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Formic Acid Market by Type, Application, End Use, and Region 2023-2028

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    Report

  • 143 Pages
  • January 2023
  • Region: Global
  • IMARC Group
  • ID: 5732802

Quick Summary:

In the thriving global formic acid market, several dynamic industries and applications stand at the forefront of influencing its advances. This multifaceted compound, more widely known as methanoic acid, significantly contributes to textile and leather processing, the production of various foods, and its extensive use within the agriculture sector. These diversified applications create a vibrant ecosystem promoting the formic acid market's robust growth.

The comprehensive formic acid market report provides a thorough investigation of the key factors propelling the market's expansion in a global context. These include the rising demands for formic acid as an eco-friendly agent in textile and leather processing, and its use as an antibacterial additive in livestock feed. Additionally, the report deciphers the market influences of the burgeoning cattle and poultry sectors. The study also highlights the growing employment of formic acid in cosmetics, contributing to the market's significant advancement. With detailed market segmentation and analysis of trends, this report serves as a critical tool to understanding and capitalizing on the global formic acid market dynamics.

The global formic acid market reached a volume of 879.9 Kilo Tons in 2022. Looking forward, the publisher expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a CAGR of 4.2% during 2022-2028.

Formic acid (HCO2H), also known as methanoic acid, is a colorless liquid with a pungent odor, which is used in processing textiles and leather. It is utilized as an organic synthetic reagent that occurs naturally in various sources, such as the venom of bee and ant stings. It finds applications in livestock feed as a preservative and antibacterial agent. It assists in manufacturing medicines for rheumatism or vasoconstriction. It is used in pickled fish, juices, pickled fruits and vegetables, jelly candies, and vegetable and fruit purées to increase their shelf life. It also helps counter the attacks of pathogenic fungi, molds, and bacteria in various foodstuffs.

Formic Acid Market Trends:

At present, the growing demand for formic acid in the agriculture sector to limit microbial growth and control acidity represents one of the key factors driving the market across the globe. Moreover, the increasing employment of formic acid in textile and leather processing due to its eco-friendly nature is offering lucrative growth opportunities to industry investors. In addition, there is a rise in the adoption of antibacterial agents in cattle feed to treat clinically sick animals and prevent the incidence of infectious diseases around the world. This, along with the burgeoning cattle and poultry sector, is propelling the growth of the market. Besides this, the growing utilization of formic acid in hay feed to reduce the total milk fat in milch cows is positively influencing the market. Additionally, formic acid is used in producing high-quality forage silage to inhibit the proliferation of pathogens, which is contributing to the growth of the market. Apart from this, the increasing application of formic acid in cosmetic products as a fragrance ingredient, preservative, and pH adjuster, coupled with the expanding cosmetic industry, is strengthening the growth of the market.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global formic acid market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use.

Breakup by Type:

  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others

Breakup by Application:

  • Animal Feed and Silage Additives
  • Leather Tanning
  • Textile Dying and Finishing
  • Intermediary in Pharmaceuticals
  • Others

Breakup by End Use:

  • Agriculture
  • Leather and Textile
  • Rubber
  • Chemical and Pharmaceutical
  • Dyeing
  • Animal Feed
  • Others

Breakup by Region:

  • North America
  • United States
  • Canada
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
  • Latin America
  • Brazil
  • Mexico
  • Others
  • Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Chongqing Chuandong Chemical Group Co. Ltd., Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals, Luxi Group Co. Ltd., Perstorp Holding AB (PETRONAS Chemicals International B.V.), Shandong Acid Chemicals Co. Ltd. and Thermo Fisher Scientific. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Questions Answered in This Report

1. What was the size of the global formic acid market in 2022?
2. What is the expected growth rate of the global formic acid market during 2023-2028?
3. What are the key factors driving the global formic acid market?
4. What has been the impact of COVID-19 on the global formic acid market?
5. What is the breakup of the global formic acid market based on type?
6. What is the breakup of the global formic acid market based on the application?
7. What is the breakup of the global formic acid market based on the end use?
8. What are the key regions in the global formic acid market?
9. Who are the key players/companies in the global formic acid market?

Table of Contents

1 Preface

2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology

3 Executive Summary

4 Introduction
4.1 Overview
4.2 Key Industry Trends

5 Global Formic Acid Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast

6 Market Breakup by Type
6.1 Grade 85%
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Grade 94%
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Grade 99%
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Others
6.4.1 Market Trends
6.4.2 Market Forecast

7 Market Breakup by Application
7.1 Animal Feed and Silage Additives
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Leather Tanning
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Textile Dying and Finishing
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Intermediary in Pharmaceuticals
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast

8 Market Breakup by End Use
8.1 Agriculture
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Leather and Textile
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Rubber
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Chemical and Pharmaceutical
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Dyeing
8.5.1 Market Trends
8.5.2 Market Forecast
8.6 Animal Feed
8.6.1 Market Trends
8.6.2 Market Forecast
8.7 Others
8.7.1 Market Trends
8.7.2 Market Forecast

