ALBANY, N.Y., Oct. 14, 2014 (GLOBE NEWSWIRE) -- The report, titled "Propionic Acid Market for Animal Feed & Grain Preservatives, Calcium & Sodium Propionates, Cellulose Acetate Propionate and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019", states that the global propionic acid market could reach a market value worth US$ 1,540.5 million by 2019, observing growth at a CAGR of 7.7% from 2013 to 2019. This market generated US$ 908.0 million in 2012.
Volume-wise, the market observed demands worth 381.7 kilo tons in 2012 and is expected to grow at a CAGR of 2.3% during the forecast period.
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Code of Federal Regulations of the U.S. Department of Health and Human Services states that propionic acid is generally considered safe for direct human and animal consumption through food. It can be used in food products with no limitations other than good manufacturing practices. It is commonly used across a variety of industries as flavoring and an antimicrobial agent.
The report states that the increased use of propionic-acid derivatives such as cellulose acetate propionate, propionates of calcium and sodium, and herbicides for grain preservation and animal feed are the chief drivers of the global propionic acid industry.
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Also, rising demand for food preservatives due to swift growth of the global food and beverages industry is another major factor driving the global propionic acid market. Pharmaceutical industry is also a major application sector for the propionic acid market; rapid growth of this industry on a global front is also contributing to growth of the market.
The report segments the application areas of the global propionic acid market in four broad segments - Animal feed and grain preservatives, cellulose acetate propionate, calcium and sodium propionates, and other nominal application segments.
Animal feed and grain preservatives accounts for nearly half of the global propionic acid production. Demand for propionic acid from this application area acquired nearly 52.5% shares of the total global demand in 2012. A rapid growth in livestock farming is expected throughout the globe in the next few years which would increase demands for animal feed and growth preservatives. Owing to this, the global share of animal feed and grain preservatives sector could slightly increase. Sectors of calcium and sodium propionates currently account for the second largest demands for global propionic acid.
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Application segment of Cellulose Acetate Propionate is expected to grow steadily at a CAGR of 1.9% while the segment of herbicides is expected to observe sluggish growth during the forecast period.
Geography-wise, Europe currently accounts for the major market shares of the market, and is expected to show steady growth in the next few years as compared to emerging economies. In 2012, Europe acquired nearly 39.9% market shares, closely followed by North America. However, the market in North America is expected to slightly decline by 2019.
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The global propionic acid market is highly segmented. Nearly 80% shares of the market are held by key market player companies such as Eastman Chemical Company, BASF SE, Perstorp Holding GmbH and the Dow Chemical Company.
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