Propyl Gallate Market Size, Share, Price, Growth, Industry Trends, Forecast 2023-2028
The ‘Global Propyl Gallate Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global propyl gallate market price, assessing the market on the basis of its segments like functions, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 5.6%
The thriving cosmetics and personal care industry, owing to the increasing living standards and rising hygienic awareness, is propelling the demand for propyl gallate. Considered a safe antioxidant, propyl gallate is used in numerous beauty and cosmetic products. In addition, the rapid urbanisation across emerging economies is further propelling the sale of lipsticks, bath products, and sunscreens, among others, which is boosting the incorporation of propyl gallate.
Propyl gallate is also a major component in food items containing significant amounts of oils and fat. In this regard, the rapidly growing food and beverage industry is further propelling the propyl gallate market growth.
Meanwhile, the non-genotoxicity of propyl gallate makes it ideal for the production of animal feed. It is extensively used to increase the fat of farm sheep, cows, and goats, among others, which is a crucial factor driving the market growth. One of the major advantages of propyl gallate as an animal feed is that the product can be used for both food producing and non-food producing animals.
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Regionally, the Asia Pacific occupies a significant market share. The increasing demand for propyl gallate to make adhesives and lubricants which are to be used in various industries including construction and automotive is driving the propyl gallate market growth in the region. Over the forecast period, the rapid urbanisation and industrialisation across emerging economies such as India and China are likely to provide impetus to the growth of the market.
Propyl Gallate Industry Definition and Major Segments
Propyl gallate is defined as an antioxidant preservative which is a member of the galloyl esters class of organic compounds. This chemical compound is obtained by the condensation of gallic acid and propanol. Propyl gallate emerges as a white powder with a faint odour or no smell at all. The taste of the compound is bitter and is extensively used in the manufacturing of cosmetics and beauty products.
Based on function, the propyl gallate market can be segmented into:
Antioxidant
Anti-Quenching Agents
Adhesives
Lubricating Agents
Additives
Others
The significant end uses of the product include:
Pharmaceuticals
Food and Beverage
Animal Feed
Cosmetics and Personal Care
Oil and Gas
Others
On the basis of region, the market can be categorised into:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Propyl Gallate Market Trends
The key trends in the global propyl gallate market include the increasing sale of downstream products of propyl gallate such as cosmetics, drugs, and animal food products, among others via supermarkets and hypermarkets. On the other hand, the emerging e-commerce industry is further bolstering the growth of these products.
The growing research and development activities by major cosmetics and personal care product manufacturers are likely to be crucial trends in the market. These activities have been aimed towards producing superior-quality beauty products to meet the growing expectations of the working-class population. The research and development activities are further anticipated to increase the sale of cosmetics leading to a greater growth of the propyl gallate market.
Moreover, propyl gallate is also utilised as an antioxidant in wide range of drugs and therapeutics. Hence, the growing advancements and efforts by the major pharmaceutical firms to curb the growing cases of chronic diseases among the geriatric population are likely to be key market accelerating trends.
Furthermore, the increasing demand for fried ready-to-eat products, seafoods, instant noodles, and various other clean labelled food products are predicted to augment the supply-demand chain of the propyl gallate in the forecast period.
Key Market Players
The major players in the propyl gallate market report are:
Impextraco NV
Leshan Sanjiang Bio-tech Co., Ltd.
Rexler
Gallochem Co., Ltd.
Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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