Global Ethyl Propionate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Ethyl Propionate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Ethyl propionate belongs to a class of organic compounds called carboxylates. Ethyl propionate is a colorless liquid with a pineapple fragrance, insoluble in water, and miscible in most organic solvents such as ethanol, ether, and propylene glycol.

Market Overview:

The latest research study on the global Ethyl Propionate market finds that the global Ethyl Propionate market reached a value of USD 28.22 million in 2022. It’s expected that the market will achieve USD 36.09 million by 2028, exhibiting a CAGR of 4.18% during the forecast period.

The Russian-Ukrainian war adversely affects global supply chains. Russia and Ukraine, as important suppliers of global energy, industrial raw materials and agricultural products, and important transportation channels connecting Eurasia, are important players in major global industries. The impact of the Russian-Ukrainian war on the global industrial chain and supply chain is prominently manifested in the interruption of raw material supply and logistics blockage. The Russian-Ukrainian war has caused logistical blockages by sea, land and air and increased transportation costs. Russia and Ukraine are important channels for the transport of goods in Europe and Asia. The conflict between Russia and Ukraine not only cut off the Black Sea shipping route through Ukraine, but also caused most of the air and land transportation through Ukraine and Russia to stop. Multinational logistics companies had to choose a longer Middle East route as an alternative, which not only caused a lot of cargo transportation congestion and logistics. The disruption has also further pushed up transportation costs since the outbreak.

The Russian-Ukrainian war had an impact on the global energy supply. Russia is the third largest oil producer in the world, and the Russian-Ukrainian war has brought an energy crisis to the world. In addition, the Russian-Ukrainian war has jeopardized the recovery of the world economy from the COVID-19 pandemic, and countries around the world are facing inflation, food security and many other challenges. For the ethyl propionate industry, factors such as supply chain pressures, fluctuations in energy costs, and inflation are not conducive to the development of the industry.

Strength

There are various methods of producing ethyl propionate on the market. On the one hand, anhydrous calcium chloride is used as a catalyst, and propionic acid and ethanol are added to the esterification-resistant reaction kettle, and ethyl propionate can be produced through a series of production processes. On the other hand, in the esterification reaction kettle, put chloroform as a solvent, then add propionic acid and ethanol, add dropwise sulfuric acid under stirring, and heat under reflux for reaction. Ethyl propionate can then be produced by some production steps. For the ethyl propionate industry, a variety of production methods are beneficial to the production of the industry. In addition, with the advancement of production technology, it will be more beneficial to the development of the ethyl propionate industry.

Weakness

Raw material price volatility and supply risk. The raw materials required for the production of ethyl propionate are mainly propionic acid and ethanol. The commercial production of propionic acid is mainly carried out from chemical synthesis of petroleum feedstocks. Ethanol is usually made from corn. The supply and market price of propionic acid are easily affected by the price and demand of oil, and the supply and market price of ethanol are easily affected by various factors such as weather, climate, diseases and pests. The relationship between market supply and demand also has a greater impact on raw material prices.
Since the cost of raw materials accounts for a large proportion of the production costs of the ethyl propionate industry, if the supply of raw materials and market prices fluctuate greatly, it will have a greater impact on the company's operating performance. If raw material prices rise, manufacturers and distributors will be forced to absorb the price increase or pass it on to consumers in order to maintain profits. Therefore, the supply of raw materials and price fluctuations affect the development of the industry.

Opportunities

The continuous development of downstream markets will increase the demand for ethyl propionate. First, ethyl propionate can be used as a flavoring agent in production and processing in the food and beverage industry. For example, ethyl propionate can be used in the production of certain wines. Food is an essential product for human survival. With the development of the global economy, consumer demand for food will increase; and the food and beverage industry is currently developing on a large scale in the global market. With the development of food and beverage industry will promote the development of ethyl propionate industry. Secondly, ethyl propionate can be used in the production process of advanced cosmetics. For example, ethyl propionate is used to produce perfumes and fragrances. In the global market, the market demand for cosmetics is relatively large. The cosmetic industry is constantly developing, which will be more beneficial to the development of the ethyl propionate industry.
The development of global e-commerce. The growing popularity of e-commerce is expected to help increase the demand for ethyl propionate. As more and more people tend to shop online, e-commerce platforms are also gaining popularity in terms of distribution. In addition to the emergence of third-party online distributors, this trend has also introduced e-retailers that offer quality products to reach a large customer base. Growth in e-commerce is also positively impacting the growth of the ethyl propionate market. For the ethyl propionate industry, the development of e-commerce helps the sales of ethyl propionate products, broadens the sales channels of the products; and facilitates the cross-border sales of ethyl propionate products.

