PUNE, India, Sept. 08, 2017 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) Announces the Publication of its Research Report – Global Formic Acid Market Analysis and Forecast 2016-2027.
Market Research Future (MRFR) recognizes the following companies as the key players in the Global Formic Acid Market: BASF SE, Perstorp AB, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers& Chemicals Limited, Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD among others.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to major key developments and strategies of key vendors.
Market Forecast and Highlights:
Commenting on this report, an analyst from Market Research Future (MRFR)’s team said, “Global Formic Acid Market was valued at USD 516.9 million in 2016 and is expected to grow at 4.94% CAGR to reach USD 878.7 million by the end of 2027. Increase in agriculture spending by government and growing demand of preservatives and antibacterial agents in feed additive is expected to propel the market growth. Formic acid possess properties such as high pH level, more acidic, and easy coagulant which benefits application in numerous industries such as leather, dyeing & textile industry and rubber industry.”
Segment Analysis:
The Global Formic Acid Market is segmented on the basis of production method, application and region. On the basis of production method, global formic acid is segmented into carbonylation of methanol, and oxalic acid. Based on application, the global formic acid market is segmented into— animal feed, preservatives, cleaning agents, dyeing and finishing textiles, rubber & leather production and others.
Formic acid is available naturally in ant’s venom though it can be synthesized chemically, through carbonylation of methanol and oxalic acid. Carbonylation of methanol process is used extensively and is projected to grow at CAGR of 4.97% as this preparation method is used by major players such as BASF SE and Perstorp AB.
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Market Application Overview:
Agriculture industry is growing at tremendous rate in emerging economies on account of growing population, thereby rising demand of food grains, vegetable and meat production. Thus, rapidly growing demand of preservatives along with high pH level of formic acid has resulted in increased demand for formic acid in feed additive. It is also used to regulate pH in various chemical processes. With powerful pH of formic acid, it is used in leather industry to maintain the properties. Growing demand of leather in automobile, textile and footwear industry is further fuel the demand of formic acid. Formic acid principal usage is for lowering depletion of decay process in silage preservatives, thus, maintaining nutritional value in food. Rising consumption of meat and preservative products owing to rapidly changing lifestyle is further expected to augment the market growth. Moreover, acidic nature of formic acid and pH regulation makes it excellent usage for production of textile. This acid has advantages such as precise pH control, no contaminants and excellent reliable. Europe is addressable market in leather and tanning industry. In 2016, dyeing & textile segment pegged at 82.6 ’000 tons. In terms of value the segment was valued at USD 67.0 million by 2016 end.
Formic acid is used in industrial and household cleaning applications. It also helps efficient removal of mineral scale such as calcium and iron. Other acids like acetic and phosphoric acid are used as chemical disinfectants releasing toxic gases in environment. However, formic acid does not release any kind of harmful gases, thus leading to increase usage in cleaning and disinfectant products. Formic acid is also used in paper and pulp production owing to lowering degree of polymerization. The most important upcoming usage of salts of formic acid is for deicing of roads and airport runways. Salts like potassium formate removes easily ice from runways helping smooth and efficient flow of airplane. With increasing regulation from environment bodies towards rising global warming from harmful gases has resulted in eco-friendly and compatible usage of formic acid in numerous application.
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Regional Analysis:
Based on geography, the global formic acid market is divided into four regions namely— North America, Europe, Asia Pacific, Rest of the World. Among the aforementioned regions, Asia Pacific market acquired more than half of the market share in terms of value and volume.
Geographically, Asia Pacific region is the largest market for formic acid and accounts for more than 35% of the volume share in the global market, owing to the rapid industrialization, easy availability of raw material supply and presence of largest production base with minimal regulatory norms. China is expected to reach USD 144.3 million by 2027 with CAGR of 5.50%. Lower capital and labor cost are expected to fuel the market growth of formic acid in China. Though, BASF is the largest producer of formic acid based in Germany, Asia Pacific still dominated the market as new capacity are added in countries like China and India. Growing production of commercial vehicles drives the demand of rubber and leather thereby driving the demand of formic acid.
Regional dominance for production of formic acid ranks Europe as the second largest market in terms value and volume. Protuberant trends supporting the market growth in Europe includes the presence of renowned manufacturers of formic acid like BASF and Perstorp dedicated to increase the application with value added products along with the product diversification offering from these manufacturers in the region. Furthermore, ban on antibiotics by European Union in expected to drive the formic acid application from animal feed and preservative. Europe market was valued at USD 150.0 Million in 2016, expanding at a CAGR of nearly 4.98%.
The formic acid market in the North America market witnessed healthy growth rates. Substantial in many parts of the region production of formic acid has stopped owing to regulations but recently EPA U.S. has approved formic acid as active ingredient in pesticides, thus, opening growth opportunities for few manufacturers in the region. Moreover, with further upcoming safety regulation in production of formic acid will provide lucrative opportunity for players in the market.
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