Formic Acid Market Strategic Insights 2021-2031
The Formic Acid Market is expected to register a CAGR of 5% from 2023 to 2031, with a market size expanding from US$ XX Million in 2023 to US$ XX Million by 2031.
The report is segmented by grade (upto 95% and more than 95%). The report further presents analysis based on application (leather tanning, reducing agent, preservatives, drilling fluids, intermediates and others) and end-use industry (textile, rubber, chemical, food processing, oil and gas, agriculture and others). The global analysis is further broken-down at regional level and major countries. The market size and forecast at global, regional, and country levels for all the key market segments are covered under the scope. The report offers the value in USD for the above analysis and segments. The report provides key statistics on the market status of the key market players and offers market trends and opportunities.
Purpose of the ReportThe report Formic Acid Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Formic Acid Market Segmentation
Grade- Upto 95% and More than 95%
- Leather Tanning
- Reducing Agent
- Preservatives
- Drilling Fluids
- Intermediates and Others
- Textiles
- Rubber
- Chemical
- Food Processing
- Oil and Gas
- Agriculture and Others
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Strategic Insights
Formic Acid Market Growth Drivers- Increased Utilization of Formic Acid in Agriculture: Increased utilization of formic acid in agriculture, in particular as a silage and animal feed preservative, is one of the foremost factors fueling the growth of formic acid market. It also assists in improving the feed’s nutritional value by reducing spoilage, which is a critical aspect for animal health and productivity. The increase in the consumption of meat and dairy products across the globe is augmenting the for effective feed additives, thereby the formic acid market.
- Synthesis of Organic Chemicals Using of Formic Acid: Synthesis of other chemicals such as methanol, acetic acid, and various organic chemicals involves the use of formic acid. Its chemical properties that permit its use as a reducing agent or a catalyst are needed in the chemical manufacturing processes. The growth of the chemical manufacturing activities owing to the increasing level of industrialization and the rising consumption of specialty chemicals, is also helping to the growth of the formic acid market.
- Rising Demand for Formic Acid from Textile and Leather Industries: The textile and leather industries are also major consumers of formic acid because it is an essential agent in dyeing, finishing and tanning processes. The rise in the quality-oriented textile and leather consumption along with the increase in the fashion sector is expected to increase the sales of formic acid. Since the manufacturers would like to improve the quality and strength of the available goods, the requirement for formic acid in these industries is also likely to increase.
- Inclination Towards Eco-Friendly Production Techniques: There is an increasing inclination towards eco-friendly production techniques in the formic acid market. In this respect, manufacturers are more frequently applying principles of green chemistry to reduce their adverse effects on the environment. This includes the valorization of process waste to produce bio-based formic acid from non-food crops and agricultural wastes with global sustainability goals and as a way of eliminating dependence on fossil fuels.
- Use of Formic Acid as a Preservative and Additive: Recent developments in technology application are making the utilization of formic acid in various sectors more effective. For example, better applications are being made to assist in the use of formic acid as a preservative and an additive. Moreover, these innovations improve the performance of the products and reduce the expenses incurred by the manufacturers.
- Modern Production Techniques: The introduction of production through the use of digital technologies and automation has rapidly changed the formic acid industry. Manufacturing is becoming smarter, with more manufacturing processes, materials, and products incorporating technologies such as production process monitoring and data analysis. It is forecasted that this will also improve the efficiency of the production process while reducing the costs associated with wastage.
- Emerging Economies with Strong Agricultural Development: Emerging economies where industrialization and agricultural development are on the growth curve offer a high potential for growth in the formic acid market. Companies may look to engage in strategic alliances and mergers and acquisitions to penetrate the areas due to the increased use of formic acid in agricultural, textile, and chemical industries in these regions.
- Rising Demand for High-Purity Formic Acid: High purity formic acid is increasingly demanded for specific applications such as pharmaceuticals and electronics, among others. Accordingly, producers can embark on high purity formic acid production aimed at these existing gaps in the market. Strategic initiatives like these can offer new avenues in revenue generation as well as in gaining competitive edge.
