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Global Formic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End-User Industries, Sales Channel, Company Share, Regional Demand, Foreign Trade, 2015-2035

  • Report

  • October 2023
  • Region: Global
  • ChemAnalyst
  • ID: 5743543

Quick Summary:

In the dynamic world of molecular chemistry, the formic acid market holds significant economic and industrial potential. A colourless, pungent liquid, formic acid’s versatility and antibacterial attributes make it a valuable commodity for an array of industries, from dairy and feedstock preservation to the chemical and industrial sectors. Its powerful properties are used in commercial applications ranging from cosmetics to vasoconstricting medications, tanning, and even the production of greases.

Its daunting consumption forecast to reach around 1300 thousand tonnes by 2035 underlines its increased demand globally, especially in the rapidly urbanizing Asia Pacific region. The high demand for this simple carboxylic acid comes as no surprise given its indispensable role in feedstock preservation, maintaining the nutritional value of animal fodder, thereby making it indispensable to the dairy industry. Furthermore, its ability to prolong the freshness of packaged food while protecting against microbial, mold, and fungal attacks makes it an asset to the food industry. Its demand in pharmaceutical intermediates and the rubber industry further escalates its commercial value.

This comprehensive market research report provides an in-depth exploration of the formic acid market, unveiling the intricate complexities shaping its rapid growth trajectory. Its critical insights will strategically position businesses to tap into the immense opportunities presented by this niche market sector.

The Global Formic Acid Market Has Reached Around 710 Thousand Tonnes in 2021 and is Expected to Grow at a CAGR of 4.45% During the Forecast Period Until 2035

The global Formic Acid market has reached around 710 thousand tonnes in 2021 and is expected to grow at a CAGR of 4.45% during the forecast period until 2035. Currently, China is the highest producer of
Formic Acid. BASF holds the highest capacity and operates exclusively in European countries. Deicing is one of the popular applications in European countries like Frankfurt, Switzerland, Germany, Zurich which drives the demand of formic acid in these Western countries.

Formic acid is the simplest form of carboxylic acid with chemical formula HCOOH. This acid the IUPAC name as Methanoic acid and it occurs naturally in ant sting. It is a colorless liquid with a pungent smell. Formic Acid is synthesized by two different methods. In the first method, it is produced as a by-product of acetic acid. Another method is formation of methyl formate by carbonylation of methanol, then hydrolyzing the ester, and rectifying the byproducts. The extract derives from Ester, salts, and anions. Due to the antibacterial properties of Formic Acid, it is used for various industries, such as livestock feed preservation and as an additive for animal feeds, and fungicides. Formic Acid is used as an ingredient of cosmetics, an cleaning, tanning, or acidifying purposes, as a cleaner, an additive for greases, and for the manufacture of vasoconstricting medication. This Acid finds its application in preservation, fermentation, fuel cell, soldering, deicing, textiles, leather, cleaning, etc.

On a global level, the demand for preservation and agriculture sector is driving the Formic Acid market. Owning up to its anti-bacterial properties, Formic Acid helps in the preservation of feedstock of animal fodder without affecting its nutritional value, leading to its high demand from the dairy industries. This factor is anticipated to pace up the Formic Acid market growth in the forecast period. Moreover, the application of this acid in the chemical and industrial sectors are anticipated to be an additional factor driving the market growth. Formic Acid has a huge hand in packaged food. Foods can be stored and transported more easily when they are preserved with formic acid, especially perishables with short shelf lives. With formic acid, edibles stay fresher for longer and resists attacks from microbes, mold, and fungus. Formic acid consumption is expected to reach around 1300 thousand tonnes by 2035.

The dominating region that demands the most significant volume in Asia Pacific Region. With the rapid urbanization, the demand of agriculture and rubber industry is bound to expand in developing countries like India, Japan, and China, fueling the Formic Acid in the forecast period. China is topping the chart for exporting the highest volume of Formic Acid across the globe.

Based on the end-user industry, the Formic Acid market is segmented into Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others. However, Silage and animal feed is the biggest end-user market of Formic Acid, holding a share of approximately 28%. Another crucial end-user of Formic Acid is Rubber and Pharmaceutical Intermediate has sizable market shares in the formic acid sector and is projected to nearly double in value over the next few years.

Significant companies for Global formic acid are BASF SE, Shandong Feicheng Acid Chemicals Co.Ltd., Mudanjiang Fengda Chemicals Co., Ltd, LUXI Group, Polioli, Perstorp, Taminco Corporation, Rashtriya Chemicals and Fertilizers Limited, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Huanghua Pengfa Chemical Co., Ltd and Others.

Years considered for this report:

  • Historical Period: 2015- 2021
  • Base Year: 2021
  • Estimated Year: 2022
  • Forecast Period: 2023-2035

The objective of the Study:

  • To assess the demand-supply scenario of Formic Acid, which covers the production, demand, and supply of Formic Acid around the globe.
  • To analyze and forecast the market size of Formic Acid.
  • To classify and forecast the Global Formic Acid market based on end-use and regional distribution.
  • To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Formic Acid market.
To extract data for the Global Formic Acid market, primary research surveys were conducted with Formic Acid manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, the publisher was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, the report analyzes various segments and projected a positive outlook for the Global Formic Acid market over the coming years.

The publisher calculated Formic Acid demand around the globe by analyzing the historical data and demand forecast, which was carried out considering the production of raw material to produce Formic Acid. The publisher sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, etc., were also studied by the publisher.

Key Target Audience:

  • Formic Acid manufacturers and other stakeholders
  • Organizations, forums and alliances related to Formic Acid distribution
  • Government bodies such as regulating authorities and policy makers
  • Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Formic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.

Report Scope:

In this report, Global Formic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
  • Market, by End-use: Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others
  • Market, by Sales Channel: Direct Sale and Indirect Sale
  • Market, by Region: North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Available Customizations:

With the given market data, the publisher offers customizations according to a company’s specific needs.

Table of Contents

1. Capacity By Company
  • On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Formic Acid.
2. Capacity By Location
  • To better understand the regional supply of Formic Acid by analyzing its manufacturers' location-based capacity.
3. Production By Company
  • Study the historical annual production of Formic Acid by the leading players and forecast how it will grow in the coming years.
4. Demand by End- Use
  • Discover which end-user industry (Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others) are creating a market and the forecast for the growth of the Formic Acid market.
5. Demand by Region
  • Analyzing the change in demand of Formic Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
6. Demand by Sales Channel (Direct and Indirect)
  • Multiple channels are used to sell Formic Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
7. Demand-Supply Gap
  • Determine the supply-demand gap to gain information about the trade surplus or deficiency of Formic Acid.
8. Company Share
  • Figure out what proportion of the market share of Formic Acid is currently held by leading players across the globe.
9. Country-wise Export
  • Get details about quantity of Formic Acid exported by major countries.
10. Country-wise Import
Get details about quantity of Formic Acid imported by major countries.
11. Pricing Analysis & Forecast
  • Analyze historical prices since 2015 & Forecast on three months rolling period for next 12 months.