Propionic
acid is a three-carbon carboxylic acid manufactured by the hydrocarboxylation
of ethylene with the inclusion of a nickel carbonyl catalyst. It prevents the
growth of some bacteria and mold due to which it is widely used as
preservatives for food for human consumption and animal feed. In addition, it
is used to make specialized propionates such as acetate propionate used as
thermoplastics. Other applications of propionic acid and derivatives include
solvents, and herbicides. Derivatives of propionic acid such as ibuprofen and
fenoprofen are widely used in the pharmaceutical industry.
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The
global industry for propionic acid & derivatives has grown considerably
during the past few years and is expected to continue the same trend in the
forecast period owing to the growing demand for food preservations, grain preservations
and feed preservations. Europe was the largest market of propionic acid &
derivatives mostly driven by the ban imposed on the antibiotics in
pharmaceutical applications. In addition, the demand for propionic acid &
derivatives in the European region is expected to remain strong with the huge
demand in the grain and feed preservatives segment. Europe was followed by
North America and Asia Pacific with U.S. being the largest single market for
propionic acid & derivatives across the globe.
Factors
such as growing demand for safe grain and feed preservations are expected to
fuel the future growth for the propionic acid and derivatives market. In
addition, changing lifestyle has also led to rising demand to augment the shelf
life of food products thereby increasing the food preservatives demand,
including propionates. However, rising health concerns due to exposure of
propionic acid and derivatives causing irritation to skin and eyes has led to
continuous monitoring by various health organizations. Niacet Corporation,
Eastman Chemical, Perstorp, The Dow Chemical Company, and BASF SE are some of
the major players dominating the propionic acid and derivatives industry.
This
research report analyzes this market depending on its market segments, major
geographies, and current market trends. Geographies analyzed under this
research report include
·
North
America
·
Asia
Pacific
·
Europe
·
Rest
of the World
This
report provides comprehensive analysis of
·
Market
growth drivers
·
Factors
limiting market growth
·
Current
market trends
·
Market
structure
·
Market
projections for upcoming years
This
report is a complete study of current trends in the market, industry growth
drivers, and restraints. It provides market projections for the coming years.
It includes analysis of recent developments in technology, Porter’s five force
model analysis and detailed profiles of top industry players. The report also
includes a review of micro and macro factors essential for the existing market
players and new entrants along with detailed value chain analysis.
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