Formic Acid Market

Formic Acid Market Size, Growth Rate:

Formic Acid Market size was valued USD XX.X million in 2017, it is expected to reach USD XX.XX million by the end of 2027, with growth at a CAGR of 4.94% during the forecast period 2018-2027. Formic acid is a colorless chemical noticeable by its pungent odor. It can be gained naturally via the venom of ants or bees and produced synthetically as well.

Formic Acid Market Growth and Demand:

The ban on antibiotics as growth promoters in animal feedstocks has provided an opportunity for formic acid manufacturers. Formic acid can improve the diet of animals and improve the meat quality preferred by consumers. Furthermore, the increasing usage of the compound in the amalgamation of latex for the production of rubber sheets is expected to augment demand for the formic acid market in the forthcoming years. The emphasis on crop production and farmers to cater to the burgeoning food demand is projected to boost market volume over the forecast period.

The use of formic acid as a viable compound for storing hydrogen and designed to function in a hydrogen fuel cell. Investments in developing economies to expand the production capacity is one of the major trends in the industry. But the fluctuating prices of raw materials may deter market growth.

Formic Acid Market Regional Existence:

With a market share of around 70%, the APAC is fetching the maximum revenue and can expect a CAGR of 5.97% to assist the market sail through in the near future. The region has several countries that are witnessing an economic boom and have a huge population base which is generating significant demand for the animal feed additives, and government regulations are also supportive. At the same time, consumer buying capacity is also increasing in countries such as India, China, South Korea, and Thailand. The European market is in the second spot with a 24.9% market share and can rise with a CAGR of 5.31% during the forecast period. North America, on the other hand, has started picking up the pace and 4.73% CAGR is quite impressive in relation to formic acid’s present market proliferation.

Notable Companies Operating in the Formic Acid Market:

• BASF SE (Germany)
• Feicheng Acid Chemical (China)
• Gujarat Narmada Valley Fertilizers & Chemicals Limited (India)
• Chongqing Chuandong Chemical (Group) Co., Ltd (China)
• LUXI Group Co., Ltd. (China)
• Eastman Chemical Company (U.S)
• Perstorp AB (Sweden)

Formic Acid Market – Analysis Period:

• Base Year - 2016
• Projection Period - From 2017 to 2027
• Market Denomination - USD Million
• Conversion Rate - Considered as per the respective financial years

Formic Acid Market – Detailed Segmentation:

Formic Acid Market – By Production Method:

• Oxalic Acid
• Carbonylation of Methanol

Formic Acid Market – By Application:

• Rubber and Leather Production
• Cleaning Agent
• Finishing Textile
• Preservatives
• Dyeing
• Animal Feed
• Others

Formic Acid Market – By Geographical Segmentation:

• North America

  • The U.S.
  • Canada

• Latin America

  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America

• Europe

  • Germany
  • France
  • The U.K.
  • Italy
  • Spain
  • Russia
  • Belgium
  • Poland
  • Portugal
  • The Netherlands
  • Czech Republic
  • Austria

• Asia Pacific

  • Japan
  • China
  • India
  • Rest of Asia Pacific

• The Middle East & Africa

  • Turkey
  • North Africa
  • Gulf Cooperation Council (GCC)
  • Rest of the Middle East & Africa

Formic Acid Market – Intended Audience:

• Formic Acid Manufacturers
• Suppliers and Distributors
• Potential Investors
• Raw Material Suppliers
• Associations
• Government
• End-use Industries