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Global Propionic Acid Market Size, Share, Trends, Forecast: By Type: Herbicides, Food Preservatives, Chemical Intermediates, Others; By End Use: Agriculture, Food and Beverage, Personal Care, Pharmaceutical, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032
Global Propionic Acid Market Outlook
The global propionic acid market size reached approximately 476.39 KMT in 2023. The market is further projected to grow at a CAGR of 3.3% between 2024 and 2032, reaching a volume of by 638.07 KMT by 2032.
Key Trends in the Market
Propionic acid refers to naturally occurring carboxylic acid that has an unpleasant and pungent smell. It is readily absorbed through the skin as well as the gastrointestinal tract. The decomposition of various amino acids and oxidation of fatty acids containing odd number of carbon atoms, results in the formation of propionic acid.
- The rising consumption of packaged foods owing to increasing lifestyle complexities and convenience offered by the products is bolstering the propionic acid market growth as the acid acts as a flavouring agent and preservative in different types of packaged foods. The usage of propionic acid as a preservative can be attributed to its antibacterial properties and the ability to prevent the growth of moulds.
- The increasing prevalence of diseases and the expansion of the pharmaceutical sector is providing lucrative growth opportunities to the market. Profens, propionic acid derivative drugs, including ibuprofen, ketoprofen, naproxen, and flurbiprofen, act as analgesics and antipyretics, among others.
- The rising requirement for feed due to increased consumption of livestock products including eggs, meat, and milk, among others is aiding the market expansion. Propionic acid ensures the safety and quality of the stored feed.
Global Propionic Acid Market Analysis
On the basis of type, the market is divided into herbicides, food preservatives, and chemical intermediates, among others. Based on end use, the market is classified into agriculture, food and beverage, personal care, and pharmaceutical, among others.
On the basis of region, the propionic acid market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- BASF SE
- The Dow Chemical Company
- Eastman Chemical Company
- OQ Chemicals GmbH
- Perstorp Holding AB
- Otto Chemie Pvt. Ltd.
- Impextraco NV
- Shanghai Jianbei Organic Chemical Co., Ltd.
- Others
Market Share by End Use
Food and beverages are expected to account for a significant propionic acid market share owing to the increased utilisation of the product in baked goods and breads as a food preservative for inhibiting the growth of bacteria and moulds. Propionic acid is also used for providing nutty flavour and holes in Swiss cheese. The usage of propionic acid in low concentrations promotes the production of citric acid in combination with acetic acid, improving the production rate of hydrogen, during fermentation.
Market Share by Region
Europe is anticipated to account for a significant share of the market owing to the increasing demand from the agriculture sector. Propionic acid acts as a preservative for grains and animal feed and is also used for sanitising surfaces where grains and silage are stored. The propionic acid market demand is also increasing owing to its rising utilisations in the development of environment friendly solvents for coatings, modified synthetic cellulose fibres, and artificial fruit flavours, among others.
Competitive Landscape
BASF SE, headquartered in Ludwigshafen, Germany, is one of the leading chemical manufacturing companies dedicated towards providing high quality agricultural solutions including propionic acid to their customers. The company also provides surface technologies, industrial solutions, and nutrition and care.
The Dow Chemical Company, headquartered in Michigan, United States, is a customer centric, sustainable and inclusive, and innovative company that produces propionic acid, consumer products, and coatings and silicones, among others.
Eastman Chemical Company, headquartered in Tennessee, United States, the company is involved in the manufacture o propionic acid, fibres, plastics, additives and functional products, and a wide range of advanced materials.
