Propionic Acid Market by Application (Rubber Products; Cellulose Acetate Propionate; Herbicides; Plasticizers; Animal Feed & Food Preservatives; Calcium, Ammonium & Sodium Salts; and Others), End-user (Food & Beverage, Personal Care, Pharmaceutical, Agriculture, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
The Global Propionic Acid Market size was valued at USD 1.35 Billion in 2022 and is expected to surpass USD 1.86 Billion by 2031, expanding at a CAGR of 3.6% during the forecast period, 2023–2031.
The market growth is attributed to the rising concern for improving animal nutrition and the increasing demand for mold & bacteria-curbing additives in animal feed.
Propionic acid is a three-carbon carboxylic acid. Propionic acid is a water-soluble, colorless liquid with an unpleasant and pungent smell. Propionic acid has a water solubility of 1000 g/l at 250C. Propionic acid is manufactured using a fermentation process. Also, it is manufactured by the hydrocarboxylation of ethylene by using a nickel carbonyl catalyst. Raw materials used for the production of propionic acid are ethylene and carbon monoxide.
Propionic acid is used as a preservative in foods including baked goods, cheeses, or additives for artificial fruit flavors. It also serves as a synthetic intermediate to produce vitamin E, esters, flavoring agents, pharmaceuticals, crop protection agents, and solvents. Moreover, Propionic acid is used as an intermediate while manufacturing of cellulose acetate propionate (CAP), a thermoplastic.
The esters of acid are utilized as artificial flavorings in food & beverages and solvents and replace the chemical ones. Propionic acid is considered to be safe for use as a versatile preservative and common food additive in animal feed.
Propionic acid possesses antibacterial properties. It prevents the growth of several molds. Thus, it is used in tortillas and bread for preservation to increase their shelf life. Propionic acid can be safely used as an intermediate in several production processes. However, if propionic acid is not used in a safe manner, it can severely irritate and burn the skin.
Propionic acid can also cause eye damage and can lead to severe irritation and blindness if it gets into a person’s eyes. Propionic acid possesses antifungal and antimicrobial properties. Thus, it is used to control bacteria and fungi in stored hay and grains, and as a crop protection agent.
COVID-19 Impact On Propionic Acid Market
The research report finds that the COVID-19 pandemic affected the developing, manufacturing, production, and logistics units of the propionic acid market. The government imposed various restrictions and due to this propionic market has been affected drastically. People became more aware of their health and eating habits, thus resulting in a decline in the demand for packaged food and food preservative.
A food preservative is the key application of propionic acid and thus market faces different losses. The personal care and cosmetic products market was negatively impacted, due to the closure of cosmetic stores and beauty parlors.
Propionic Acid Market Dynamics
The research report presents a complete market overview by providing a detailed analysis of the current market trends, existing drivers, growth opportunities, and emerging challenges. The propionic acid market report offers up-to-date information about factors that can shape the market outcome or overall performance during the forecast period, 2022 to 2030.
Propionic Acid Market Major Drivers
Propionic acid is used as a preservative in animal feed and packaged food. The rising demand for grain preservatives and safe animal feed is expected to drive market growth during the forecast period. Propionic acid is used as an herbicide. Propionic acid is also used to manufacture cellulose acetate propionate. These are other applications that are anticipated to propel the market expansion.
The demand for propionic acid is expected to expand from 471-kilo tons in 2020 to 538-kilo. The growing demand for the convenience food industry is projected to fuel market growth. The demand for hygienic packaged food products is increasing, due to the changing lifestyle of people. Propionic acid is used as a preservative in food products to prevent the growth of mold, bacteria, and fungi. Propionic acid increases the shelf life of food products.
The increasing demand for cellulose acetate propionate (CAP) from the downstream industry is anticipated to drive market growth during the forecast period. Cellulose acetate propionate can withstand a great amount of physical stress. The structure of cellulose acetate propionate gives rigidity to the goggles and eyeglasses. Cellulose acetate propionate is an important thermoplastic cellulose ester. The properties of cellulose acetate propionate are intermediate between cellulose butyrate and cellulose acetate resins.
Current Restraints
The rising environmental concerns regarding the use of pesticides are likely to hamper the market expansion in the coming years. Moreover, a shortage of innovative ideas while offering various products is another factor that is expected to hinder market growth. The overall market revenue is affected, due to the confronted situation which is pressurizing market players to reduce margins on sales of products.
