Formic Acid Global Market –
Overview
Formic Acid market is surging
exponentially mainly due to its increasing application as preservatives,
pesticides, cleaning agents like detergents and in leather production.
Owing to its antibacterial properties, formic acid is extensively used in
food products as a preservative & in agriculture industry it is used as a
pesticide. Owing to which agriculture industry is considered as the largest
user of the Formic Acid worldwide. This acid is also used on fodders &
animal feed to increase its nutritional value.
In addition, this versatile
chemical finds its usage in many industrial application such as in rubber
manufacturing & leather production. Owing to its high pH regulating quality
and high absorbing capability; this chemical is used during the leather
production. While, owing to its coagulating quality, the chemical is used in
rubber manufacturing processes. Similarly it is also used in textile industry
for dyeing and finishing processes.
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Attributing to the wide uptake
& a range of application industries; the market of Formic Acid enjoys a great
market traction on the global platform. Furthermore factors such as changing
life style of people has fueled the textile business extensively, therefore
increasing the use of this acid for dying & finishing of fabric. Escalating
standard of living has increased the consumption of meat which is resultantly
driving the demand of animal feed further driving the demand of Formic Acid.
These factors presage the galore accruals this market will be witnessing soon.
Recognizing the potential of the
market to grow further in the years to come, Market Research Future (MRFR) has
published a detailed study report giving out the market forecast for the period
2017 – 2023. In its analysis, MRFR asserts that the global Formic Acid market
is expected to reach up to USD 878.7 million by 2027 growing at 4.94% CAGR
during review period of 2017-2027. The market had captured a value of USD 516.9
million in 2016.
In addition, factors that propel
the market growth include; changing lifestyle, improved economy & growing
population. Augmenting industrialization & urbanization are also
predominant factors driving the market growth. Furthermore, use of
antibiotics in animal feedstock is prohibited in some of the developed regions
such as North America & & Europe is expected to drive the demand of
formic acid over the review period.
On the other hand, changing
climatic conditions in some regions, are negatively impacting application
industries like preservatives, animal feed, leather & rubber industry of
formic acid, resultantly, hampering the market growth during the review period.
Moreover, higher toxicity levels in higher grades of formic acid are also
anticipated to restrict the market growth. Nevertheless, product
diversification and technological advancements in feed additive will provide
substantial opportunities to market players. Which will in turn, drive the
market growth.
Formic Acid Global
Market - Competitive Analysis
The global Formic
Acid market is highly competitive and fragmented. Several
well-established players having regional and global presence, along with the
small players & new entrants form competitive landscape. Innovation,
mergers & acquisitions, brand reinforcement and collaboration remain the
key trends for leading players. These leading players have made high
investments in local and emerging countries to enter and enhance their market
position and distribution network through capacity expansion, supply agreements
and industry chain build.
Industry/ Innovation/ Related
News:
March 06, 2018 - GRT Group
(Switzerland), leading global provider for energy-storage development
solutions, announced that it has developed world's first formic acid-based fuel
cell in collaboration with the Swiss university - EPFL (Ecole Polytechnique
Fédérale de Lausanne). The device named as - HYFORM-PEMFC, uses
formic acid to store hydrogen. It is designed to ensure comprehensive
gains in terms of size, such as ease of transportation, safety, and lower
operating costs while being environmentally sustainable. The device has
domestic as well as industrial applications.
March 13, 2018 – Kemin
Industries, Inc. (USA), a leading global supplier of feed additives using
applied science & food technology offers a wide-range of Sal CURB products
including both formic-acid-based and formaldehyde-based products. The company
launched its Powerful antimicrobial solution product - Sal CURB® B in Russia.
The solution brings powerful antimicrobial compounds and special synergistic
combination of surface-active agents
Worldwide Formic Acid
Market - Segmentation
Analysis is segmented in to 3 key
dynamics for the convenience of the report and enhanced understanding;
By Production Method : Comprises
- Carbonylation of Methanol & Oxalic Acid.
By Applications
:
Preservatives, Animal Feed, Cleaning Agents, Rubber &
Leather Production, Dyeing and Finishing Textiles, and others.
By Regions
: North America, Europe,
APAC and Rest of the World.
Segment - Carbonylation of
methanol by production method holds the highest percentage of market share.
Worldwide Formic Acid
Market - Regional Analysis
Asia-Pacific is estimated to be
the largest market for Formic acid followed by Europe and North America
respectively. In 2016, the market had accounted for more than 35% of the market
share of the global market, in terms of volumes. Factors such as Growing
industrialization, ample availability of raw materials & its supply along
with the presence of largest production base & minimal regulatory norms
foster the market growth to an extent.
China, among other APAC
countries, being the largest producer for the Formic acid, is projected gain
USD 144.3 million by 2027 with CAGR of 5.50%. In addition, availability of
labors at competitive rates drives the market growth in the country.
In 2016, Europe market accounted
for the second largest market for the Formic acid owing to the presence of
major manufacturers like Perstorp AB & BASF offering superior quality product.
Perstorp AB, BASF SE,
Eastman Chemical Company, Feicheng Acid Chemical, Gujarat Narmada Valley
Fertilizers& Chemicals Limited, Ltd LUXI Group CO., Ltd. and Chongqing
Chuandong Chemical (Group) Co., are some of the prominent players profiled in MRFR
Analysis and are at the forefront of the competition in the Global Formic Acid
Market.
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