Threat

Energy crisis. In the context of the global economic recovery, global energy prices will show an upward trend in the second half of 2021, driven by increased demand, and the Russian-Ukrainian war has caused world oil prices to rise again. The Russian-Ukrainian war has had an impact on the global oil supply, especially in some European countries that mainly import oil from Russia.
Propionic acid is one of the important raw materials for the production of ethyl propionate. The commercial production of propionic acid mainly comes from the chemical synthesis of petroleum raw materials. Therefore, the supply of propionic acid is affected by the world oil supply to a certain extent. In addition, changes in world oil prices will affect the energy costs for the production and transportation of the ethyl propionate industry.

Region Overview:

On the basis of region,Asia Pacific is projected to grow at the highest rate, taking up 66.97% of the market share in 2027.

Company Overview:

Tianke Aroma is one of the major players operating in the Ethyl Propionate market, holding a share of 82.20% in 2022.

Tianke Aroma is an independent entity specializing in the production, development and sales of aromatic chemicals and pharmaceutical intermediates. Tianke Aroma's production bases in Shandong, Shaanxi and other places in China have a total investment of more than 33 million US dollars, producing more than 300 kinds of synthetic and natural products, mainly including alcohols, acids, esters, aldehydes, ketones, pharmaceutical raw materials and intermediates body. Tianke Aroma's production workshop is designed as a sterile pharmaceutical production environment in accordance with GMP specifications.

Zhangjiagang Aihua Chemical is located in Chemical Development Zone, Dongjiao City, Zhangjiagang City, Jiangsu, China. Zhangjiagang Aihua Chemical mainly produces two series of products: pharmaceutical intermediates and pesticide intermediates. At the same time, Zhangjiagang Aihua Chemical has formed a scientific research and development and production of high-tech epoxy resin casting packaging materials with domestic scientific research institutes and colleges and universities in China.

Maharashtra Aldehydes and Chemicals is a reliable partner for companies in the aroma and specialty chemicals industry. Maharashtra Aldehydes and Chemicals has world-class manufacturing facilities, a powerful R&D department and a strict quality assurance system. Maharashtra Aldehydes and Chemicals has expanded over the years in terms of production volume and product portfolio. The product range of Maharashtra Aldehydes and Chemicals now covers 4 main verticals, which include flavor and fragrance ingredients, plasticizers, laboratory chemicals and animal feed. Maharashtra Aldehydes and Chemicals are in the process of developing new products that include 4-MAP & Anethole for the cosmetic & F&F Industry.

Segmentation Overview:

Among different product types, Purity: ≥99% segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Solvent segment occupied the biggest share from 2017 to 2022.

Solvent

Ethyl propionate can be used as a nickel plating solution. Ethyl propionate can also be used as a solvent for cellulose esters, ethers and resins.

Flavors & Fragrances

Ethyl propionate can be used in the production of flavorings. For example, it is used to prepare rum and liquor. Ethyl propionate can be used as a fragrance. For example, it is used in the production of perfume, and other cosmetics.

Organic Syntheses

Ethyl propionate can be used in organic synthesis. For example, ethyl propionate is used in the pharmaceutical industry as an intermediate in organic synthesis, as a solvent for various natural and synthetic resins, and the like.

Key Companies in the global Ethyl Propionate market covered in Chapter 3:

Zhejiang Realsun Chemical
Zhengzhou Yibang Industry & Commerce
Maharashtra Aldehydes and Chemicals
Tianke Aroma
Zhangjiagang Aihua Chemical
Changzhou Kefeng Chemical

In Chapter 4 and Chapter 14.2, on the basis of types, the Ethyl Propionate market from 2018 to 2029 is primarily split into:

Purity: ≥99%
Purity:<99%

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Ethyl Propionate market from 2018 to 2029 covers:

Solvent
Flavors & Fragrances
Organic Syntheses

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)