9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast

10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats

11 Value Chain Analysis

12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes

13 Price Analysis

14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 BASF SE
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.1.3 Financials
14.3.1.4 SWOT Analysis
14.3.2 Chongqing Chuandong Chemical Group Co. Ltd.
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Eastman Chemical Company
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.3.3 Financials
14.3.3.4 SWOT Analysis
14.3.4 Gujarat Narmada Valley Fertilizers & Chemicals
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.4.3 Financials
14.3.5 Luxi Group Co. Ltd.
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Perstorp Holding AB (PETRONAS Chemicals International B.V.)
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.6.3 SWOT Analysis
14.3.7 Shandong Acid Chemicals Co. Ltd.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Thermo Fisher Scientific
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report

List of Figures
Figure 1: Global: Formic Acid Market: Major Drivers and Challenges
Figure 2: Global: Formic Acid Market: Volume Trends (in Kilo Tons), 2017-2022
Figure 3: Global: Formic Acid Market Forecast: Volume Trends (in Kilo Tons), 2023-2028
Figure 4: Global: Formic Acid Market: Sales Value (in Billion US$), 2017-2022
Figure 5: Global: Formic Acid Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 6: Global: Formic Acid Market: Breakup by Type (in %), 2022
Figure 7: Global: Formic Acid Market: Breakup by Application (in %), 2022
Figure 8: Global: Formic Acid Market: Breakup by End Use (in %), 2022
Figure 9: Global: Formic Acid Market: Breakup by Region (in %), 2022
Figure 10: Global: Formic Acid (Grade 85%) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Formic Acid (Grade 85%) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Formic Acid (Grade 94%) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Formic Acid (Grade 94%) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Formic Acid (Grade 99%) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Formic Acid (Grade 99%) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Formic Acid (Other Types) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Formic Acid (Other Types) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Formic Acid (Animal Feed and Silage Additives) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Formic Acid (Animal Feed and Silage Additives) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Formic Acid (Leather Tanning) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Formic Acid (Leather Tanning) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Formic Acid (Textile Dying and Finishing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Formic Acid (Textile Dying and Finishing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Formic Acid (Intermediary in Pharmaceuticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Formic Acid (Intermediary in Pharmaceuticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Formic Acid (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Formic Acid (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Formic Acid (Agriculture) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Formic Acid (Agriculture) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Formic Acid (Leather and Textile) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Formic Acid (Leather and Textile) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Formic Acid (Rubber) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Formic Acid (Rubber) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Formic Acid (Chemical and Pharmaceutical) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Formic Acid (Chemical and Pharmaceutical) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Formic Acid (Dyeing) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Formic Acid (Dyeing) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: Global: Formic Acid (Animal Feed) Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: Global: Formic Acid (Animal Feed) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: Global: Formic Acid (Other End Uses) Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: Global: Formic Acid (Other End Uses) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: North America: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: North America: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: United States: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: United States: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Canada: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Canada: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Asia-Pacific: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Asia-Pacific: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: China: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: China: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: Japan: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: Japan: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: India: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: India: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: South Korea: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: South Korea: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Australia: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Australia: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Indonesia: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Indonesia: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Others: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Others: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Europe: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Europe: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Germany: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Germany: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: France: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: France: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: United Kingdom: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: United Kingdom: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Italy: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Italy: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Spain: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Spain: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Russia: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Russia: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Others: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Others: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Latin America: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Latin America: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Brazil: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Brazil: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Mexico: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Mexico: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 86: Others: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 87: Others: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 88: Middle East and Africa: Formic Acid Market: Sales Value (in Million US$), 2017 & 2022
Figure 89: Middle East and Africa: Formic Acid Market: Breakup by Country (in %), 2022
Figure 90: Middle East and Africa: Formic Acid Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 91: Global: Formic Acid Industry: SWOT Analysis
Figure 92: Global: Formic Acid Industry: Value Chain Analysis
Figure 93: Global: Formic Acid Industry: Porter's Five Forces Analysis

List of Tables
Table 1: Global: Formic Acid Market: Key Industry Highlights, 2022 & 2028
Table 2: Global: Formic Acid Market Forecast: Breakup by Type (in Million US$), 2023-2028
Table 3: Global: Formic Acid Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Formic Acid Market Forecast: Breakup by End Use (in Million US$), 2023-2028
Table 5: Global: Formic Acid Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Formic Acid Market: Competitive Structure
Table 7: Global: Formic Acid Market: Key Players

Companies Mentioned

  • BASF SE
  • Chongqing Chuandong Chemical Group Co. Ltd.
  • Eastman Chemical Company
  • Gujarat Narmada Valley Fertilizers & Chemicals
  • Luxi Group Co. Ltd.
  • Perstorp Holding AB (PETRONAS Chemicals International B.V.)
  • Shandong Acid Chemicals Co. Ltd.
  • Thermo Fisher Scientific.

Methodology

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