Pune, June 19, 2023 (GLOBE NEWSWIRE) -- Maximize Market Research, an international business & consultancy firm has recently published a research report on the “Formic Acid Market”. The total global market size for the “Formic Acid Market” was valued at USD 1.96 Bn in 2022 and is expected to grow at a CAGR of 4.8 percent over the forecast period to reach USD 2.85 Bn by 2029.
| Market Size in 2022 | USD 1.96 Bn |
| Market Size in 2029 | USD 2.85 Bn |
| CAGR | 4.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 267 |
| No. of Tables | 128 |
| No. of Charts and Figures | 122 |
| Segment Covered | By Grade Type, Application, End-Users and Region |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2023−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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Formic Acid Market Report Scope and Research Methodology
The report presents the Formic Acid Market dynamics including drivers, challenges, opportunities, and Restraining Factors. An analysis of key players and their market segments, business development strategy, geographical expansion, cost & manufacturing, and pricing structures are given in the report. PESTLE, a Porter five Forces analysis was used for the industry study in Formic Acid Market. The bottom approach is used to estimate the market size and SWOT was used to determine the strength and weakness of the industry. The Formic Acid Market attractiveness index is given based on Porter’s five-force analysis. The qualitative and quantitative data were collected from both primary and secondary research techniques.
Formic Acid Market Overview
Formic acid or methanoic acid works as a preservative and antibiotics agent, which is colourless and fuming acid. It is widely used in the chemical industry for manufacturing leather and rubber. It is handled carefully due to its hazardous chemical reactions. The increasing demand for formic acid for preservation and anti-bacterial store animal feedstock purposes.
High Demand for Formic Acid in the Food Processing and Pharmaceutical Industry to Boost the Market Growth
Formic Acid is used for leather tanning and rubber manufacturing processes and it is also used for feedstock preservatives. The increasing need for food preservatives and feed additives, and the growing consumption of meat and poultry are some key influencing factors for the market growth. Agricultural, livestock and dairy sectors are some common and major economic growth applications across the world. Government initiatives for increasing laborer and farmer income as well as providing security and boosting the market demand. Antibacterial properties of the formic acid result as it is used in packing food.
The huge demand for processed food overall in the world is expected to drive Formic Acid in the global formic acid market. However, a higher concentration of formic acid is used, and it works as hazardous fumes. This will create skin issues such as allergic reactions on the skin, eye injury, and harm to the mucous membrane of the mouth and throat and other problems. These all high toxicity nature factors are expected to restrain the market growth.
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Asia Pacific held the largest Formic Acid Market share in 2022 and is expected to sustain its potion in the global market during the forecast period
Asia Pacific market growth is driven by the huge expansion of the agriculture sector. Agricultural activities are the main economic factor in this region and the primary income source. The growth of the textile, rubber, leather, and pharmaceutical industries is expected to fuel the market. In North America, the market is influenced due to the high production of formic acid headquarters such as BASF and Geismar and major manufacturers are responsible for the market growth potential. The increasing investment for formic acid, demand for livestock feed and leather-based products industry growth are expected to boost the regional market growth.
Formic Acid Market Segmentation
By Grade Type:
- Grade 85%
- Grade 94%
- Grade 99%
- Others
Based on the Grade Type, the 85% Formic Acid segment is to dominate the market over the forecast period
In 2022, the grade 85% segment held the largest market share and is expected to grow at a significant CAGR throughout the forecast period. Also, the grade 94% segment dominated the 48 % market share in 2022. This is due to it being widely used in various applications such as food and beverages, pharmaceutical, textile and chemical industries. The increasing popularity of this segment is because it is less harmful to the environment and better. All are key factors for influencing the segment growth in the market.
By Application:
- Animal Feed
- Silage
- Leather tanning
- Textile dyeing
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Based on the Application, the Animal Feed segment is to account for the market over the forecast period
The animal feed segment dominated the market share in 2022. Formic acid is used for animal feed because it maintains the nutritional level of agricultural animals. It has antibiotic properties and prevents feed from insects and bacteria. Such all are key responsibilities for the animal feed segment growth in the global market.
By End-User
- Agriculture
- Pharmaceutical
- Others
Based on the End-User, the agriculture segment is to hold the market during the forecast period
In 2022, the agriculture end-user segment held the largest global market share and is expected to grow at a significant CAGR over the forecast period. Formic acid is a major component in agriculture sectors and is used as a spayed on the crop for their longer lifespan to poultry farming applying to feed to kill harmful bacteria. This is expected to fuel the segment growth market.
Formic Acid Key Players include:
- BASF Intermediate Division
- BASF SE
- Celanese Corporation
- Chongqing Chuandong Chemical (Group) Co., Ltd.
- Eastman Chemical Company
- Feicheng Acid Chemicals Co., Ltd.
- Fleurchem, Inc.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
- Kemira Oyj
- LUXI Group Co., Ltd.
- Perstorp Holding AB
- Yara International ASA
- Perstorp,
- Luxi Chemical Group Co. Ltd.
- Eastman Chemical Company
- Anhui Asahi Kasei Chemical
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Key questions answered in the Formic Acid Market are:
- What is Formic Acid?
- What was the Formic Acid Market Size in 2022?
- What is the expected Formic Acid Market size by 2029?
- What is the growth rate of the Formic Acid Market?
- What are the key benefits of the Formic Acid Market?
- What are the new trends in Formic Acid?
- Which segment dominated the Formic Acid Market growth?
- What is the demand pattern for the Formic Acid Market?
- What are the driving, opportunity and restraining factors in the global Formic Acid Market?
- Which are the factors expected to drive the Formic Acid Market growth?
- Which factors are expected to restrain the Formic Acid Market growth?
- Which region held the largest share of the Formic Acid Market?
- Who are the key players in the Formic Acid Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by different segment | 2023−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by Grade Type, Application, End-Users and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
Maximize Market Research is a leading Material & Chemical research firm that has also published the following reports:
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Propionic Acid Market: The total market size was valued at USD 1.58 Bn in 2021 and the total revenue is expected to grow at a CAGR of 6.5 percent from 2022 to 2029, reaching USD 2.63 Bn. The growth of the food and beverages industry is expected to drive market growth.
Bio-Based Organic Acids Market: The total market size was valued at USD 26.92 Bn in 2022 and the total revenue is expected to grow at a CAGR of 7.53 percent from 2023 to 2029, reaching USD 44.75 Bn. Increasing demand to produce a more sustainable bioprocess for the production of materials, chemicals is expected to drive market growth.
Organic Acid Market: The total market size was valued at USD 10.35 Bn in 2021 and the total revenue is expected to grow at a CAGR of 5.10 percent from 2022 to 2029, reaching USD 15.40 Bn. The increasing use of organic acid for bakery, dairy, livestock feed, beverages, and pharmaceutical applications is expected to drive market growth.
Feed Preservatives Market: The total market size was valued at USD 4.79 Bn in 2022 and the total revenue is expected to grow at a CAGR of 6.6 percent from 2022 to 2029, reaching USD 7.49 Bn. The improving quality of food and animal products is expected to drive market growth.
About Maximize Market Research:
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