- Modifications of Product: There are possibilities in the form of market gaps for modifications of products in line with product formulations that are aimed at innovation, mostly where there is a need for replacement of usual product with greener and safer ones. Thus with some efforts in the form of additional finance directed in development of new products, it will be possible for the firms to come up with new types of products that will not only comply with regulatory requirements but also meet the demands of the market with regards to environmentally friendly products. This theory of innovation focuses on the extension of market of the product for which such changes are made, especially in the case of formic acid which can be used in several new applications.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Formic Acid Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Formic Acid Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Innovations in application technologies is expected to be the key market trends
Based on geography, Asia Pacific held the significant share of the formic acid market due to growth in the chemical and agriculture sector
Based on grade, more than 95% segment is expected to witness the fastest growth during the forecast period
Growth in the agriculture and animal feed sector is driving the market growth
BASF SE; Perstorp Holding AB; Eastman Chemical Company; HELM AG; LUXI GROUP are some of the key players operating in the formic acid market
The Formic Acid Market is estimated to witness a CAGR of 5% from 2023 to 2031
TABLE OF CONTENTS
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Formic Acid Market - By Grade
1.3.2 Formic Acid Market - By Application
1.3.3 Formic Acid Market - By Region
1.3.3.1 By Country
2. KEY TAKEWAYS
3. RESEARCH METHODOLOGY
4. FORMIC ACID MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PEST ANALYSIS
4.2.1 North America - Pest Analysis
4.2.2 Europe - Pest Analysis
4.2.3 Asia-Pacific - Pest Analysis
4.2.4 Middle East and Africa - Pest Analysis
4.2.5 South and Central America - Pest Analysis
4.3. EXPERT OPINIONS
5. FORMIC ACID MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
6. FORMIC ACID MARKET - GLOBAL MARKET ANALYSIS
6.1. FORMIC ACID - GLOBAL MARKET OVERVIEW
6.2. FORMIC ACID - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. FORMIC ACID MARKET - REVENUE AND FORECASTS TO 2028 - GRADE
7.1. OVERVIEW
7.2. GRADE MARKET FORECASTS AND ANALYSIS
7.3. 75%
7.3.1. Overview
7.3.2. 75% Market Forecast and Analysis
7.4. 80%
7.4.1. Overview
7.4.2. 80% Market Forecast and Analysis
7.5. 85%
7.5.1. Overview
7.5.2. 85% Market Forecast and Analysis
7.6. 94%
7.6.1. Overview
7.6.2. 94% Market Forecast and Analysis
7.7. 99%
7.7.1. Overview
7.7.2. 99% Market Forecast and Analysis
8. FORMIC ACID MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. AGRICULTURE
8.3.1. Overview
8.3.2. Agriculture Market Forecast and Analysis
8.4. LEATHER TANNING
8.4.1. Overview
8.4.2. Leather Tanning Market Forecast and Analysis
8.5. RUBBER
8.5.1. Overview
8.5.2. Rubber Market Forecast and Analysis
8.6. CHEMICAL & PHARMACEUTICALS
8.6.1. Overview
8.6.2. Chemical & Pharmaceuticals Market Forecast and Analysis
8.7. TEXTILE DYEING & FINISHING
8.7.1. Overview
8.7.2. Textile Dyeing & Finishing Market Forecast and Analysis
8.8. OTHERS
8.8.1. Overview
8.8.2. Others Market Forecast and Analysis
9. FORMIC ACID MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Formic Acid Market Overview
9.1.2 North America Formic Acid Market Forecasts and Analysis
