Formic acid is best quality chemical liquid belonging to group of carboxylic acids with scientific name called Methanoic acid. At room temperature, it is a colorless liquid with high pungent odor and is soluble in alcohols, acetone, and ether. According to various application, formic acid is found in concentration grade such as 85%, 90%, 94% and 99%. Global formic acid market has witnessed significant growth over the forecasted period on account of increasing application including animal feed, preservatives, cleaning agents and leather production among others. With stringent regulation on usage of growth promoters in animal feedstock is anticipated to drive the market growth.
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According to Market Research Future Analysis, cumulatively the global formic acid market was valued at USD 516.9 million in 2016 expanding at a CAGR of 4.94% during forecast period. Formic acid market is segmented according to production method and applications. According to production method carbonylation of methanol accounts for highest percentage of share. This processes is associated with BASF SE and Kemira. With having superior properties such as powerful pH it is used in organic acids. Thus, to control the pH formic acid is used in many chemical processes. Owing to more acidic nature, the prominent industrial application of formic acid is rubber & leather production as it can deeply increase the absorbing capability and also known as best coagulant in rubber manufacturing. Formic acid is extensively used in silage preservatives and animal feed to reduce bacterial content and maintain nutritional value of the feed to ensure animal performance. Europe has banned the usage of antibiotics in the year 2006. These is followed by North America as this region is on the verge to ban on antibiotics owing to increasing awareness among the consumers about health safety. Hence, changing climatic conditions are negatively impacting various industries such as animal feed, preservatives and leather & rubber industry. This can restraint the market growth in coming years. Moreover, grade having higher toxicity can also hamper the global formic acid market growth. However, product diversification and improved technology in feed additive substantially provide opportunities to players such as BASF opened a new formic acid production plant in Geismar, Louisiana with annual capacity of 50,000 tons.
The global formic acid market is segmented into Asia Pacific, Europe, North America, Middle East, and Latin America. Among all, Asia Pacific region is the largest market for formic acid and accounts for more than 35% of the volume share in the global market. Rapid industrialization, easy availability of raw material supply and presence of largest production base with minimal regulatory norms are various factors attributed in growth of the formic acid in Asia Pacific region. China is flourished with new manufacturing capacity and top players like Gujarat Narmada Valley Fertilizers & Chemicals Limited and LUXI Group are expanding production capacity to meet the growing demands. China is expected to reach USD 144.3 million by 2027 with CAGR of 5.50%. BASF being the largest producer of formic acid in Germany, Asia Pacific is dominating the market owing to technological advancement in application industries and increasing manufacturing base in countries like China and India. Changing lifestyle of consumer and driving new trends in textile industry are anticipated to fuel the market growth. Moreover, rising awareness about personal hygiene and development in detergents and cleaning agents are expected to augment the market growth. Europe and North America witnessed substantial growth after Asia Pacific. Key players like BASF and Perstorp AB with superior product offering and expanding their production capacity in the region are driving the overall formic acid market.
The global formic acid market is segmented on the basis of production method, application and region. On the basis of production method, global formic acid market is segmented into carbonylation of methanol, and oxalic acid. Based on application, the global formic acid market is segmented into— animal feed, preservatives, cleaning agents, dyeing and finishing textiles, rubber & leather production and others.
Key players of the global formic acid market are BASF SE, Perstorp AB, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers& Chemicals Limited, Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD among others.
Global formic acid market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%. China to account for largest share in Asia Pacific region due to growing application industries like animal feed, textile, rubber & leather industry in this region. Formic acid market is a semi-fragmented market, however, tier1 manufacturers dominate the market. With rising ban on antibiotics in animal feedstock and substantial growth of agriculture industry is expected to boost the global formic acid market. European region is expected to witness substantial growth since ban on antibiotics by European Union has boosted animal feed industry. New product development and expansion of major players to the developing regions are some of the noted trends in the global market.
The report covers brief analysis of geographical region such as:
• North America
o Rest of Europe
• Asia Pacific
o Rest of Asia Pacific
• ROW (Rest of the World)
Table Of Content – Major key Points
1 Report Prologue 10
2 Market Introduction 11
3 Research Methodology 13
4 Market Dynamics 17
5 Market Factor Analysis 23
6 Global Formic Acid Market By Production Method 26
7 Global Formic Acid Market, By Application 34
8 Global Formic Acid Market, By Regions 49
9 Competitive Landscape 93
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