The harmful effects of propionic acid on human health are anticipated to hinder market growth. Direct exposure to propionic acid has various side effects, as it causes, vomiting, headaches, diarrhea, and abdominal pain and can severely irritate and burn the skin and eyes with possible eye damage. It is verified that propionic acid lowers the fatty acid content in the liver and plasma. It also reduces food intake, improves tissue insulin sensitivity, and exerts immunosuppressive actions.
Market Opportunities
The esters of propionic acid are used as solvents or artificial flavorings and replace the chemical ones. The esters of propionic acid are used as solvents or artificial flavorings and it has fruit-like odors. Propionic acid is a common intermediate product in biogas plants, which is formed by fermentation with propionic acid bacteria. The esters of propionic acid are projected to create lucrative opportunities for the market players.
Scope of Propionic Acid Market Report
The propionic acid market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Propionic Acid Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016–2021 |
Forecast Period |
2023–2031 |
Segmentation |
Application (Rubber Products; Cellulose Acetate Propionate; Herbicides; Plasticizers; Animal Feed & Food Preservatives; Calcium, Ammonium & Sodium Salts; and Others), and End-user (Food & Beverage, Personal Care, Pharmaceutical, Agriculture, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
Key Players Covered in the Report |
Perstorp; Eastman Chemical Company; Niacet Corporation; BASF SE; Oman Oil Company; and The Dow Chemical Company |
Propionic Acid Market Segment Insights
Rubber products segment to expand at a considerable CAGR
On the basis of application, the propionic acid market is segmented into rubber products; cellulose acetate propionate; herbicides; plasticizers; animal feed & food preservatives; calcium, ammonium & sodium salts; and others.
The rubber products segment is projected to expand at a considerable CAGR during the forecast period. Propionic acid is used as an intermediate for the production of rubber. Rubber products are being used in building & construction, automotive, industrial manufacturing, and polymer modification. Rubber products are widely used in the automotive industry, due to their extensive applications in the industry. The use of propionic acid in the manufacturing of rubber propels market growth.
The cellulose acetate propionate segment is anticipated to account for a major market share during the forecast period. Propionic acid is used to manufacture cellulose acetate propionate. Cellulose acetate propionate is a thermoplastic and is used to manufacture frames of spectacles and sunglasses. Also, it is used to make herbicides and food additives such as sodium propionate and calcium propionate.
Food & beverage segment to hold a significant market share
Based on end-user, the market is divided into food & beverage, personal care, pharmaceutical, agriculture, and others.
The food & beverage segment is expected to hold a significant share of the market in the coming years, due to the rising use of propionic acid as a common food preservative in cakes, cheese, bread, non-alcoholic beverages, jellies, jams, and other processed foods to prevent the development of mold and bacteria and to increase shelf life of the food products.
Propionic acid is used to prevent the growth of mold & bacteria in food and beverage products. There has been a rise in the consumption of hydrating drinks. This factor is expected to increase the demand for propionic acid in the food & beverage industry.
The agriculture segment accounts for a significant market share. Propionic acid is used to sanitize the surface where grain and silage are stored. It is also used as a preservative in animal feed and grain in the agriculture industry.
Moreover, propionic acid is used as an anti-bacterial agent in water. The water mixed with propionic acid is used for drinking purposes by livestock. This water is even sprayed into poultry litter to kill bacteria and fungi.
Europe to dominate Propionic Acid Market
In terms of regions, the propionic acid market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa.
Europe is expected to dominate the market during the forecast period, owing to the presence of key market players in the region. The presence of many suppliers and manufacturers of propionic acid in the region is anticipated to boost the market expansion.
Germany is the prominent market for the agriculture sector and food industry in the region. The use of propionic acid in both industry and the ongoing investments in the food industry further drives market growth.
The market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to rising population and food & feed production in the region. The Asia Pacific market is anticipated to grow at a CAGR of over 3% from 2014 to 2020, due to the rising animal feed additives industry in India, China, and Australia.
