Dallas/ Texas, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Due to widening range of formic acid applications across numerous end-use sectors, including leather, textiles, rubber, chemical, pharmaceutical, and agricultural ones, the global formic acid market is expected to increase significantly over the course of the forecast period. According to projections, during the course of the forecast period, demand for antibacterials and preservatives in cattle feed will rise. Owing to the rising demand for tires and consumer goods, the Asia Pacific is expected to see the fastest growth in the application markets for rubber and leather. The antibacterial qualities found in the aforementioned uses further stimulate the global formic acid market for this sector.
The global formic acid market was estimated to be worth US$ 1.6 billion, and it is anticipated to grow at a CAGR of 4.01% to reach US$ 3.01 billion by 2031.
Likewise, formic acid is also employed as an anti-bacterial agent, assisting in the production of animal feed without degrading its nutritional content, increasing demand from dairy businesses. This property of the acid will accelerate the expansion of the formic acid market. Another factor boosting market expansion will be the use of this acid in the chemical and industrial sectors.
Top Manufacturers
- BASF SE (Germany)
- Perstorp AB
- Eastman Chemical Company
- Gujarat Narmada Valley Fertilizers & Chemicals Limited (India)
- Feicheng Acid Chemical
- Chongqing Chuandong Chemical (Group) Co. Ltd
- LUXI Group Co. Ltd
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Formic acid is predicted to be used more frequently in the pharmaceutical business and is in greater demand in the textile industry. These two developments are key drivers of the growth of the formic acid market globally. Formic acid will also be used in the production of rubber products, leather tanning, and food processing, all of which will contribute to the global formic acid market expansion over the projection period. Several factors, including increased health and safety concerns, the end of the use of antibiotics in feedstock, and a rise in the consumption of poultry and beef, are projected to propel the demand over the predicted period.
Formic Acid Market Segmentation
By Production:
- Oxalic Acid
- Carbonylation Of Methanol
On the basis of applications:
- Agriculture
- Leather & Textile
- Rubber
- Chemical & Pharmaceutical
- Dying
- Animal feed
- Others
Geographical Segmentation
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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As the 94% grade formic acid segment becomes more prevalent across a variety of end-user sectors, its annual compensation will raise. Due to its environmental friendliness, it is frequently employed in the processing of leather and textiles. It also serves a variety of functions in the production of cosmetics, pharmaceuticals, detergents, and disinfectants, as well as in the agriculture industry, by restricting microbial development and reducing acidity. The product demand surge will also be boosted by greater utilization of institutional and industrial cleaners.
Regional analysis
With a revenue share of about 71.01%, the APAC region currently has the biggest revenue share and is projected to increase at a 5.99% annual rate in the future. Asia Pacific's larger market share is mostly attributable to the region's quick industrialization and simple access to raw materials. The laws in the area are likewise often loose. As a result, formic acid is becoming more popular. Animal feed additives are in great demand in the region, which is experiencing economic growth and a huge population, and rules from the government encourage this.
Information contained in report
- Historical data coverage: 2017 to 2021; Growth Projections: 2022 to 20231
- Expert’s analysis
- Performance forecast
- Competitive landscape
Competitive landscape
As an illustration, in May 2021, Caverion and Taminco Finland Oy, a Finnish subsidiary of Eastman Chemical Company, entered into a contract for the outsourcing of workshop operations and mechanical and electrical automation maintenance at the latter's Oulu-based chemical plant, which makes formic acid and its derivatives.
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