and is
estimated to grow at a CAGR of over 2.5% from 2014 to 2020. Increasing packed
food consumption due to changing lifestyle is expected to drive calcium &
sodium propionate demand in food preservatives.
·
Propionic acid market comprises some major chemical
manufacturing firms and is moderately consolidated. The market participants
have been investing heavily on capacity expansions and application development.
Some key players in the market include BASF, Eastman Chemical Company, Dow,
Perstorp and Biomin Holdings GmbH.
For the purpose of this study, Grand View Research has segmented the
propionic acid market on the basis of application and region:
Global Propionic Acid
Market Application Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 -
2020)
·
Animal feed
·
Calcium & Sodium Propionate
·
Cellulose Acetate Propionate
·
Others (Herbicides)
Global Propionic Acid
Market Regional Outlook (Volume, Kilo Tons, Revenue, USD Million, 2012 - 2020)
·
North America
·
Europe
·
Asia Pacific
·
RoW
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About Grand View Research
Grand View
Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based research
across a range of industries including technology, chemicals, materials,
healthcare and energy.
For more market analysis
reports, please visit: http://www.grandviewresearch.com/
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