Market Research Future Published a Cooked Research “Global Formic Acid Market Research Report – Forecast to 2027” – Market Analysis, Scope, Stake, Progress, Trends and Forecast up to 2022.
BASF SE (Germany), Perstorp AB (Sweden), Eastman Chemical Company (U.S), Gujarat Narmada Valley Fertilizers& Chemicals Limited (India), Feicheng Acid Chemical (China), Chongqing Chuandong Chemical (Group) Co., Ltd (China), LUXI Group CO., LTD (China), Alfa Aesar (United States), Helm Italia S.R.L (Italy), Shanxiyuanping Chemicals Co. Ltd. (China) are some of the prominent players at the forefront of competition in the Global Formic AcidMarket and are profiled in MRFR Analysis.
Formic Acid Market – Market Overview
Formic Acid is having colourless appearance which can be produced by chemical synthesis as well as found naturally in ant venom. It belongs to carboxylic group having high pungent odor and is soluble in alcohols, acetone and ether. Rising demand of preservative and antibacterial agents in livestock feed is expected to augment the market growth. Moreover, increasing application scope in end use industries such as animal feed, dyeing and finishing textiles, rubber and leather industry and pharmaceutical are anticipated to propel the Formic Acid Market over the forecast period.
According to concentration grade, Formic Acid is available 85%, 90%, 94% and 99%. Formic Acid with 85% concentration is largest dominating followed by 94% and 99%. Formic Acid can be produced by two method such as carbonylation of methanol and Oxalic Acid. Carbonylation of methanol is projected to account for largest market share over oxalic acid estimated to grow at CAGR of 4.97% over the forecasted period. This is attributed to growing adoption of carbonylation of methanol by major producing companies like BASF and Kemira. Formic Acid is widely used as substitute to mineral acids in various cleaning products. It is used to regulate pH which extensively used in leather manufacturing. The principal use of Formic Acid is as preservative as well as antibacterial agent in the feed additive. Cleaning and descaling of equipment and tanks along with lime scale removal in toilet bowl cleaners are application of formic acid as cleaning agent. Furthermore, with high absorbing facility, powerful pH regulator and coagulant in nature, formic acid has prominent application in leather application.
Accrediting the colossal growth, Formic Acid Market is witnessing currently and the potential the market is demonstrating to accrue pervasively further in the years to come; the Market Research Future has recently published a meticulous study report giving out the complete market insight up till 2027. According to which, continuing with the same trends the global formic acid market is projected to perceive an outstanding growth by 2027 registering a striking CAGR during the anticipated period (2017– 2027).
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The Global Formic Acid Market is primarily driven by growing usage of formic acid as antibacterial agent in animal feed coupled with usage as silage preservative in agriculture industry. Formic Acid helps to reduce pH and lower the depletion of decay process thereby, causing prolonged retain of nutritional value. Thus, supportive government policies and increased middle-class spending in agriculture industry is expected to drive the formic acid market. Apart from mentioned application, formic acid is used in pharmaceutical industry as local stimulation drug and astringent. Ban on antibiotics as growth promoters in animal feedstock is expected to drive the demand of Formic Acid over the forecast period. The global formic market is expected to reach USD 878.7 million by the end of forecasted period i.e. 2027. Asia Pacific is dominating region followed by Europe and North America. Countries like China, India, Thailand and Indonesia are expected to grow at rapid pace due to increased spending on R&D facility along with economic development. Comparatively, China dominated the market for Formic Acid over other countries in the region accounting over 40% of the consumption of formic acid in the Asia Pacific market. North America and European regions are facing huge competition from emerging markets. In 2006, Europe banned on usage of antibiotics in preservation application.
Additionally, higher grades of Formic Acid causes health problems owing to high toxicity levels. Changing climatic conditions negatively impact the growth of formic acid which hamper the growth of animal feed. Thus, technological advancement and new product offerings can provide lucrative opportunity to key players in the market.
Formic Acid Market – Competitive Analysis
Formic Acid Market appears to be highly fragmented and competitive owning to the presence of numerous large and small players active in regional market. The key strategies traced from the analysis of recent developments of the key players include product launch, acquisition and expansion. BASF is global leader with manufacturing capacity of 305,000 tons is dominating in Formic Acid Market. Companies like Perstorp and Gujarat Narmada Valley Fertilizers& Chemicals Limited are increasing patent registration along with expansion in production capacity. However, companies are building strategic partnerships with local manufacturer and distributors in order to reduce gap between supplier and customer of formic acid. With technology advancement and presence of significant players has made Formic Acid lucrative in their respective applications.
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Industry/ Innovation/ Related News:
January 03, 2017 – BASF (Germany based largest formic acid producer) and Balchem Corporation launched Amasil (formic acid product) which is approved by FDA for use in poultry diets. In United States, Amasil product was used for swine and poultry diets which creates less favorable environment for bacteria thereby, leading to lowering pH and improve feed efficiency.
September 12, 2017 –European Union has announced that formic acid can be classified as functional group (1n) and marketed as hygienic condition enhancer in feed additive for coming decade and this decision has been accepted by Perstorp as Swedish specialist in feed additive.
November 23, 2017 – BASF to increase price for Formic Acid with plus 250 EUR per metric tons. Increasing application scope of formic acid owing to high quality intermediate is driving the market demand and thereby causing manufacturer to increase their product price. This is affected in EMEA regions (Europe, Middle East and Africa).
November 11, 2015 – BASF started new production facility of formic acid in Geismar, Louisiana with total capacity of 50,000 tons to capture North and Latin America market.
September. 11, 2014 – Eastman Chemical Company entered into a definite agreement to acquire Taminco Corporation (a leading specialty chemical company) for USD 2.8 billion transaction. The company’s strategy is to strengthen its presence in the niche market segments such as, food, feed and agriculture.
Formic Acid Market – Segments
For the convenience of the report and enhanced understanding; The Formic Acid Market is segmented in to two key dynamics
Segmentation by production method: Carbonylation of Methanol, and Oxalic Acid.
Segmentation by application: Animal Feed, Preservatives, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production and others.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Formic Acid Market – Regional Analysis
Formic Acid dominates in Asia-Pacific and is estimated to reach USD 316.3 million by 2027 with CAGR of 5.19% over the forecast period. Europe market was valued at USD 150.0 Million in 2016 owing to the presence of renowned manufacturers of formic acid like BASF and Perstorp dedicated to increase the application with value added products. The formic acid market in the North America market witnessed healthy growth rates. With recent approval of EPA (U.S.) to use Formic Acid as active ingredient in pesticides has opened lucrative opportunity for players in this respective market.
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