Formic Acid Market Size, Growth Rate:
Formic Acid Market size was valued USD XX.X million in 2017, it is expected to reach USD XX.XX million by the end of 2027, with growth at a CAGR of 4.94% during the forecast period 2018-2027.
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Formic Acid Market Overview:
Formic acid is a colourless chemical that is known to have a strong pungent smell. In its natural form it can be found in the venom of ants and bees but can be factory-made synthetically as well. It has today, been extending its usage to multiple applications including silage preservation and animal feed. This in turn helps diminish infections spread through poultry. Their major applications include rubber and leather production, textile finishing, cleaning agents, preservatives etc.
The acid is generally of varied characteristics which is determined depending on their usage and on the manufacturing. It can be divided into 2 main types: oxalic acid and carbonylation of methanol. Of all formats available, currently, formic acid of 85% concentration is mostly used in industries. It also brings in maximum revenue and occupies the maximum market share.
Formic Acid Market Growth and Demand:
Technology is also an important aspect in the manufacturing of the acid and firms are constantly innovating and accepting new methods to keep up with budding demands. The huge ban on antibiotics to promote growth in animal stock has also been an opportunity for the growth of the formic acid market by improving diet of the animal and the texture of the meat consumed.
Recently, formic acid has been used in the storage of hydrogen and designed to function in a hydrogen fuel cell. Changing prices of raw materials are a deterrent for the market, however, the extensive applications and hopeful boost in technological advancement is expected to counter this issue and help the market grow considerably.
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Formic Acid Market Regional Existence:
Asia Pacific is the dominant market currently because of its growing application in the agriculture, rubber, leather and textile industry. It is the largest market both in terms of volume and value and is followed by Europe and North America. Emergent markets are China, India, US, Germany and Brazil. Lower capital and labour costs in these countries together with growing markets, are attracting firms to invest into the market. Further, government regulations have been controlled to use formic acid as an active ingredient in pesticides. Countries with strong agricultural status, like India and Brazil are widely helping the market grow. Firms are into investing heavily and expanding the product portfolio along with the production capacity because of the mounting demand.
Notable Companies Operating in the Formic Acid Market:
• BASF SE (Germany)
• Feicheng Acid Chemical (China)
• Gujarat Narmada Valley Fertilizers & Chemicals Limited (India)
• Chongqing Chuandong Chemical (Group) Co., Ltd (China)
• LUXI Group Co., Ltd. (China)
• Eastman Chemical Company (U.S)
• Perstorp AB (Sweden)
Formic Acid Market – Detailed Segmentation:
By Production Method:
• Oxalic Acid
• Carbonylation of Methanol
• Rubber and Leather Production
• Cleaning Agent
• Finishing Textile
• Animal Feed
By Geographical Segmentation:
• North America
• Latin America
• Asia Pacific
• The Middle East & Africa
Formic Acid Market – Intended Audience:
• Formic Acid Manufacturers
• Suppliers and Distributors
• Potential Investors
• Raw Material Suppliers
• End-use Industries
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