Formic Acid Market Size, Share & Industry Analysis, By Grade (85%, 94%, 99%, Others), By Application (Agriculture, Leather & Textile, Chemical, Rubber, Pharmaceuticals, Other) And Regional Forecast, 2024-2032

Region :Global | Report ID: FBI104888 | Status : Ongoing

KEY INDUSTRY INSIGHTS

Formic acid, chemically known as methanoic acid is the simplest carboxylic acid with chemical formula HCOOH. It is colorless liquid with pungent smell. It is miscible with water and most of the polar solvents. Naturally it occurs in ants and can also be chemically synthesized. It is one of the important chemical intermediate in chemical synthesis. Commercially it is produced from methanol, but also occurs as by-product in many chemical syntheses.

Increasing demand for formic acid as preservatives which also acts as an anti-bacterial agent to store animal feedstock is likely to fuel the market growth. It restricts decay of feedstock and helps fodder to retain its nutritive value for longer time. Increasing demand for feedstock for dairy animals is likely to boost the demand for formic acid. In chemical and industrial sector, formic acid and its derivatives are widely used in formylation, transfer hydrogenation, and other significant processes which subsequently shall foster market growth.

However, formic acid also possesses some potential health risks on prolonged exposure. It can cause chronic kidney damage as well as some skin allergies that manifest on re-exposure. This is expected to hamper the market growth.

Key Market Driver -

Increasing demand for preservatives from agricultural sector.

Key Market Restraint -

Potential health hazards.

Market Segmentation:

Based on grade, the global formic acid market is segmented into 85%, 94%, 99%, and others. Based on end-use, market is segmented into agriculture, leather & textile, chemical, rubber, pharmaceuticals, and other applications.

From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Key Players Covered:

The global formic acid market consists of global & regional players operating. Some of the key players in the market include BASF SE, Feicheng Acid Chemicals Co. Ltd., Taminco Corporation Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Perstorp AB, and others.

Key Insights

New Advancements in Production Technologies

Key Trends in the Formic Acid Market

New Product Launches, Expansions, Key Players

Ranking of Key Players in the Market

Regional Analysis:

The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to account for largest share in market in terms of volumetric consumption attributed to the increasing demand from China and India. The large chemical manufacturing base in India and China is driving the demand for formic acid and its derivatives. North America is estimated to show substantial growth attributed to the increasing demand for preservative and chemical feedstock for chemical production. Europe is expected to show significant growth attributed to the demand for preservatives to store livestock feed. Latin America and Middle East & Africa shall exhibit sluggish growth by the end of forecast period.

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Segmentation

ATTRIBUTE	DETAILS
By Grade	85% 94% 99% Others
By Application	Agriculture Leather & Textile Chemical Rubber Pharmaceuticals Other
By Geography	North America (U.S., and Canada) Europe (Germany, UK, France, Italy, and Rest of Europe) Asia Pacific (China, India, Japan, and Rest of Asia Pacific) Latin America (Mexico, Brazil, and Rest of Latin America) Middle East & Africa (UAE, South Africa, and Rest of Middle East & Africa)

Formic Acid & Derivatives Industry Developments

In November 2020, BASF increased the prices for acetic acid and propionic acid in all the regions.

In November 2015, BASF produced formic acid at it new manufacturing facility in Geismar, Louisiana specifically for serving North and South American markets.

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PUBLISHING STATUS: Ongoing
BASE YEAR: 2023
HISTORICAL DATA: 2019-2022

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