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.
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.
Browse full research report on Propionic Acid Market: https://www.grandviewresearch.com/industry-analysis/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.
Browse
request sample of this report by Grand View Research: https://www.grandviewresearch.com/industry-analysis/propionic-acid-market/request/rs1
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
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, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
For
more info visit @ https://www.grandviewresearch.com
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