2014-01-29 03:39:01 - Propionic Acid & Derivatives Market: Global Trends & Forecasts to 2018 - a new market research report on companiesandmarkets.com
Revenue in the global propionic acid market is estimated to have reached a value of $944.6 million by the end of 2012 and is forecast to grow to a total of $1,622.2 million by 2018. This suggests a CAGR growth rate of around 7.3% between 2013 and 2018. Europe dominated the global propionic acid & derivatives market in 2012. Emerging markets are likely to fuel the future growth of propionic acid & derivatives.
Europe is the largest region, both in terms of volume and value, followed by North America, Asia-Pacific, and Rest of World. The U.S., China, France, Spain, Germany, Italy, and U.K. are likely to remain major markets for propionic acid & derivatives. The major players of propionic acid &
derivatives include BASF SE (Germany), The Dow Chemical Company (U.S.), Perstorp (Sweden), Eastman Chemical (U.S.), and Macco Organiques Inc. (Canada).
The growing demand of safe feed & grain preservatives would fuel the future growth of the propionic acid & derivatives market. In addition, the changing lifestyle has led to rising demand to increase the shelf life of food products which will boost the food preservatives demand, including propionates.
The propionic acid & derivatives demand in terms of value and volume depicts current and future projections according to the parallel economic and industrial outlook. This analysis covers major developments, expansions, agreements, and mergers & acquisitions of leading global companies.
Propionic acid is a three-carbon carboxylic acid with a molecular formula of CH3CH2COOH. It is a clear, colorless liquid with a pungent odor. It is commercially manufactured by the hydrocarboxylation of ethylene in the presence of nickel carbonyl catalyst. Propionic acid and derivatives are largely used as feed and food preservatives. It inhibits the growth of molds and bacteria.
Propionic acid is also used to make some specialized propionates, such as cellulose acetate propionate (CAP), which is a useful thermoplastic. The other applications of propionic acid and derivatives include herbicides, pharmaceuticals, and solvents. Propionic acid may cause irritation to the human body in case of contact, so various health organizations are involved in continuously monitoring its exposure levels.
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