1 Global Ethyl Propionate Market Size (Revenue) and CAGR (2024-2033)
Global Ethyl Propionate market generated revenue of USD 27.80 Million in 2024 with a CAGR of 8.02% during 2024 to 2033.
The Ethyl Propionate market is currently in a state of flux, influenced by a variety of factors. The industry has been navigating through the aftermath of the COVID-19 pandemic, which disrupted supply chains and affected downstream consumption. However, the market has shown resilience and is expected to rebound with a steady growth rate. The Ethyl Propionate is used in a variety of applications, primarily as a solvent, in flavors and fragrances, and in organic syntheses, indicating a diverse and potentially robust market. The growth is also supported by the continuous development of downstream markets, which is expected to increase the demand for Ethyl Propionate. Despite challenges such as raw material price volatility and supply risks, as well as broader economic and geopolitical factors like the Russia-Ukraine war impacting global supply chains, the market is poised for growth, underpinned by the recovery from the pandemic and the ongoing development of key industries that utilize Ethyl Propionate.
Figure Global Ethyl Propionate Market Size (M USD) Outlook (2024-2033)
2 SWOT Analysis of Ethyl Propionate
Table SWOT Analysis
SWOT | Description |
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. |
3 Global Ethyl Propionate Market by Type in 2024
The global Ethyl Propionate market, a crucial sector in the chemical industry, experienced significant developments in 2024. Ethyl Propionate, known for its versatility as a solvent, has seen its market value surge due to increasing demand across various applications.
Purity: ≥99.9%: In terms of market size, the Ethyl Propionate with Purity: ≥99% dominated the market in 2024, reflecting its importance in various high-stakes industries. The market size for this premium product type reached $23.04 million, showcasing its substantial share and indicating the preference for high-purity chemicals in critical applications.
Purity: <99.9%: The Ethyl Propionate with Purity: <99% held a market size of $4.77 million in the same year. Despite being the smaller segment, this product type is significant in markets where cost efficiency is a priority, and the slightly lower purity does not compromise the end product’s integrity.
In conclusion, the Ethyl Propionate market in 2024 was characterized by a clear preference for the higher purity variant, which held the largest market share. However, the lower purity variant showed a faster growth rate, indicating a robust demand for cost-effective solutions. As the market continues to evolve, both product types are expected to play significant roles, shaped by the diverse needs of the global chemical industry.
Table Global Ethyl Propionate Market Size and Share by Type in 2024
Type | Revenue (M USD) | Market Share |
|---|---|---|
Purity: ≥99.9% | 23.04 | 82.86% |
Purity: <99.9% | 4.77 | 17.14% |
4 Global Ethyl Propionate Market by Application in 2024
In 2024, the Ethyl Propionate market demonstrated a diverse range of applications, each playing a significant role in the global chemical industry. The market is segmented primarily into three applications: Solvent, Flavors & Fragrances, and Organic Syntheses.
Solvent Application: Ethyl Propionate as a solvent is defined by its ability to dissolve other substances, making it a critical component in various industrial processes. In 2024, the solvent application held the largest market share, accounting for 42.95% of the total Ethyl Propionate market. This application’s market size reached $11.94 million, reflecting its widespread use in industries such as coatings, adhesives, and cleaning agents. The dominance of the solvent application can be attributed to the broad spectrum of industries that rely on effective solvents for their manufacturing processes.
Flavors & Fragrances Application: Ethyl Propionate in the flavors and fragrances sector is defined by its use in creating and enhancing the aroma profiles of various products, from food and beverages to cosmetics. In 2024, this application had a market size of $6.28 million, capturing 22.60% of the market share. While it held a smaller share compared to the solvent application, the flavors and fragrances sector is characterized by its high growth potential due to the increasing demand for natural and synthetic fragrances in the personal care and food industries.
Organic Syntheses Application: Organic Syntheses involve the chemical reactions and processes used to create organic compounds, and Ethyl Propionate plays a significant role in these syntheses. In 2024, the market size for this application was $9.58 million, securing a market share of 34.45%. Organic Syntheses is a foundational application for Ethyl Propionate, underpinning the production of a wide range of chemicals and pharmaceuticals.
The Ethyl Propionate market in 2024 was marked by the solvent application’s dominant market share and the flavors and fragrances application’s rapid growth. These dynamics reflect the compound’s multifaceted utility and its ability to cater to a variety of industries, each with its own unique set of needs and growth trajectories. As the market continues to evolve, these applications will likely continue to shape the direction and growth of the Ethyl Propionate market.
Table Global Ethyl Propionate Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Share |
|---|---|---|
Solvent | 11.94 | 42.95% |
Flavors & Fragrances | 6.28 | 22.60% |
Organic Syntheses | 9.58 | 34.45% |
5 Global Ethyl Propionate Market by Region in 2024
The Ethyl Propionate market in 2024 showcased a global spread with distinct regional dynamics, each contributing significantly to the overall market revenue. The market sizes and shares varied across North America, Europe, Asia-Pacific, South America, and the Middle East and Africa, each region exhibiting unique growth patterns and market potentials.
