Albany- New York, Oct. 14, 2015 (GLOBE NEWSWIRE) -- The global propionic acid market was worth US$908.0 million in 2012 and is expected to grow at a CAGR of 7.7% between 2013 and 2019 to be valued at US$1540.5 million by 2019. By volume, the global propionic acid market was estimated at 381.7kilo tons in 2012 and is estimated to progress at a CAGR of 2.3% between 2013 and 2019.
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"Increasing Livestock Farming to Drive Animal Feed and Grain Preservative Application Segment"
The propionic acid market is segmented on the basis of application and geography. By application, the market is classified into calcium and sodium propionates, herbicides, cellulose acetate propionate, animal and grain preservatives, and others. Of all the application segments of the propionic acid market, animal feed and grain preservatives dominated the market with a 52.5% share of the total demand in 2012. Owing to the rise in livestock farming, this application segment is expected to experience further demand in coming years.
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Following this application segment, demand in calcium and sodium propionates was the second largest application of propionic acid in 2012. Cellulose acetate propionate (CAP) is expected to exhibit a CAGR of 1.9% between 2013 and 2019. On the contrary, the herbicides application segment will witness slow growth in coming years owing to health concerns.
"Growing Number of End-use Applications to Fuel the Global Propionic Acid Market"
The propionic acid market is mainly driven by growing demand from the agricultural sectors of grain preservation and animal feed. Propionic acid is an essential constituent of calcium and sodium propionates, herbicides, and cellulose acetate propionate, which has extensive application in the agrarian sector. Further, the increasing demand for propionic acid from the food industry as a flavoring agent and as thermoplastics from the plastic industry is propelling the growth of the market.
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Among its many applications across numerous industries, propionic acid is used in the production of anti-inflammatory non-steroidal drugs and solvents in the pharmaceutical industry, which is further boosting the growth of the global propionic acid market. Additionally, rising demand for vitamin E for enhanced poultry feed and for the manufacture of hairsprays, skin creams and other personal care goods will open new growth avenues for propionic acid market.
However, environmental concerns regarding the role of herbicides in water and air pollution will slow the demand for propionic acid and hence hamper its global market. Additionally, human health concerns such as the possibility of genetic changes, skin problems, and tumors will restrain the propionic acid market globally.
"Increasing End-Use Applications to Drive Growth of Asia Pacific Propionic Acid Market"
In the regional geographical segmentation, the global propionic acid market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). By volume, Europe is expected to be the largest market for propionic acid, exhibiting a CAGR of 2.1% between 2013 and 2019. Propionic acid is witnessing a strong surge in Europe due to the ban on antibiotics and other product applications.
Propionic Acid Market - Application Segment Analysis
- Animal feed and grain preservatives
- Calcium and sodium propionates
- Cellulose Acetate Propionate
- Others (Herbicides etc.)
Propionic Acid Market - Regional Segment Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
North America followed Europe, accounting for 29.8% of the global propionic acid market by volume in 2012. In the regional segmentation, Asia Pacific will experience the fastest growth in terms of volume, progressing at a CAGR of 2.9% between 2013 and 2019. The growing demand from various end-use industries in the developing nations of the region will boost the propionic acid market.
Some of the key players in the global propionic acid market are The Dow Chemical Company, Biomin Holdings GmbH, BASF SE, Perstorp Holding GmbH, and Eastman Chemical Company.
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