Propyl Gallate Market Research, 2031
The global propyl gallate market was valued at $277.0 million in 2021, and is projected to reach $533.3 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
Propyl gallate is an organic chemical compound that belongs to ester family. It is formed from the condensation process of gallic acid and propanol. It is crystalline, white, odorless, and highly soluble in water. It is an excellent source of antioxidant, due to which it is extensively used as a food additive.
The growth of the propyl gallate market is driven by rise in urbanization, increase in disposable income, and growth in chemical and petrochemical industry. Propyl gallate are gaining popularity in the chemical sector due to its antioxidant, lubricating, and stabilizing properties. Propyl gallate is an excellent source of antioxidant, owing to which it is used to prevent oxidation of fats and oils containing food. This is projected to propel the growth of the propyl gallate market in the chemical industry.
However, habitual use of propyl gallate may have side effect on human health, such as irritation to skin, dermal sensitizer, and irritation on eyes. For instance, the article published by National library of Medicine states that propyl gallate is a slightly toxic when it is ingested. These factors are restraining the growth of the propyl gallate market.
The rapid increase in population in both, developed and developing economies, rise in import and export of various cosmetics and skincare products, and increased focus on the cosmetic sector have increased the demand for propyl gallate. It is used as an antioxidant and preservative in the formulation of various cosmetics and personal care products. These factors are anticipated to offer remunerative opportunities for the propyl gallate market during the forecast period.
The propyl gallate market is segmented on the basis of grade, end-use industry, and region. On the basis of grade, the market is categorized into industrial grade and pharmaceutical grade. On the basis of end-use industry, it is divided into food industry, personal care and cosmetics, adhesive, lubricants, and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global propyl gallate market profiles leading players that include, Alfa Aesar, Thermo Fisher Scientific, BASF SE, Gallochem Co., Ltd., Haihang Industry, HALOGENS, Impextraco, Kemin Industries, Leshan Sanjiang Bio-tech Co. Ltd., Merck KGaA, Minakem, Rexler, Sarex, TCI Ameirca, Veeprho Group, and Wufeng Chicheng Biotech Co., Ltd. The global propyl gallate market report provides in-depth competitive analysis as well as profiles of these major players.
The Asia-Pacific alkoxylates market size is projected to grow at the highest CAGR during the forecast period, and accounted for a major market share in 2021 with 40% share in the global market. The region is showcasing high potential growth for propyl gallate, owing to increase in the pharmaceutical sector where propyl gallate has been used predominantly. It is mainly used as an antioxidant in the formulation of various drugs, vitamin A, essential oil, and others. This acts as one of the key drivers responsible for the growth of the propyl gallate in the region.
In addition, the increasing demand for processed foods has surged the growth of the food industry in Malaysia and China where propyl gallate is used as food additive and antioxidant agent. For instance, data revealed by Wufeng Chicheng Biotech Co., Ltd., oil-soluble antioxidant containing propyl gallate products are allowed in China. China stipulates that the product can be used for edible fats, fried foods, biscuits, instant noodles, instant cooked rice, canned nuts, dried fish products, and cured bacon products. This factor is expected to enhance the overall demand for propyl gallate in the Asia-Pacific region.
In 2021, the industrial grade segment was the largest revenue generator, and is anticipated to grow at a CAGR of 6.9% during the forecast period. Industrial grade comprises various products and equipment that are being used for industrial applications where propyl gallate is incorporated into items, such as conveyor belts as it prevents microbial growth while carrying material and goods. In addition, it is widely used in the ice-making equipment and applied directly to HVAC (Heating, ventilation, and air conditioning) coils as an antimicrobial pesticide to prevent the growth of microorganism. This is anticipated to increase the demand for propyl gallate in industrial applications.
In 2021, the food end-use industry was the largest revenue generator and is anticipated to grow at a CAGR of 7.2% during the forecast period. Propyl gallate acts as an excellent source of antioxidant and reduces the growth of microorganism in processed food. Propyl gallate acts as an antioxidant, which prevents food containing oils and fats from spoiling. In addition, it is also identified as a triplet state quencher due to its antioxidants property. In addition, growing demand for packaged food has driven the propyl gallate market. In response to this, FDA has approved that propyl gallate is non-toxic for human consumption, owing to which, it is used as food additive in the packaging foods.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the propyl gallate market analysis from 2021 to 2031 to identify the prevailing propyl gallate market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the propyl gallate market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global propyl gallate market trends, key players, market segments, application areas, and market growth strategies.