North America: North America, a key player in the global chemical industry, held a significant position in the Ethyl Propionate market. In 2024, the region’s market size reached $3.87 million, capturing a 13.92% share of the global market. The region’s mature market infrastructure and strong demand from industries such as pharmaceuticals and coatings contributed to its substantial market share.
Europe: Europe, with its well-established chemical industry, was another significant contributor to the Ethyl Propionate market. The region’s market size in 2024 was $4.17 million, securing a 15.00% share globally. Europe’s strong presence in the market can be attributed to its advanced manufacturing sector and the demand for high-quality chemicals in various applications.
Asia-Pacific: The Asia-Pacific region emerged as the largest market for Ethyl Propionate in 2024, with a market size of $18.18 million and a dominant share of 65.4%. The region’s rapid industrial growth, particularly in China and India, and the increasing demand for chemicals in manufacturing and production processes, positioned it as the leading regional market by revenue.
Middle East and Africa: The Middle East and Africa, with a market size of $0.61 million in 2024, held a 2.19% share of the global market. The region’s market was influenced by the growing demand for chemicals in its expanding industrial sector, particularly in countries like Saudi Arabia and the United Arab Emirates.
South America: South America, though smaller in comparison, showed promising growth in the Ethyl Propionate market. In 2024, the region’s market size was $0.97 million, with a 3.49% share. The region’s market was driven by countries like Brazil, which has been investing in its chemical industry, contributing to the region’s growth.
The regional analysis of the Ethyl Propionate market in 2024 highlights the diversity and complexity of global chemical markets. Asia-Pacific’s position as the largest market is a reflection of its industrial might and the growing demand for chemicals in the region. Its market leadership is expected to continue, driven by the region’s economic policies and industrial expansion.
Table Global Ethyl Propionate Market Size, Region Wise in 2024
Region | Market Size (M USD) | Market Share |
|---|---|---|
North America | 3.87 | 13.92% |
Europe | 4.17 | 15.00% |
Asia-Pacific | 18.18 | 65.40% |
South America | 0.97 | 3.49% |
Middle East and Africa | 0.61 | 2.19% |
Figure Global Ethyl Propionate Revenue Market Share by Region in 2024
6 Global Ethyl Propionate Market Top 3 Players
Company Introduction and Business Overview: Tianke Aroma, established in 1973 and headquartered in China, is a leading entity specializing in the production, development, and sales of aromatic chemicals and pharmaceutical intermediates. With a global business distribution, Tianke Aroma has a robust presence in the international market, showcasing its capabilities to serve a diverse customer base across different regions.
Products Offered: Tianke Aroma offers a wide range of synthetic and natural products, including over 300 kinds of alcohols, acids, esters, aldehydes, ketones, pharmaceutical raw materials, and intermediates. Among these, Ethyl Propionate stands out as a key product, known for its purity of ≥99% and its various applications in flavoring and industrial synthesis.
Revenue in 2022: In 2022, Tianke Aroma reported a revenue of $21.54 million USD, demonstrating its strong market performance and financial stability. The company’s ability to maintain a high gross margin, at 32.51%, indicates its efficiency in operations and its competitive edge in the Ethyl Propionate market.
Company Introduction and Business Overview: Zhangjiagang Aihua Chemical, founded in 2003 and based in China, is a significant player in the Ethyl Propionate industry. The company’s primary focus is on the production of pharmaceutical intermediates and pesticide intermediates, with a business distribution mainly in Asia, Europe, and North America.
Products Offered: Zhangjiagang Aihua Chemical produces Ethyl Propionate with a purity of ≥97.0%, meeting the quality standard of index name QB/T1954-2007. The product is characterized as a colorless to slightly yellow transparent liquid with a fruity rum-like aroma, positioning it for use in various industrial applications.
Revenue in 2022: In 2022, Zhangjiagang Aihua Chemical generated a revenue of $0.56 million USD. The company’s gross margin stood at 31.93%, reflecting its profitability and market competitiveness in the production and distribution of Ethyl Propionate.
Maharashtra Aldehydes and Chemicals
Company Introduction and Business Overview: Maharashtra Aldehydes and Chemicals, established in 1982 and headquartered in India, operates on a global scale. The company is a reliable partner in the aroma and specialty chemicals industry, boasting world-class manufacturing facilities, a powerful R&D department, and a strict quality assurance system.
Products Offered: Maharashtra Aldehydes and Chemicals offers Ethyl Propionate with a CAS Number of 105-37-3. The product is a colorless transparent liquid with an intense ethereal banana-pineapple smell, used as an ingredient in blended fragrances and essences, and as an intermediate in pharmaceuticals, agriculture, and industry.
Revenue in 2022: In 2022, Maharashtra Aldehydes and Chemicals reported a revenue of $0.50 million USD. The company’s gross margin was 31.86%, showcasing its financial performance and market position within the Ethyl Propionate market.
Table Global Ethyl Propionate Revenue of Top3 Players in 2022
Company | 2022 |
Tianke Aroma | 21.54 |
Zhangjiagang Aihua Chemical | 0.56 |
Maharashtra Aldehydes and Chemicals | 0.50 |