Formic Acid Market Size, Share, Top Key Players, Growth, Trend and Forecast Till 2027
Formic Acid Market Foreseen to be
Worth USD 837.8 Million by 2027
The soaring demand for anti-bacterial preservatives
for animal feed and increasing industrial applications of formic acid are the
key drivers for the global market growth
Market
Size – USD 760.5 Million in 2019, Market Growth - CAGR of 1.2%, Market Trends
– Augmenting demand in the textiles industry
The
global formic acid market is expected to be valued at USD
837.8 Million in 2027 from USD 760.5 Million in 2019, registering a CAGR of 1.2%
through the forecast period. Formic acid, also known as carboxylic acid, is a
colorless, corrosive chemical substance naturally found in a variety of plants
and insects. It releases a pungent odor at room temperature and can be
industrially manufactured through biomass oxidation and hydrogenation of carbon
dioxide. Formic acid is an essential component in various products, including
chemical preservatives, fertilizers, animal feed, and leather products. It is
an eco-friendly de-icing agent used to make airport runways ice-free and can
also be used as a catalyst in the production of various chemicals.
The
global formic acid market is expected to grow at a rapid pace over the
upcoming years due to various favorable factors. The surging applications of
formic acid in the pharmaceutical, leather textiles, rubber, food processing
& preservation, and agricultural industries are key parameters contributing
to the global market growth. In the agricultural sector, formic acid is widely
used as an anti-bacterial preservative in livestock feed. It is sprayed on
fresh hay to prevent decay or bacterial growth. It is also utilized in the oil
& gas sector as a thickener for drilling fluids. The expanding food &
beverage industry, growing consumption of dairy & poultry products, rising
demand for leather textiles, rising applications in the pharmaceutical industry,
and increasing use of rubber in various industries, such as automotive, are
vital factors spurring the global formic acid market growth.
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Key
findings from the report:
· Based on application, the leather
tanning sub-segment holds the largest share of the global formic acid
market. The rapid growth of this segment is accredited to the escalating demand
for leather apparel and shoes, increasing use of leather accessories such as
belts and bracelets, and the growing use of leather in the automotive sector
for vehicle interiors. The thriving fashion industry, changing lifestyles of
millennials, and the surging disposable incomes of people further boost this
segment’s growth.
· The Asia Pacific formic acid market
is foreseen as the largest regional market over the forecast period, retaining
the highest revenue share. The rising consumption of milk and poultry products,
the booming agricultural sector, the growing demand for leather textiles and
footwear, and the expanding pharmaceutical sector, especially in countries
India and Japan, are the primary factors stimulating the growth of the Asia Pacific
market. Moreover, the rapid growth of the rubber industry in the region,
growing demand for formic acid in the food processing industry, increasing
demand for animal feed, the growing demand for food, and the rising population
are the other significant aspects of the regional market growth.
· Prominent companies operating in the
global formic acid market include BASF SE, Eastman Chemical Company,
Perstorp, Feicheng Acid Chemical, LUXI Group Co. Ltd., Taminco, Shanxiyuanping
Chemicals Co. Ltd., Helm Italia S.R.L., Gujarat Narmada Valley Fertilizers Co.
Ltd., Chongqing Chuandong Chemical, and Rashtriya Chemicals & Fertilizers.
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For the
purpose of this report, the global formic acid market has been segmented on the
basis of grade, production process, application, and region:
Grade
Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- 75%
- 80%
- 85%
- 94%
- 99%
Production
Process Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Carboxylation of Methanol
- Oxalic Acid
Application
Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Textile Dyeing and Finishing
- Leather Tanning
- Rubber Production
- Intermediary in Pharmaceuticals
- Food Processing
- Animal Feed
- Others
Regional
Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
§ North America
•
U.S.
•
Canada
§ Europe
•
Germany
•
U.K.
•
France
•
BENELUX
•
Rest
of Europe
§ Asia Pacific
•
China
•
Japan
•
South
Korea
•
Rest
of Asia Pacific
§ Latin America
•
Brazil
•
Rest
of Latin America
§ Middle East & Africa
•
Saudi
Arabia
•
U.A.E.
•
Rest
of Middle East & Africa
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