Formic Acid Market Growth Rate, Revenue, Manufacturers, Customer Needs and Forecast to 2027

The Global Formic Acid Market is assessed in the new report from Market Research Future (MRFR). The market is given a complete dressing down with the help of reliable data sources and trusted industrial analysis tools. Every aspect of the market is shown in a clear light, including its segmentation, drivers and restraints, and the major economic factors affecting the growth of the market. The comprehensive view of the Global Formic Acid Market provided in the report will help readers formulate clear patterns and strategies for their competitive success in the Global Formic Acid Market. The present and future trends in the Global Formic Acid Market are elucidated upon in the report, giving readers a clear view of the market’s present and future trajectory.

Formic Acid is the simplest carboxylic acid and has the chemical formula HCOOH. This chemical is naturally produced by several species of ants – its name derives from the old Latin name for ants, formica. The ancients utilized methods such as distillation of ant bodies to extract Formic Acid. While we still depend on ants and other related insects for a significant amount of the total Formic Acid produced, commercial production of Formic Acid has also gained speed due to the various applications of Formic Acid.

Formic Acid is often used in animal diets, as it improves the bioavailability of nutrients in the animal diet and thus enhances their diet. Meat quality is enhanced using Formic Acid. The ban on antibiotics in animal feed has resulted in the use of several natural alternatives aimed at maintaining the quality of the produced meat, including formic acid. Formic acid helps keep the feed free from microbial pathogens. The growing animal husbandry industry is thus likely to drive the Global Formic Acid Market over the forecast period.

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The growing global fuel cell industry is also likely to be a major driver for the Global Formic Acid Market. Formic acid is used in fuel cells in order to store hydrogen safely. The growing interest in fuel cells as a viable and cheap energy source is likely to lead increasing research into fuel cells, possibly leading to a significant drive for the Global Formic Acid Market over the forecast period.

Segmental Analysis:

The Global Formic Acid Market is segmented based on Production Method and Application.

By Production Method, the Global Formic Acid Market is segmented into oxalic acid and carbonylation of methanol.

Key Applications in the Global Formic Acid Market include rubber and leather production, finishing textiles, animal feed, dyeing, cleaning agents, preservatives, and others.

Competitive Analysis:

Key players in the Global Formic Acid Market include BASF SE, Gujarat Narmada Valley Fertilizers and Chemicals Limited, LUXI Group Co. Ltd., Perstorp AB, Eastman Chemical Company, Chongqing Chuandong Chemical (Group) Co. Ltd., and Feicheng Acid Chemical.

BASF built North America’s only formic acid plant in 2012 at its “Verbund” site in Louisiana. The plant has a production capacity of more than 50,000 tons annually. The plant allows BASF to serve the strategic markets in North and South America with ease.

Regional Analysis:

The Global Formic Acid Market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.

Asia Pacific is likely to be the major regional consumer of formic acid over the forecast period due to the growing demand for rubber tires, agricultural chemicals, and leather and textile products. The textile industry in India is likely to boost majorly in the coming years, leading to a steady growth in the Global Formic Acid Market.

The growing automotive industry in Asia Pacific is also likely to remain a major driver for the Global Formic Acid Market, as it plays a key role in the production of automotive tires.

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Formic Acid Market 2018 Overview, Outlook, Segmentation, Applications, Forecast, Analysis 2027

Formic Acid is the most powerful pH regulator in various chemical process and with high absorbing capability helps Formic Acid to be prominent application in leather production. It also best coagulant which useful in rubber manufacturing. Changing lifestyle of consumer has resulted in growing demand of Formic Acid in dyeing and textile industry. However, rising standard of living has increased the consumption of meat which resulted for high demand of formic acid in animal feed and silage preservative. Moreover, ban on antibiotics as growth promoters in animal feedstock is expected to drive the demand of Formic Acid over the forecasted period. North America are on the verge to ban on antibiotics in animal feed as growing public awareness towards health thereby, shifting the trend to alternate products. Europe, banned the usage of antibiotics in the year 2006. Changing climatic conditions are negatively impacting application industries such as animal feed, preservatives and leather & rubber industry. Additionally, higher toxicity levels in higher grades of Formic Acid are also expected to hamper the Global Formic Acid Market. However, product diversification and improved technology in feed additive substantially provide opportunities to players in market. BASF opened a new formic acid production plant in Geismar, Louisiana with annual capacity of 50,000 tons. Further, expansions and investments in Formic Acid development by major key players is expected to provide opportunities across the value chain.

Global Formic Acid Market is segmented according to production method and applications. According to production method carbonylation of methanol accounts for highest percentage of share. Though hydrolysis process step is complex and need competing technologies, carbonylation of methanol process are associated with companies such as Kemira and BASF. According to application, formic acid is used in silage preservative, animal feed, dyeing and finishing textiles, rubber & leather production and others. One of the prominent application of formic acid is animal feed owing to its natural antibacterial properties. These is followed by preservative such as silage, rubber & leather production and so on.  According to MRFR analysis, cumulatively the Global Formic Acid Market was valued at USD 516.9 million in 2016 and is expected to be valued at USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%.

On the other hand, changing climatic conditions in some regions, are negatively impacting application industries like preservatives, animal feed, leather & rubber industry of formic acid, resultantly, hampering the market growth during the review period. Moreover, higher toxicity levels in higher grades of Formic Acid are also anticipated to restrict the market growth. Nevertheless, product diversification and technological advancements in feed additive will provide substantial opportunities to market players. Which will in turn, drive the market growth.

Key Findings:

Global Formic Acid Market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%. Asia Pacific to account for largest share due to growing application industries in this region. Formic Acid Market is a semi-fragmented market, however, tier1 manufacturers dominate the 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 emerging markets are some of the noted trends in the global market.

Regional Analysis:

Geographically, Asia Pacific region is the largest market for Formic Acid and accounts for more than 35% of the volume share in the global market, owing to the rapid industrialization, easy availability of raw material supply and presence of largest production base with minimal regulatory norms. China is expected to reach USD 144.3 million by 2027 with CAGR of 5.50%. Lower capital and labor cost are expected to fuel the market growth of Formic Acid in China. Though, BASF is the largest producer of formic acid based in Germany, Asia Pacific still dominated the market as new capacity are added in countries like China and India. Growing production of commercial vehicles drives the demand of rubber and leather thereby driving the demand of Formic Acid. Moreover, developments in detergents and cleaning agents are further expected to drive the formic acid market.

Based on Revenue, Europe market accounts for the second-largest market share for Formic Acid, primarily owing to the presence of leading manufacturers like BASF and Perstorp AB with superior product offering in the region, which is followed by North America market.

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