U.S (New York)– The “Propionic Acid Market” 2023 research report appears to cover various aspects of the market, including the strategies of top players, market segments, competitive landscape, manufacturing, and pricing structures. In this report, we will provide an in-depth analysis of the current state of the global Bahrain Alcoholic Beverages Market, its key drivers and challenges, and its future prospects. This study contains research on market dynamics, such as SWOT, PESTLE, and Porter’s Five Forces analysis, as well as details about drivers, constraints, trends, and opportunities. These studies may assist in providing a thorough overview of the worldwide industry. Additionally, the key segments of the industry are evaluated according to their performance.
Propionic acid market accounted for revenue of $1.2 billion in 2018 and is anticipated to generate $1.6 billion by 2026. The market is projected to experience growth at a CAGR of 3.5% from 2019 to 2026. The factors such as rise in application of propionic acid in the food & beverage industry and increase in demand for safe animal feed drive the growth of the global propionic acid market
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
However, environmental problems related to the use of pesticides, increase in side effects due to direct exposure, and lack of production facilities restrain the market growth. On the contrary, the use of propionic acid as antibiotics and propionate esters as solvents are expected to offer lucrative growth opportunities for the market expansion in the near future. The global propionic acid market is segmented on the basis of application, end-use industry, and region. On the basis of application, the market is classified into herbicides, rubber products, plasticizers, food preservative, and others. According to end-use industry, the market is categorized into pharmaceuticals, personal care, food & beverage, agriculture, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the global propionic acid market areBASF SE, Dow Inc., Eastman Chemical Company, Perstorp Holding AB, Hawkins, Inc., Corbion N.V., Otto Chemie Pvt. Ltd., Merck KGaA, Oman Oil Company SAOC, and Celanese Corporation. These players are adopting various strategies such as acquisitions, partnerships, collaboration, joint ventures, agreements, expansions, and new product launches to create a strong consumer base in the market. For instance, in May 2019, BASF SE established a propionic acid second production plant in Nanjing, China. This is expected to help BASF SE meet the market demand of propionic acid.
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KEY BENEFITS FOR STAKEHOLDERS
– Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
– It outlines the current propionic acid market trends and future scenario of the market from 2018 to 2026 to understand the prevailing opportunities and potential investment pockets.
– Major countries in the region have been mapped according to their individual revenue contribution in the propionic acid market analysis at the regional and country-level market.
– The key drivers, restraints, and propionic acid market opportunities and their detailed impact analyses are elucidated in the study.
– The profiles of key players along with their key strategic developments are enlisted in the report.
KEY MARKET SEGMENTS
By Application
– Herbicides
– Rubber Products
– Plasticizers
– Food Preservatives
– Others
By End use Industry
– Pharmaceuticals
– Personal care
– Food & Beverage
– Agriculture
– Others
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By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o Germany
o France
o Spain
o UK
o Rest of Europe
– Asia-Pacific
o China
o Japan
o South Korea
o India
o Rest of Asia-Pacific
– LAMEA
o Brazil
o Saudi Arabia
o South Africa
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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