The global propyl gallate market is expected to reach $533.3 million by 2031, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 4.2% from 2021 to 2031. The market growth is driven by a number of factors, including growing urbanization, increase in disposable income, and developments in the chemical & petrochemical industries.
Propyl gallate is an ester of propyl gallate and gallic acid, commonly used as an antioxidant in food, cosmetic, and pharmaceutical industries. It is a white or slightly yellow crystalline powder that is safe and non-toxic. Propyl gallate can be used as a single antioxidant, or in combination with other antioxidants such as butylated hydroxytoluene (BHT) and butylated hydroxyanisole (BHA).
The growing demand for propyl gallate in the food and cosmetics industries is leading to the growth of the market. Propyl gallate has a wide range of applications in the food industry, including in oils and fats, bakery products, dried fruits and nuts, chewing gum, and others. It is used to prevent lipid oxidation, maintain the shelf-life of products, and improve the flavor stability of food products.
In the cosmetics industry, propyl gallate is used as an antioxidant in various skincare and hair-care products. It helps to prevent the degradation of natural oils and fats in the products, preserving their quality and efficacy. It is also used in fragrances, shampoos, and soaps.
The chemical & petrochemical industries are also driving the growth of the propyl gallate market. Propyl gallate is used as a stabilizer and antioxidant in a range of chemical and petrochemical processes, including in the production of plastics, rubber, and resins. The increasing demand for these materials is leading to a higher demand for propyl gallate.
Key players in the propyl gallate market include Leshan Sanjiang Bio-Tech Co., Ltd., Eastman Chemical Company, Ruiyuan Flavor Co., Ltd., and Suntran Industrial Group Ltd. Leshan Sanjiang Bio-Tech Co., Ltd. is a tech firm founded by Xu Zhongyun, a world-renowned forestry scientist and Chief Researcher of the Southern Research Institute of the USDA Forest Service. The company produces a range of products, including pharmaceutical intermediates, electronic chemicals, and food additives.
In conclusion, the global propyl gallate market is expected to exhibit steady growth in the coming years, driven by growing demand from the food, cosmetics, and chemical industries. The rise of urbanization and increase in disposable income are also expected to contribute to the growth of the market. With the development of new applications and technologies, the market is likely to continue to grow in the future.