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The Global Formic Acid Market is witnessing an exponential surge over the past few years. Increasing application areas of Formic Acid such as preservatives, pesticides, cleaning agents like detergents and in leather production are fostering the growth of the market. Also, formic acid is extensively used in the agriculture industry as a pesticide owing to its antibacterial properties.Moreover, vast usages of Formic Acid in the production of insecticides accelerate the market at a global level. According to Market Research Future (MRFR), the Global Formic Acid Market is poised to reach USD 878.7 MN by 2027. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 4.94% during the review period of 2017-2027. In 2016, the market was observed to have generated a value of USD 516.9 MN.
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In addition, the application of Formic Acid on fodders & animal feed to increase their nutritional value encourage market growth intrusively. Furthermore, factors such as changing lifestyles of people have fueled the textile business extensively, therefore increasing the use of this acid for dyeing & finishing of the fabric. Besides, elevating standards of living has increased the consumption of meat products which, as a result, drives the market growth, creating a massive demand for animal feed.
On the other hand, changing climatic conditions in some regions, are hampering the growth of the market, impacting application industries like preservatives, animal feed, and leather & rubber industry.
Moreover, higher toxicity levels of Formic Acid are also anticipated to impede market growth. Nevertheless, product diversification and technological advancements in feed additive would support market growth, providing substantial opportunities to market players.
Global Formic Acid Market - Competitive Analysis
Highly Competitive, the Global Formic Acid Market appears fragmented due to the presence of many large and small-scale players. These players, alongside the new entrants, churn the market competition to gain a competitive advantage. Players also incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and technology launch to sustain their market positions. Leading players also make high investments in local and emerging markets to maintain their market position and to expand their footprints and distribution network, globally. They also consider the expansion of production capacity and supply chain.
Major Players:
Players Leading the Formic Acid Market include Perstorp AB (Sweden), BASF SE (Germany), Eastman Chemical Company (US), Feicheng Acid Chemical (China), Gujarat Narmada Valley Fertilizers & Chemicals Limited (India), Chongqing Chuandong Chemical (Group) Co., Ltd (China), and LUXI Group Co., Ltd (China), among others.
Industry/ Innovation/ Related News:
September 03, 2019 ---- Eastman Chemical Company (the US), a leading global manufacturer of materials, specialty additives, chemicals, and fibers announced that its investors’ sentiment has increased to 1.22 in Q1 2019. Eastman has a market cap of USD 8.60 BN, and its additives & functional products segment offers specialty coalescent, specialty & commodity solvents, paint additives, and Formic Acid-based solution.
The investment professionals have reported a rise of 113.03 million shares in 2018Q4. Also, the number of investment professionals holding Eastman Chemical Co in top ten positions were increased to 179 new positions.
March 04, 2019 --- The University of Kentucky Center for Applied Energy Research (CAER – the US) announced receiving a grant of USD 800,000 from the Department of Energy (DOE) to turn carbon dioxide into valuable products. The project funded by DOE’s Office of fossil energy is named as ‘An Intensified Electro-Catalytic Process for Production of Formic Acid from Power Plant CO2 Emissions’.
The outcomes of the project would have two major benefits: reducing the cost of capturing CO2 from a coal-fired utility unit; and production of formic acid, a valuable chemical feedstock at a lower cost, contributing to potential advances in the fuel cell, hydrogen storage, and chemical manufacturing markets.
Global Formic Acid Market - Segments
The report is segmented into three market dynamics to widen the scope of understanding,
By Production Method: Oxalic Acid and Carbonylation of Methanol, among others.
By Applications: Animal Feed, Preservatives, Cleaning Agents, Dyeing & Finishing Textiles, and Rubber & Leather Production, among others.
By Regions: North America, Europe, APAC and the Rest-of-the-World.
Global Formic Acid Market - Regional Analysis
The Asia Pacific region dominates the Global Formic Acid Market with the largest market share. Rapid industrialization and urbanization, alongside favorable regulatory norms in the region, foster the growth of the market. In 2016, the APAC Formic Acid Market had globally accounted for over 35% of the market share, in terms of volumes. The region is expected to register a CAGR of 5.97% throughout the forecast period, fetching the maximum revenues.
The region has long been fascinating foreign investors due to its raw material advantage and the cost-competitive workforce. That as a result propels the regional market growth, increasing the numbers of production plants. China, among other APAC countries, accounts for the largest producer for Formic Acid led by the availability of labors at competitive rates. Due to the presence of the largest production base, the Formic Acid Market in China is projected to evaluate at USD 144.3 Mn by 2027 with CAGR of 5.50% during 2017-2027.
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The Formic Acid Market in the European accounts for the second-largest market, globally. The presence of large numbers of manufacturers offering a superior quality product like Perstorp AB and BASF impacting the regional market growth, positively. In 2016, the region had acquired 24.9% market share, and it is further expected to rise at 5.31% CAGR of during the forecast period. Several European countries are witnessing an economic boom and increased population, which is pushing up the market growth, generating significant demand for animal feed additives. Also, supportive government regulations in Europe are fostering the production of Formic Acid, exclusively.
The North America Formic Acid Market is brisk and expected to grow at 4.73% CAGR over the assessment period. North America has started picking up the pace, which is quite impressive in terms of recent market proliferation.
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