The product formed between propanoic acid and ethanol is ethyl propanoate, also known as propyl acetate. This reaction is an example of esterification.

Here's the chemical equation for the reaction:

CH₃CH₂COOH + CH₃CH₂OH ⇌ CH₃CH₂COOCH₂CH₃ + H₂O

Propanoic acid + Ethanol ⇌ Ethyl propanoate + Water

This reaction is reversible and requires an acid catalyst (like sulfuric acid) to proceed. The reaction forms an ester (ethyl propanoate) and water as a byproduct.