India and China accounted for a significant share of the overall Asia Pacific market. Moreover, the Chinese market is projected to boost due to the increasing demand for pharmaceuticals and preservatives.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Propionic Acid Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Propionic Acid Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Propionic Acid Market - Supply Chain
4.5. Global Propionic Acid Market Forecast
4.5.1. Propionic Acid Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Propionic Acid Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Propionic Acid Market Absolute $ Opportunity
5. Global Propionic Acid Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Propionic Acid Market Size and Volume Forecast by Applications
5.3.1. Rubber Products
5.3.2. Cellulose Acetate Propionate
5.3.3. Herbicides
5.3.4. Plasticizers
5.3.5. Animal Feed & Food Preservatives
5.3.6. Calcium, Ammonium & Sodium Salts
5.3.7. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Propionic Acid Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Propionic Acid Market Size and Volume Forecast by End Users
6.3.1. Food & Beverage
6.3.2. Personal Care
6.3.3. Pharmaceutical
6.3.4. Agriculture
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Propionic Acid Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Propionic Acid Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Propionic Acid Demand Share Forecast, 2019-2026
8. North America Propionic Acid Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Propionic Acid Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Propionic Acid Market Size and Volume Forecast by Applications
8.4.1. Rubber Products
8.4.2. Cellulose Acetate Propionate
8.4.3. Herbicides
8.4.4. Plasticizers
8.4.5. Animal Feed & Food Preservatives
8.4.6. Calcium, Ammonium & Sodium Salts
8.4.7. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Propionic Acid Market Size and Volume Forecast by End Users
8.7.1. Food & Beverage
8.7.2. Personal Care
8.7.3. Pharmaceutical
8.7.4. Agriculture
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Propionic Acid Demand Share Forecast, 2019-2026
9. Latin America Propionic Acid Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Propionic Acid Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Propionic Acid Market Size and Volume Forecast by Applications
9.4.1. Rubber Products
9.4.2. Cellulose Acetate Propionate
9.4.3. Herbicides
9.4.4. Plasticizers
9.4.5. Animal Feed & Food Preservatives
9.4.6. Calcium, Ammonium & Sodium Salts
9.4.7. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Propionic Acid Market Size and Volume Forecast by End Users
9.7.1. Food & Beverage
9.7.2. Personal Care
9.7.3. Pharmaceutical
9.7.4. Agriculture
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Propionic Acid Demand Share Forecast, 2019-2026
10. Europe Propionic Acid Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Propionic Acid Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Propionic Acid Market Size and Volume Forecast by Applications
10.4.1. Rubber Products
10.4.2. Cellulose Acetate Propionate
10.4.3. Herbicides
10.4.4. Plasticizers
10.4.5. Animal Feed & Food Preservatives
10.4.6. Calcium, Ammonium & Sodium Salts
10.4.7. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Propionic Acid Market Size and Volume Forecast by End Users
10.7.1. Food & Beverage
10.7.2. Personal Care
10.7.3. Pharmaceutical
10.7.4. Agriculture
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Propionic Acid Demand Share Forecast, 2019-2026
11. Asia Pacific Propionic Acid Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Propionic Acid Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Propionic Acid Market Size and Volume Forecast by Applications
11.4.1. Rubber Products
11.4.2. Cellulose Acetate Propionate
11.4.3. Herbicides
11.4.4. Plasticizers
11.4.5. Animal Feed & Food Preservatives
11.4.6. Calcium, Ammonium & Sodium Salts
11.4.7. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Propionic Acid Market Size and Volume Forecast by End Users
11.7.1. Food & Beverage
11.7.2. Personal Care
11.7.3. Pharmaceutical
11.7.4. Agriculture
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Propionic Acid Demand Share Forecast, 2019-2026
12. Middle East & Africa Propionic Acid Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Propionic Acid Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Propionic Acid Market Size and Volume Forecast by Applications
12.4.1. Rubber Products
12.4.2. Cellulose Acetate Propionate
12.4.3. Herbicides
12.4.4. Plasticizers
12.4.5. Animal Feed & Food Preservatives
12.4.6. Calcium, Ammonium & Sodium Salts
12.4.7. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Propionic Acid Market Size and Volume Forecast by End Users
12.7.1. Food & Beverage
12.7.2. Personal Care
12.7.3. Pharmaceutical
12.7.4. Agriculture
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Propionic Acid Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Propionic Acid Market: Market Share Analysis
13.2. Propionic Acid Distributors and Customers
13.3. Propionic Acid Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Perstorp
13.4.2. Eastman Chemical Company
13.4.3. Niacet Corporation
13.4.4. BASF SE
13.4.5. Oman Oil Company
13.4.6. The Dow Chemical Company