Global Formic Acid Market
Global Formic Acid Market was valued at USD 1.2 billion in 2021 and it is expected to reach at USD 2.9 billion by 2027 at a CAGR 3.8% from 2022-2027.
Formic acid is produced commercially in various products like descalers, rust removers, and institutional laundry detergents. It is particularly useful in the textile industry, where it is used as a pH regulator & to neutralize alkaline solutions. The increase in fiber production & growing living standards are expected to drive demand for the chemical in textile dyeing.
Market Drivers
The increase in adoption of antibacterial agents in cattle feed which is expected to boost the global formic acid market over the forecast period. Also, the rise in emphasis on animal health has limited the use of antibiotics in animal feedstock. The growing requirement for high-quality & environment-friendly materials has increased the usage of formic acid across various industries. In addition, the higher intake of poultry and meat products coupled with the influx of advanced technologies & product diversification in feed acidifiers will propel the global formic acid market growth.
The increase in demand for animal protein worldwide is again augmenting growth of the market. The UN Food & Agricultural Organization estimates that the world will have to produce 60% more food by 2050, and it is believed that animal protein production will grow even more – meats will double, as well as dairy, and fish production will almost triple by 2050 there by increasing the feed consumption which in turn drives the global formic acid market growth.
Market Restraints
The global formic acid market is experiencing certain challenges, such as the emergence of other cost-effective substitutes, urea sulfate for formic acid. This is expected to hamper the global formic acid market growth. Urea sulfate can be used for lowering the pH of leather processing solutions in place of conventional pH lowering acids, such as formic acid.
The use of formic acid at a higher concentration can have negative effect on user. This is expected to restrict the global formic acid market growth.
Market Segmentation
The Global Formic Acid Market is segmented into production method such as Oxalic Acid and Methanol Carbonylation. Further, market is segmented into application such as Animal Feed and Silage Additive, Leather Tanning, Textile Dyeing and Finishing, Intermediary in Pharmaceuticals, and Others.
Regional Analysis
The Global Formic Acid Market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
APAC is expected to dominate the global market over the forecast due to the high feed production. Also, Europe is expected to gain significant growth throughout the forecast period due to the strong presence of economies such as Germany & U.K. As per the information provided by Altech Agri-Food 2022, the country produced around 24.51 million metric tons of feed in 2021, as compared to the 24.93 million metric tons in the year 2020. The country is home to about five of the world’s largest animal feed manufacturers, including AGRAVIS Raiffeisen AG, DTC Deutsche Tiernahrung Cremer GmbH & Co. KG, H. The UK recorded about 1.3 percent growth compound feed production in the year 2020, even after COVID-19 disruptions.
Key Players
BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings AB, POLIOLI SpA, PT Pupuk Kujang, Wuhan Ruisunny Chemical Co. Ltd, etc.
Market Taxonomy
By Production Method
By Application
By Region
Global Formic Acid Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Global Formic Acid Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Global Formic Acid Market, By Production Method