Other propionic acid market key players include OQ Chemicals GmbH, Perstorp Holding AB, Otto Chemie Pvt. Ltd., Impextraco NV, and Shanghai Jianbei Organic Chemical Co., Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Propionic Acid Market Analysis
8.1 Key Industry Highlights
8.2 Global Propionic Acid Historical Market (2018-2023)
8.3 Global Propionic Acid Market Forecast (2024-2032)
8.4 Global Propionic Acid Market by Type
8.4.1 Herbicides
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Food Preservatives
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Chemical Intermediates
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Others
8.5 Global Propionic Acid Market by End Use
8.5.1 Agriculture
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Food and Beverage
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Personal Care
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Pharmaceutical
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Others
8.6 Global Propionic Acid Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Propionic Acid Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Propionic Acid Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Propionic Acid Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Propionic Acid Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Propionic Acid Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Trade Data Analysis (HS Code – 291550)
15.1 Major Exporting Countries
15.1.1 By Value
15.1.2 By Volume
15.2 Major Importing Countries
15.2.1 By Value
15.2.2 By Volume
16 Price Analysis
17 Competitive Landscape
17.1 Market Structure
17.2 Company Profiles
17.2.1 BASF SE
17.2.1.1 Company Overview
17.2.1.2 Product Portfolio
17.2.1.3 Demographic Reach and Achievements
17.2.1.4 Certifications
17.2.2 The Dow Chemical Company
17.2.2.1 Company Overview
17.2.2.2 Product Portfolio
17.2.2.3 Demographic Reach and Achievements
17.2.2.4 Certifications
17.2.3 Eastman Chemical Company
17.2.3.1 Company Overview
17.2.3.2 Product Portfolio
17.2.3.3 Demographic Reach and Achievements
17.2.3.4 Certifications
17.2.4 OQ Chemicals GmbH
17.2.4.1 Company Overview
17.2.4.2 Product Portfolio
17.2.4.3 Demographic Reach and Achievements
17.2.4.4 Certifications
17.2.5 Perstorp Holding AB
17.2.5.1 Company Overview
17.2.5.2 Product Portfolio
17.2.5.3 Demographic Reach and Achievements
17.2.5.4 Certifications
17.2.6 Otto Chemie Pvt. Ltd.
17.2.6.1 Company Overview
17.2.6.2 Product Portfolio
17.2.6.3 Demographic Reach and Achievements
17.2.6.4 Certifications
17.2.7 Impextraco NV
17.2.7.1 Company Overview
17.2.7.2 Product Portfolio
17.2.7.3 Demographic Reach and Achievements
17.2.7.4 Certifications
17.2.8 Shanghai Jianbei Organic Chemical Co., Ltd.
17.2.8.1 Company Overview
17.2.8.2 Product Portfolio
17.2.8.3 Demographic Reach and Achievements
17.2.8.4 Certifications
17.2.9 Others
18 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Propionic Acid Market: Key Industry Highlights, 2018 and 2032
2. Global Propionic Acid Historical Market: Breakup by Application (USD Million), 2018-2023
3. Global Propionic Acid Market Forecast: Breakup by Application (USD Million), 2024-2032
4. Global Propionic Acid Historical Market: Breakup by End Use (USD Million), 2018-2023
5. Global Propionic Acid Market Forecast: Breakup by End Use (USD Million), 2024-2032
6. Global Propionic Acid Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Propionic Acid Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Propionic Acid Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Propionic Acid Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Propionic Acid Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Propionic Acid Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Propionic Acid Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Propionic Acid Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Propionic Acid Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Propionic Acid Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Propionic Acid Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Propionic Acid Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Major Exporting Countries by Value
19. Major Importing Countries by Value
20. Major Exporting Countries by Volume
21. Major Importing Countries by Volume
22. Global Propionic Acid Market Structure
Key Questions Answered in the Report
The market reached a value of approximately 476.39 KMT in 2023.
The market is projected to grow at a CAGR of 3.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 638.07 KMT by 2032.
The major market drivers include expansion of the pharmaceutical sector and rising requirement for feed due to increased consumption of livestock products.
The key trends fuelling the growth of the market include rising consumption of packaged foods and increasing prevalence of diseases.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The end uses of propionic acid include agriculture, food and beverage, personal care, and pharmaceutical, among others.
The key players in the market are BASF SE, The Dow Chemical Company, Eastman Chemical Company, OQ Chemicals GmbH, Perstorp Holding AB, Otto Chemie Pvt. Ltd., Impextraco NV, and Shanghai Jianbei Organic Chemical Co., Ltd., among others.
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