The chemical industry is focused to keep the business operations running along with ensuring the labor safety amid the COVID-19 pandemic. To recover the losses created by the decline in demand for various products, the companies are capitalizing on the escalating demand for products such as disinfectants and personal protective equipment. Many leading players in the chemical industry have expanded their business to enter into the production of safety products. Companies are resorting to advanced technologies in production to reduce the dependence on work-force.
They are increasingly adopting advanced digital capabilities to integrate supply chain and logistics to ensure the effective delivery of products. The industry heads are seeking the real-time situation of their supply chains to identify potential weaknesses, especially in terms of geography, and strengthen it. The financial disclosures are being extended beyond the usual financial statements to deal with the risks that have aroused amid the COVID-19 pandemic.
Propionic acid is a colorless liquid with pungent smell. It is miscible with water and few organic solvents and is also known by synonyms like carboxylic acid, carboxyethane, ethanecarboxylic acid, ethylformic acid, etc. Propionic acid is a naturally occurring substance which is available in the form of esters in essential oils. Key raw materials used for the production of propionic acid are carbon monoxide and ethylene.
Propionic acid is used as a versatile preservative for human food and animal feed. It also serves as a synthetic intermediate to produce pharmaceuticals, crop protection agents and solvents. Moreover, propionic acid is used to manufacture esters, vitamin E and also as a flavoring agent in food products. In the manufacture of cellulose acetate propionate (CAP), a thermoplastic, propionic acid is utilized as an intermediate. Growth trends of food, feed, and pharmaceutical industries are expected to remain key factors affecting the market growth of propionic acid and the global market is expected to increase at a moderate CAGR over the forecast period 2016-2016.
The increasing application of propionic acid as a food & an animal feed preservative is expected to be a key factor driving the growth of the propionic acid market globally. Consumption of propionic acid in herbicides and in the manufacture of cellulose acetate propionate is also expected to be significant through 2026.
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Ever increasing global food demand, coupled with the rising need for hygienic food products, drives the demand for food preservation which, in turn, is expected to boost the global propionic acid market for its use as mold inhibitors in food products. Due to changing lifestyle, consumption of packaged food, which requires the use of preservatives, has significantly increased over the past few years and is expected to fuel the demand for propionic acid across the globe.
The macroeconomic growth of the agricultural industry is further expected to push the demand for propionic acid globally. Propionic acid is used to control the growth of molds on crops and also protects various agriculture products from bacteria. A significant amount of propionic acid is consumed globally to manufacture cellulose acetate propionate (CAP). Moderately growing downstream consumption of CAP is expected to facilitate the growth of the global propionic acid market, though at a modest CAGR, over the forecast period.
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Human exposure of propionic acid, either through skin, eye, ingestion, and inhalation, may be dangerous and special care is required while treating and transporting the same.
Some of the many ways by which global propionic acid market can be segmented are on the basis of application, end user industries, and region. On the basis of application, the market segments as the following:
- Animal feed & food preservatives
- Calcium and sodium Salts
- Cellulose acetate propionate
- Others (Flavors, fragrances, etc.)
On the basis of the end user industries, global propionic acid market segments as the following:
- Food and Beverage
- Personal Care
Due to growing population and food & feed production, market outlook for Asia-Pacific is expected to remain fairly positive over the coming years. In North America and Western Europe, the propionic acid market is expected to increase at moderate CAGR. USA and Western Europe are estimated to stand among key suppliers of propionic acid. USA was a net exporter of propionic acid and its salts & esters in 2015. China and India accounted for significant shares in the overall Asia Pacific market demand and major demand was met was imports in 2015.
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Some of the key players identified across the value chain of global propionic acid market include
- BASF SE
- The Dow Chemical Company
- Eastman Chemical Company
- The Perstorp Group
- Macco Organiques Inc.
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