Formic Acid Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Analyst Perspective 

The global formic acid market is estimated to register a CAGR of 5.2%. The formic acid market is expected to grow in the forecasted period, driven by several factors, including the rising demand from the agriculture industry, the increasing use of the leather and textile industry, the growing popularity in the chemicals and pharmaceuticals industry, and the emerging applications in other industries. Growing demand in emerging economies, versatile and untapped markets, and a focus on sustainability are significant opportunities for the formic acid market. Competition from alternative acids, environmental concerns, and limited market awareness are significant challenges that may hamper the growth of the formic acid market.

 

Market Overview

Formic acid, a clear and volatile organic acid found in soap tree fruit and ants, serves as a by-product during the atmospheric oxidation of turpentine. Formic acid is a chemical intermediate in producing various chemicals, such as pharmaceuticals, plastics, and resins. The market is expanding as formic acid's antibacterial find applications in sectors such as animal feed additives and natural food preservatives. The growing demand for these products is driving the need for formic acid. Overall, the formic acid market is evolving with a focus on sustainability, versatility, and regulatory compliance.

 

Market Drivers

The agriculture industry's increasing demand for formic acid underscores its pivotal role as a preservative and antibacterial agent in animal feed. Formic acid's efficacy in inhibiting the growth of mold, bacteria, and other harmful microorganisms in silage and grain-based feed not only preserves its nutritional quality but also enhances feed efficiency in livestock production. By minimizing spoilage, formic acid contributes to cost savings for farmers while promoting productivity in animal farming operations. Moreover, its antimicrobial properties help create a healthier environment for livestock, reducing the incidence of digestive disorders and improving overall animal health. With regulatory approval and alignment with sustainable farming practices, formic acid emerges as a preferred solution for feed preservation, reflecting its significance in supporting efficient and environmentally friendly livestock production systems.

 

Market Segmentation

The formic acid market is segmented based on grade, application, and end-use industry. The formic acid market is segmented based on grade into less than 95% and greater than 95%. The formic acid market is segmented based on application into leather tanning, reducing agents, preservatives, drilling fluids, intermediates, and others. Based on the end-use industry, it is segmented into textile and rubber, chemical, food, animal husbandry, oil and gas, agriculture, and others.

 

Regional Analysis

The report provides a detailed industry overview, which includes qualitative and quantitative information. It gives information on an overview and forecast of the global formic acid market based on several segments. It also provides market size and forecast estimates from 2021 to 2031 concerning five major regions: Europe, North America, Asia-Pacific (APAC), Middle East & Africa (MEA) and South & Central America. The formic acid market by region is also sub-segmented by respective countries and segments. The formic acid market report covers an analysis and forecast of eighteen countries globally and the prevailing trends and opportunities in the region.

The report analyses factors affecting the formic acid market from both the demand and supply side. Furthermore, it evaluates market dynamics during the forecast period, i.e., drivers, challenges, opportunities, and future trends. The report also provides an extensive Porter's Five Forces analysis highlighting factors affecting the formic acid market in these regions.

Key Players

The reports cover vital organic and inorganic growth strategy developments in the formic acid market. Various companies concentrate on organic growth strategies such as product launches, approvals, patents, and others. Inorganic growth strategies activities observed in the market were acquisitions, partnerships & collaborations, which paved the way for developing the business and customer base of market players. The market players in the formic acid market are estimated to have lucrative growth opportunities with the increasing demand for formic acid from agriculture industry in the global market.

The report includes key companies' profiles, SWOT analysis, and formic acid market strategies. The report also focuses on leading market players with information including components and services offered, company profiles, financial information for the last three years, and critical development in the past five years.

Below is a list of companies engaged in the formic acid market.

• BASF SE
• Thermo Fisher Scientific Inc.
• Perstorp Holding AB
• Eastman Chemical Company
• HELM AG
• LUXI GROUP
• Shandong Acid Technology Co., Ltd.
• Sintas Kurama Perdana
• Rashtriya Chemicals and Fertilizers Limited
• Wuhan Ruisunny Chemical

REGIONAL FRAMEWORK

Formic Acid Market Report Analysis

MARKET PLAYERS

Formic Acid Market Report Scope