What is Propionic Anhydride - Global Market?
Propionic Anhydride, a clear, colorless liquid with a pungent odor, is a crucial chemical compound in the global market. It is primarily used as a reagent in organic synthesis and finds extensive applications in various industries such as pharmaceuticals, spices, and the chemical industry. The global market for Propionic Anhydride has been witnessing steady growth over the years. In 2022, the market was valued at US$ 88 million and is projected to reach US$ 110.9 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.3% during the forecast period of 2023-2029.
Industrial Grade, Food Grade, Pharmaceutical Grade in the Propionic Anhydride - Global Market:
The Propionic Anhydride market is segmented into Industrial Grade, Food Grade, and Pharmaceutical Grade based on its purity and application. The Industrial Grade Propionic Anhydride is primarily used in the chemical industry for various applications such as the production of plastics, resins, and other industrial chemicals. The Food Grade Propionic Anhydride is used as a food preservative and flavoring agent in the food industry. The Pharmaceutical Grade Propionic Anhydride is used in the pharmaceutical industry for the production of various drugs and medicines. Each grade has its unique properties and applications, contributing to the overall growth of the Propionic Anhydride market.
Pharmaceuticals, Spices, Chemical Industry in the Propionic Anhydride - Global Market:
Propionic Anhydride finds extensive applications in various industries. In the pharmaceutical industry, it is used as a reagent in the synthesis of various drugs and medicines. In the spices industry, it is used as a flavoring agent to enhance the taste and aroma of various food products. In the chemical industry, it is used in the production of various industrial chemicals, plastics, and resins. The diverse applications of Propionic Anhydride in these industries have been driving its demand in the global market.
Propionic Anhydride - Global Market Outlook:
The global Propionic Anhydride market is dominated by key players such as Eastman, Celanese, UPI Chemical, and Daicel, which collectively hold about 73% of the market shares. The United States is the largest regional market for Propionic Anhydride, accounting for over 50% of the global demand. The strong presence of key market players and the extensive applications of Propionic Anhydride in various industries have been driving the growth of the Propionic Anhydride market in the United States.
| Report Metric | Details |
| Report Name | Propionic Anhydride - Market |
| Forecasted market size in 2029 | US$ 110.9 million |
| CAGR | 3.3% |
| Forecasted years | 2023 - 2029 |
| Global Propionic Anhydride market, by region: |
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| Global Propionic Anhydride market, Segment by Type: |
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| Global Propionic Anhydride market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
