Propionic Acid Market Overview:
Global Propionic Acid Market size and share is currently valued at USD 1,146.48 million in 2024 and is anticipated to generate an estimated revenue of USD 1,494.59 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 3.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Key Market Drivers:
- Increased Application in Food and Beverage Industry: Propionic acid’s role as a preservative in preventing mold and bacterial growth in food products has led to its widespread use in the food and beverage industry, driving market growth.
- Expansion of the Pharmaceutical Sector: The pharmaceutical industry’s growth has increased the demand for propionic acid, which is used in various pharmaceutical formulations.
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Key Companies in Propionic Acid Market:
- BASF SE
- Celanese Corporation
- Daicel Corporation
- Dow
- Eastman Chemical Company
- Junsei Chemical Co., Ltd.
- KANTO KAGAKU.
- Merck KGaA
- OQ Chemicals GmbH
- Otto Chemie Pvt. Ltd.
- Perstorp
- SONTARA ORGANO
Propionic Acid Market – Research Scope
The research scope of the Propionic Acid Market emphasizes its dual role as a food preservative and a key chemical intermediate in various industrial applications. Studies investigate its effectiveness in preventing mold growth, its use in feedstock preservation, and potential innovations for extending shelf life. Research also explores the application of propionic acid in emerging markets, including bio-based chemicals, pharmaceuticals, and its role as a precursor in the synthesis of polymers and herbicides.
Propionic Acid Market Segmentation:
The Propionic Acid Market is segmented by application, end-user industry, and region. Applications include food preservatives, feed additives, herbicides, and industrial chemicals. The end-user industries are food & beverages, agriculture, pharmaceuticals, and chemicals. Regionally, the market is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with Europe leading due to stringent food safety regulations and widespread agricultural use.
Propionic Acid Market, Application Outlook (Revenue, USD Million, 2019 – 2032)
- Animal Feed
- Calcium and Sodium Propionate
- Cellulose Acetate Propionate
- Chemicals
- Others
Propionic Acid Industry Developments:
- January 2022: Perstorp finalized the acquisition of GEO’s Di-MethylolPropionic Acid (DMPA), bolstering its position as a sustainable specialty solution provider in the resins and coatings sector.
- August 2021: BASF and SINOPEC announced the expansion of their joint venture, BASF-YPC Co., Ltd., in Nanjing, China. The expansion involves increasing production capacities for key chemicals, including propionic aldehyde, propionic acid, ethanolamines, purified ethylene oxide, and ethyleneamines, along with the construction of a new tert-butyl acrylate plant.
The Propionic Acid market report offers an in-depth analysis of market dynamics, including trends, sizes, patterns, and growth factors. It highlights critical developments and emerging trends to help stakeholders refine their strategies and strengthen market positioning. The report concludes with a detailed summary of key findings and the research methodologies employed. This comprehensive analysis serves as a valuable resource for businesses, investors, and stakeholders, enabling them to make informed decisions and drive sustainable growth.