The global formic acid market is growing at a rapid pace. The market growth attributes to the spurting growth in application industries such as animal feed, textiles, and others. Also, formic acid is widely used as a preservative in animal feed and rubber production, which creates enormous market demand. Increasing consumption of formic acid across end-use industries such as rubber & leather production, cleaning agent, finishing textile, preservatives, dyeing, animal feed, and others escalate the market growth.
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According to Market Research Future (MRFR), the valuation of global formic acid market is poised to grow further at 9.53% CAGR during the review period (2023-2030). Cost-competitive economics acts as a significant driving force behind the successful market introduction of formic acid. Besides, increasing emphasis on crop production and farmers to cater to the augmenting food demand boosts the market demand.
Furthermore, the increasing usage of formic acid in pesticides, alongside the production of latex for rubber sheets, fosters the growth of the market. Additionally, the ever-increasing population and substantial investments to expand the formic acid production capacities, influence market growth. On the other hand, fluctuating prices and the demand-supply gap in raw materials required for the production of formic acid are major factors expected to hamper the market growth.
Global Formic Acid Market - Segmentation
The report is segmented into three dynamics;
By Production Method: Carbonylation of Methanol and Oxalic Acid.
By Application : Rubber & Leather Production, Cleaning Agent, Finishing Textile, Preservatives, Dyeing, Animal Feed, and others.
By Regions : Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Formic Acid Market - Geographical Analysis
Asia Pacific dominates the global formic acid market. In 2016, the region accounted for over 35% of the overall market share. The largest market share attributes to the rapid industrialization and urbanization. The region has been attracting foreign investors for long due to its raw material advantage and cost-competitive workforce. As a result, there are a large number of formic acid production plants in the region, which drive the regional market excellently.
China accounts for the largest producer for the formic acid, followed by India. Moreover, the increasing consumption of formic acid in the production of rubber & leather production, cleaning agent, and textile dyeing & finishing in the region fosters market growth. Furthermore, the growing applications of formic acid in animal feed and preservatives drive the market demand. The APAC formic acid market is projected to retain its dominance throughout the estimated period.
Europe stands second in the global formic acid market. The market is increasingly driven by the growing consumption of formic acid across end-use industries in the region. Moreover, the strong presence of major manufacturers offering superior quality like Perstorp AB & BASF fuels the regional market growth. Furthermore, the rising demand for formic acid from animal feed and textile industries in the region positively impacts market growth. The European formic acid market is estimated to create a substantial revenue pocket during the assessment period.
The North America formic acid market is growing rapidly. Factors such as the presence of major industry players and well-developed end-user industries influence market growth. Besides, increasing investments in the burgeoning textile industry, rising R&D expenditures, and growing numbers of strategic deals of industry players in the region drive the market growth. The North American formic acid market is predicted to grow at an impressive CAGR during the review period.
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Formic Acid Market - Competitive Landscape
The formic acid market appears highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share, industry players incorporate strategic initiatives such as collaboration, mergers & acquisition, expansion, and product/technology launch.
Industry players make substantial investments locally and in the emerging countries to expand their production capacity, distribution network, and supply chain. Due to this, obtaining strong financial support becomes very critical for suppliers to sustain in the market. Industry players strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Players leading the global formic acid market include Feicheng Acid Chemical (China), BASF SE (Germany), Gujarat Narmada Valley Fertilizers & Chemicals Limited (India), LUXI Group Co., Ltd. (China), Chongqing Chuandong Chemical (Group) Co., Ltd (China), Eastman Chemical Company (U.S), and Perstorp AB (Sweden), among others.
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Industry/ Innovation/ Related News:
July 07, 2020 ---- Researchers from Linköping University, Sweden, announced the development of a graphene-based system that can use sunlight to produce fuel from carbon dioxide and water. The team suggests that the system can capture carbon dioxide from the atmosphere and use it from sunlight to convert it into methane, ethanol, and methanol. Using this system, solar plants could take solar energy and turn greenhouse gases into methane, formic acid, and other chemical compounds. These can be used as fuel in vehicles adapted to use natural gaseous energy sources. Additionally, carbon monoxide, methane, and formic acid by-products could be further processed or used in the industry.
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