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.
Access Research Report
of Propionic Acid Market@ 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 more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/disinfectants-and-preservatives
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
Access Press Release of
Propionic Acid Market@ www.grandviewresearch.com/press-release/global-propionic-acid-market
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
Information: www.grandviewresearch.com
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