Propionic Acid Market Overview:
The Propionic Acid market report offers a thorough analysis of the opposition, together with information on market share and company profiles for the leading foreign rivals. The scope of the study includes a full examination of the Propionic Acid Market as well as the factors influencing regional variations in the growth of the sector.
Propionic Acid Market is expected to grow at a CAGR of 6.5% during the forecast period. Global Propionic Acid Market is expected to reach US$ 2.63 Bn by 2029.
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Market Scope:
After market engineering, which involved market statistics calculations, market size predictions, market projections, market breakdown, and data triangulation, was complete, extensive primary research was carried out to collect data and check and validate important figures. Throughout the market engineering process, top-down, bottom-up, and other data triangulation methodologies were routinely employed to conduct market estimates and forecasting for the overall market segments and sub-segments outlined in this research. In order to provide vital information throughout the study, all data collected during the market engineering process is submitted to extensive qualitative and quantitative analysis.
Drivers:
Propionic acid is a clear liquid with a strong smell. It is also known as ethanecarboxylic acid, carboxylic acid, carboxyethane, ethylformic acid, etc. It is miscible with water and a few organic solvents. Propionic acid is a naturally occurring substance that can be found in essential oils in the form of esters. Carbon monoxide and ethylene are two important raw materials used in the production of propionic acid. It can be obtained commercially by hydrocarboxylating ethylene with nickel carbonyl acting as a catalyst. It has been established that PA decreases food intake, inhibits the immune system, lowers liver and plasma fatty acid content, and possibly improves tissue insulin sensitivity. Propionic acid poses a risk of vapour explosion.
Segmentation:
The food and beverage segment is anticipated to contribute a significant revenue share to the global market based on end use and is anticipated to continue growing over the projected timeframe. The global food and beverage industry's strong expansion has led to an increase in demand for flavouring agents. This is probably one of the key factors boosting the market for propionic acid. Although work will be needed to determine the ideal dosage and the palatability of commercially viable food concepts, dairy beverages fermented with propionic acid may increase feelings of satiety.
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Key Players:
To identify the market's leaders and predict market revenue, both primary and secondary research are performed. CEOs, marketing executives, and seasoned front-line employees are just a few of the influential thought leaders and subject matter experts who are included in the main study's in-depth interviews. As part of the primary research, extensive interviews with important thought leaders and business professionals, such as CEOs, marketing executives, and seasoned front-line staff, were conducted. As part of the secondary research, a review of the annual and financial reports of the major manufacturers was also done. Secondary data is employed to calculate percentage splits, market shares, growth rates, and market breakdowns. The results of these calculations are then compared to primary data. The Propionic Acid market is dominated by the following businesses:
• BASF SE
• DowDuPont
• Perstorp Orgnr
• Eastman Chemical Company
• Macco Organiques Inc.
• Krishna Chemicals
• A.M. Food Chemical Co., Ltd.
• Merck KGaA
• OXEA GmbH
• Perstorp
• Biomin Holdings GmbH.
• DAICEL CORPORATION
• Hawkins, Inc.
• Corbion N.V.
• Otto Chemie Pvt. Ltd.
• Oman Oil Company SAOC
• Celanese Corporation
Regional Analysis:
The regional overview of market research for Propionic Acid also discusses key market-influencing elements and legal developments that have an impact on current and future market trends. Current and upcoming trends are investigated in order to evaluate the whole market potential and find lucrative patterns in order to establish a better footing. The basis for evaluating the regional market is the current environment and expected trends.
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COVID-19 Impact Analysis on Propionic Acid Market:
Owing to a halt in operations, the growth of end-user industries using Propionic Acid decreased from January 2020 to May 2020. These countries included Spain, France, Italy, China, the United States, the United Kingdom, and Spain. As a result, the market for Propionic Acid manufacturers as well as the profits of companies operating in these industries both experienced a sharp decline. This had an impact on the market's expansion in 2020. Due to lockdowns and an increase in COVID-19 occurrences globally, end-user business need for Propionic Acid has been severely decreased.
Key Questions Answered in the Propionic Acid Market Report are:
- Which market segment accounted for the most percentage of Propionic Acid in 2021?
- How competitive is the market environment?
- What are the primary factors influencing the Propionic Acid market's growth?
- Which region dominates the Propionic Acid market in terms of market share?
- What is the expected market CAGR from 2022 to 2029?
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