Newark, March 08, 2023 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 1.50 billion in 2022 formic acid market will reach USD 2.11 billion by 2032. The global food sector will directly impact how climate change affects animals. A global food crisis will result if animal health is not prioritized by creating prioritizing good quality and healthy animal feed, which is high in nutritive value. The highly nutritious animal feed supports animal growth, development and immunity which fights off diseases and infections that are on the rise globally. Furthermore, there is a need to maintain a healthy lifestyle due to the increase in incidences of obesity, digestive problems, and gut diseases. Consumer preferences have changed in favour of fermented goods such as probiotic yoghurt, kombucha, kefir, kimchi, miso, and natto, among others, as the demand for a healthy lifestyle and the population's disposable income has increased. This food and beverages use formic acid and will drive the market's growth. Additionally, formic acid is currently widely utilized in the healthcare and personal care industries due to increased research and development. They are employed in the healthcare sector to make antiviral and antibacterial, and antibiotic medicines. They are used in the personal care sector to make serums, moisturizers, and masks. The scope of application has expanded as a result of future product improvements.
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Key Insight of the Formic acid Market
Asia Pacific is expected to dominate the market during the forecast period.
Due to rising consumer demand in the region, the Asia Pacific now controls the majority of the formic acid market. India and China, in particular, make up a significant chunk of the Asia Pacific region's population. The consumer markets in the two nations are substantial. The regional market also includes a strong manufacturing sector that serves the market's substantial customer base. The rising demand for food, drinks, and textiles has been influenced by the region's rising per capita income. The expansive network of pharmaceutical chains in China and India also contributes to the expansion of the regional market. These countries' sizable livestock industries will drive up demand for formic acid, which is used to preserve animal feed. The region's dairy industry, which is expanding and is known for producing goods that are worth exporting, will aid in the growth of the formic acid market there.
In 2022, the 94% grade segment dominated the market with the largest market share of 48% and market revenue of 0.72 billion.
The grade type segment is divided into 85% grade, 94% grade, 99% grade and others. In 2022, the 94% grade segment dominated the market with the largest market share of 48% and market revenue of 0.72 billion.
In 2022, the silage additives and animal feeds segment accounted for the largest share of the market, with 37% and a market revenue of 0.55 billion.
The end user is divided into silage additives and animal feeds, textile dyeing, rubber chemicals, pharmaceutical intermediate, leather and tanning, oil and gas, and others. In 2022, the silage additives and animal feeds segment accounted for the largest share of the market, with 37% and a market revenue of 0.55 billion.
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Advancement in market
May 2021 - Researchers from the National Center for Atmospheric Research (NCAR) and Forschungszentrum Jülich in Germany led an international team of researchers in a recent study that identified the main process causing formic acid to form in the atmosphere. The discovery will aid in the improvement of atmospheric models and our comprehension of weather and climate. Carbon dioxide and organic acids like formic acid are increasingly determining factors in the acidity of the atmosphere. This acid affects the acidity of precipitation and helps create airborne particles that produce raindrops. Formic acid tends to be a minor player in prior atmospheric chemistry models since the molecular pathways underlying its synthesis are not fully understood. Using computer simulations and field observations, the researchers in the new study identified the chemical reactions that produce the majority of atmospheric formic acid. NCAR contributed to atmospheric chemistry observations.
Market Dynamics
Driver: The world economy's expanding demand for formic acid from the agricultural sector
The world economy depends heavily on the dairy, cattle, and agricultural sectors. These industries make up the foundation of the economy and provide a living and work to millions of people worldwide. The world's food security and safety depend on these sectors. Governments worldwide are promoting livestock rearing to boost farmers' or agricultural workers' wages and provide them with more security over their finances. Animal health is given priority in the global economy since livestock quality is equally essential. Due to its antibacterial and preservative qualities, formic acid is the best solution for preserving the nutritional value of animal feed and halting the decaying process. A cost-effective method of ensuring animal health is to use formic acid. High-quality animal products are ensured by good animal health. The livestock is better able to fight off illnesses and infections thanks to nutrient-rich animal feed. Formic acid is additionally used in the dairy business to extend shelf life and get rid of dangerous germs like E. coli. As a result, the demand for animal feed will increase along with the importance of livestock, which will fuel the growth of the global market for formic acid.
Restraint: Formic acid is related to various health hazards
When formic acid comes into touch with the skin or is inhaled, it can lead to several health risks. Long-term exposure can harm internal organs, including the lungs, oesophagus, eyes, and skin. The acidic nature of the material can irritate the skin, throat, nose, and eyes. In addition to causing discomfort, prolonged exposure can also result in headaches, nausea, vomiting, and allergies. Irreversible harm to the kidneys, lungs, and eyes constitutes a serious health danger. Because of the numerous health concerns associated with formic acid exposure, its development will be constrained.
Opportunities: The expanding uses of formic acid
The antibacterial and preservation qualities of formic acid make it the perfect choice for usage in the agriculture sector to preserve animal feed. , these qualities are also sought after in the food and beverage sector to preserve the nutritional content of the products and lengthen their shelf life. Formic acid is used in similar ways in the tanning of leather, fuel cells, personal care, and cosmetics industries, to mention a few. Formic acid is also used as a reactant in the production of industrial cleaning products. Future demand for formic acid will also increase due to its considerable application in rubber, textiles, and pharmaceuticals. The need for food, beverages, clothing, cleaning supplies, medications, and cosmetics will rise as the world's population expands and as disposable income rises. This increase in consumer demand will support the demand for formic acid. Therefore, throughout the projection period, the global market will benefit greatly from the expanding uses for formic acid.
Challenge: The strict legal requirements governing the applications and uses of formic acid
Formic acid is categorized as a serious occupational hazard material monitored and managed by the appropriate authorities due to its significant health concerns. Given the formic acid's sensible application base, there are well-defined occupational health regulations that have proper rules and guidelines that govern its usage, exposure, preventive measures, and corrective actions in the event of accidents. The relevant institution in each nation scrupulously complies with these rules. Therefore, the strict regulations limiting formic acid's uses and applications will hinder the market's expansion.
Some of the major players operating in the formic acid market are:
• BASF SE
• Eastman Chemical Co. Ltd.
• Gujarat Narmada Valley Fertilizers and Chemicals Limited
• Huanghua Pengfa Chemical Co. Ltd.
• LUXI Group
• Mudanjiang Fengda Chemicals Co. Ltd.
• Perstorp
• Rashtriya Chemicals and Fertilizers Limited
• Shandong Feicheng Acid Chemicals Co. Ltd.
• Taminco Corporation
Key Segments cover in the market:
By Grade Type
• 85% Grade
• 94% Grade
• 99% Grade
• Others
By End User
• Silage Additives and Animal Feeds
• Textile Dyeing
• Rubber Chemicals
• Pharmaceutical Intermediate
• Leather and Tanning
• Oil and Gas
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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