5.1 Y-o-Y Growth Comparison, By Production Method
5.2 Global Formic Acid Market Share Analysis, By Production Method
5.3 Global Formic Acid Market Size and Forecast, By Production Method
5.3.1 Oxalic Acid
5.3.2. Methanol Carbonylation
6 Global Formic Acid Market, By Application
6.1 Y-o-Y Growth Comparison, By Application
6.2 Global Formic Acid Market Share Analysis, By Application
6.3 Global Formic Acid Market Size and Forecast, By Application
6.3.1 Animal Feed and Silage Additive
6.3.2. Leather Tanning
6.3.3. Textile Dyeing and Finishing
6.3.4. Intermediary in Pharmaceuticals
6.3.5. Others
7 Global Formic Acid Market, By Region
7.1 Global Formic Acid Market Share Analysis, By Region
7.2 Global Formic Acid Market Share Analysis, By Region
7.3 Global Formic Acid Market Size and Forecast, By Region
8 North America Formic Acid Market Analysis and Forecast (2022-2027)
8.1 Introduction
8.2 North America Formic Acid Market Share Analysis, By Production Method
8.3 North America Formic Acid Market Size and Forecast, By Application
8.5 North America Formic Acid Market Size and Forecast, By Country
8.5.1 U.S.
8.5.2 Canada
8.5.3 Mexico
9 Europe Formic Acid Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 Europe Formic Acid Market Share Analysis, By Production Method
9.3 Europe Formic Acid Market Size and Forecast, By Application
9.5 Europe Formic Acid Market Size and Forecast, By Country
9.5.1 Germany
9.5.2 France
9.5.3 UK
9.54. Rest of Europe
10 Asia Pacific Formic Acid Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Asia Pacific Formic Acid Market Share Analysis, By Production Method
10.3 Asia Pacific Formic Acid Market Size and Forecast, By Application
10.5 Asia Pacific Formic Acid Market Size and Forecast, By Country
10.5.1 China
10.5.2 Japan
10.5.3 India
10.5.4. Rest of Asia Pacific
11 Latin America Formic Acid Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Latin America Formic Acid Market Share Analysis, By Production Method
11.3 Latin America Formic Acid Market Size and Forecast, By Application
11.5 Latin America Formic Acid Market Size and Forecast, Country
11.5.1. Brazil
11.5.2. Rest of Latin America
12 Middle East Formic Acid Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Middle East Formic Acid Market Share Analysis, By Production Method
12.3 Middle East Formic Acid Market Size and Forecast, By Application
12.5 Middle East Formic Acid Market Size and Forecast, By Country
12.65.1. Saudi Arabia
12.5.2. UAE
12.5.3. Egypt
15.5.4. Kuwait
12.5.5. South Africa
13 Competitive Analysis
13.1 Competition Dashboard
13.2 Market share Analysis of Top Vendors
13.3 Key Development Strategies
14Company Profiles
14.1 BASF SE
14.1.1 Overview
14.1.2 Offerings
14.1.3 Key Financials
14.1.4 Business Segment & Geographic Overview
14.1.5 Key Market Developments
14.1.6 Key Strategies
14.2. Eastman Chemical Company
14.2.1 Overview
14.2.2 Offerings
14.2.3 Key Financials
14.2.4 Business Segment & Geographic Overview
14.2.5 Key Market Developments
14.2.6 Key Strategies
14.3. Shandong Acid Technology Co. Ltd
14.3.1 Overview
14.3.2 Offerings
14.3.3 Key Financials
14.3.4 Business Segment & Geographic Overview
14.3.5 Key Market Developments
14.3.6 Key Strategies
14.4 Gujarat Narmada Valley Fertilizers & Chemicals Limited
14.4.1 Overview
14.4.2 Offerings
14.4.3 Key Financials
14.4.4 Business Segment & Geographic Overview
14.4.5 Key Market Developments
14.4.6 Key Strategies
14.5 LUXI GROUP
14.5.1 Overview
14.5.2 Offerings
14.5.3 Key Financials
14.5.4 Business Segment & Geographic Overview
14.5.5 Key Market Developments
14.5.6 Key Strategies
14.6 Perstorp Holdings AB
14.6.1 Overview
14.6.2 Offerings
14.6.3 Key Financials
14.6.4 Business Segment & Geographic Overview
14.6.5 Key Market Developments
14.6.6 Key Strategies
14.7 POLIOLI SpA
14.7.1 Overview
14.7.2 Offerings
14.7.3 Key Financials
14.7.4 Business Segment & Geographic Overview
14.7.5 Key Market Developments
14.7.6 Key Strategies
14.8 PT Pupuk Kujang
14.8.1 Overview
14.8.2 Offerings
14.8.3 Key Financials
14.8.4 Business Segment & Geographic Overview
14.8.5 Key Market Developments
14.8.6 Key Strategies
14.9 Wuhan Ruisunny Chemical Co. Ltd
14.9.1 Overview
14.9.2 Offerings
14.9.3 Key Financials
14.9.4 Business Segment & Geographic Overview
14.9.5 Key Market Developments
14.9.6 Key Strategies
