Propionic Acid Market size worth $ 1.4 Billion, Globally, by 2028 at 2.78% CAGR: Verified Market Research®

A rise in disposable income, which gives way to improved standards of living, growth in urbanization, the demand for propionic Acid in places like corporate houses and hypermarkets has resulted in demand for the growth of the Propionic Acid Market.

JERSEY CITY, N.J., Feb. 9, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Propionic Acid Market" By Application (Food Preservatives, Herbicides, Cellulose Acetate Propionate), By End-User (Food And Beverages, Pharmaceuticals, Personal Care, Agriculture). According to Verified Market Research, the Global Propionic Acid Market size was valued at USD 1.1 Billion in 2020 and is projected to reach USD 1.4 Billion by 2028, growing at a CAGR of 2.78% from 2021 to 2028.

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Browse in-depth TOC on "Propionic Acid Market"

202 - Pages
126 – Tables
37 – Figures

Global Propionic Acid Market Overview

The Increasing application of Propionic Acid being used as a preservative in packaged food and animal feed is the most important factor responsible for the growth of this Propionic Acid Market. The utilization of propionic Acid in herbicides and the production of cellulose acetate propionate is another key reason for the growth of this industry. Due to the fast-changing lifestyle of people, the need and demand for packaged food and that too hygienic food products are other elements that increase the growth of the Propionic Acid Market. As the major implementation of propionic Acid is found in it being used as a preservative to prevent the rise of bacteria and fungus and increase the shelf life of food products.

The enlarged environmental concerns over the period about the usage of herbicides is one of the major factors responsible for restraining the growth of this market. One more element is the scarcity of innovative ideas while offering products is another factor that may hinder the growth of this industry. Moreover, the overall revenue is being affected as the market players are being challenged by the situations which influence them to deduct margins on sales of products, this is another factor that may act as a barrier in the growth of the Propionic Acid Market.

Key Developments

• In 2021, Celanese global chemical materials company, announced a global surcharge on its portfolio of Amcel, Celcon, Hostaform, and other polyacetal products in response to a recent surge in global energy prices.
• In 2019, BASF SE settled a propionic Acid second manufacturing plant in Nanjing, China. This is expected to help BASF SE meet the market.

Key Players

The major players in the market are Corbion N.V., Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, Celanese Corporation, BASF SE, Dow Inc., Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., among others.

Verified Market Research has segmented the Global Propionic Acid Market On the basis of Application, End-User, and Geography.

• Propionic Acid Market, By Application
• Food Preservatives
• Herbicides
• Cellulose Acetate Propionate
• Others
• Propionic Acid Market, By End-User
• Food And Beverages
• Pharmaceuticals
• Personal Care
• Agriculture
• Others
• Propionic Acid Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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