Global Formic Acid Market, By Grade Type (75%, 80%, 85%, 94%, 99%), By Production Method (Oxalic Aci

Published Date: | Report Code : CH1958365

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Increasing demand in animal feed additives for formic acid and silage preservatives is expected to drive the growth of formic acid market during the forecast period. This has resulted some of the key developments by companies operating in the market to consolidate their market positions and look for further niche opportunities.

Formic acid is a colorless corrosive liquid with vesicant properties, also known as methanoic acid or carboxylic acid. It is discovered in insects, of course, and in some crops. Formic acid gives the room temperature a pungent and penetrating smell. HCOOH is formic acid's chemical formula. It is chemically produced by multiple techniques such as carbon dioxide hydrogenation and biomass oxidation. It is also a bi-product of the manufacturing of acetic acid. In water, alcohol and other hydrocarbons, such as acetone and ether, formic acid dissolves. Due to the increase in demand for acid in multiple applications such as preservatives, animal feed, agriculture, and leather, the formic acid market is anticipated to grow considerably in the near future.

Increasing preservative use of the product, its eco-friendliness and high performance are likely to increase the size of the market for formic acid. Increasing living standards have resulted to an increase in the consumption of meat, which in turn has stimulated the feed sector.

Increasing its use in leather & fabrics, rubber, agriculture, and chemical & pharmaceutical industries should drive development in the sector. Due to its prevalent use as an agricultural pesticide, the market size of formic acids should improve, further enhanced by increased harvests owing to increased demand for animal feed

Key Factors Impacting Market Growth:

  • Increasing demand in animal feed additives for formic acid and silage preservatives

  • Ban of antibiotics in Europe

  • Constantly changing weather conditions

Regional Analysis:

On the basis of the region, the formic acid market has been segmented by North America, Western Europe, Eastern Europe, Asia Pacific, Middle East, & Rest of the World. North America and Western Europe being some of major markets are also traditional suppliers of chemicals such as specialty chemicals, bulk chemicals, and so on. Major companies in this market are headquartered in North America and Western Europe. This region has been witnessing number of transitions in terms of productions of chemicals and respective applications by end-use industries. The preference towards bio-based feedstock has been instrumental in the development of the green alternatives in these regions. Moreover, regulatory authorities have imposed strict guidelines with regards environmental concerns and potential health hazards due to exposures. This has been more instrumental in the Western Europe region competitively. Some of the major economies in these regions include US, Germany, UK, France, Canada, Italy, Spain, and so on.

Asia Pacific and Middle East are expected to register substantial growth in formic acid market during the forecast period. This demand is with regards to the growth of major applications such as rubber and leather production, cleaning agent, finishing textile, preservatives, dyeing, animal feed, and others. Major countries in Asia Pacific region include China, South Korea, Japan, India, Australia, and So on. Middle East includes UAE, Saudi Arabia, Iran, Israel, Egypt, and so on. Eastern Europe has been largely dominated by Russia and Turkey with operations of major chemical giants in the region. Rest the World that includes South America and Africa has a strong potential for formic acid market. There has been increasing number of investments by global companies in these regions to strengthen their presence and tap the potential market. Major economies in these regions for formic acid market include Brazil, South Africa, Nigeria, Argentina, Colombia, and others.

Companies Covered: BASF SE, Alfa Aesar, Perstorp AB, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. Ltd., Feicheng Acid Chemicals Co. Ltd., Shanxiyuanping Chemicals Co. Ltd., Samsung Fine Chemicals Co. Ltd., and Taminco Corporation…

Market Segmentation:

By Grade Type:

  • 75%

  • 80%

  • 85%

  • 94%

  • 99%

By Production Method:

  • Oxalic Acid

  • Carbonylation of Methanol

By Application:

  • Rubber and Leather Production

  • Cleaning Agent

  • Finishing Textile

  • Preservatives

  • Dyeing

  • Animal Feed

  • Others

By Region:

  • North America

    • By Country (US, Canada, Mexico)

    • By Grade Type

    • By Production Method

    • By Application

  • Western Europe:

    • By Country (Germany, UK, France, Spain, Rest of Western Europe)

    • By Grade Type

    • By Production Method

    • By Application

  • Eastern Europe:

    • By Country (Russia, Turkey, Rest of Eastern Europe)

    • By Grade Type

    • By Production Method

    • By Application

  • Asia Pacific

    • By Country (China, Japan, India, Rest of Asia Pacific)

    • By Grade Type

    • By Production Method

    • By Application

  • Middle East:

    • By Country (UAE, Qatar, Iran, Saudi Arabia, Rest of Middle East)

    • By Grade Type

    • By Production Method

    • By Application

  • Rest of the World

    • By Region (Latin America, Brazil, Rest of the World)

    • By Grade Type

    • By Production Method

    • By Application

Reasons To Buy This Report:

  • Market size estimation of the formic acid market on a regional and global basis

  • The unique research design for market size estimation and forecast

  • Profiling of major companies operating in the market with key developments

  • Broad scope to cover all the possible segments helping every stakeholder in the market

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