San Francisco, California, Jan. 7, 2015 (GLOBE NEWSWIRE) -- 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.
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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.
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.
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For the purpose of this study, 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
• Asia Pacific
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.
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