9.1.3 North America Formic Acid Market Forecasts and Analysis - By Grade
9.1.4 North America Formic Acid Market Forecasts and Analysis - By Application
9.1.5 North America Formic Acid Market Forecasts and Analysis - By Countries
9.1.5.1 United States Formic Acid Market
9.1.5.1.1 United States Formic Acid Market by Grade
9.1.5.1.2 United States Formic Acid Market by Application
9.1.5.2 Canada Formic Acid Market
9.1.5.2.1 Canada Formic Acid Market by Grade
9.1.5.2.2 Canada Formic Acid Market by Application
9.1.5.3 Mexico Formic Acid Market
9.1.5.3.1 Mexico Formic Acid Market by Grade
9.1.5.3.2 Mexico Formic Acid Market by Application
9.2. EUROPE
9.2.1 Europe Formic Acid Market Overview
9.2.2 Europe Formic Acid Market Forecasts and Analysis
9.2.3 Europe Formic Acid Market Forecasts and Analysis - By Grade
9.2.4 Europe Formic Acid Market Forecasts and Analysis - By Application
9.2.5 Europe Formic Acid Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Formic Acid Market
9.2.5.1.1 Germany Formic Acid Market by Grade
9.2.5.1.2 Germany Formic Acid Market by Application
9.2.5.2 France Formic Acid Market
9.2.5.2.1 France Formic Acid Market by Grade
9.2.5.2.2 France Formic Acid Market by Application
9.2.5.3 Italy Formic Acid Market
9.2.5.3.1 Italy Formic Acid Market by Grade
9.2.5.3.2 Italy Formic Acid Market by Application
9.2.5.4 United Kingdom Formic Acid Market
9.2.5.4.1 United Kingdom Formic Acid Market by Grade
9.2.5.4.2 United Kingdom Formic Acid Market by Application
9.2.5.5 Russia Formic Acid Market
9.2.5.5.1 Russia Formic Acid Market by Grade
9.2.5.5.2 Russia Formic Acid Market by Application
9.2.5.6 Rest of Europe Formic Acid Market
9.2.5.6.1 Rest of Europe Formic Acid Market by Grade
9.2.5.6.2 Rest of Europe Formic Acid Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Formic Acid Market Overview
9.3.2 Asia-Pacific Formic Acid Market Forecasts and Analysis
9.3.3 Asia-Pacific Formic Acid Market Forecasts and Analysis - By Grade
9.3.4 Asia-Pacific Formic Acid Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Formic Acid Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Formic Acid Market
9.3.5.1.1 Australia Formic Acid Market by Grade
9.3.5.1.2 Australia Formic Acid Market by Application
9.3.5.2 China Formic Acid Market
9.3.5.2.1 China Formic Acid Market by Grade
9.3.5.2.2 China Formic Acid Market by Application
9.3.5.3 India Formic Acid Market
9.3.5.3.1 India Formic Acid Market by Grade
9.3.5.3.2 India Formic Acid Market by Application
9.3.5.4 Japan Formic Acid Market
9.3.5.4.1 Japan Formic Acid Market by Grade
9.3.5.4.2 Japan Formic Acid Market by Application
9.3.5.5 South Korea Formic Acid Market
9.3.5.5.1 South Korea Formic Acid Market by Grade
9.3.5.5.2 South Korea Formic Acid Market by Application
9.3.5.6 Rest of Asia-Pacific Formic Acid Market
9.3.5.6.1 Rest of Asia-Pacific Formic Acid Market by Grade
9.3.5.6.2 Rest of Asia-Pacific Formic Acid Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Formic Acid Market Overview
9.4.2 Middle East and Africa Formic Acid Market Forecasts and Analysis
9.4.3 Middle East and Africa Formic Acid Market Forecasts and Analysis - By Grade
9.4.4 Middle East and Africa Formic Acid Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Formic Acid Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Formic Acid Market
9.4.5.1.1 South Africa Formic Acid Market by Grade
9.4.5.1.2 South Africa Formic Acid Market by Application
9.4.5.2 Saudi Arabia Formic Acid Market
9.4.5.2.1 Saudi Arabia Formic Acid Market by Grade
9.4.5.2.2 Saudi Arabia Formic Acid Market by Application
9.4.5.3 U.A.E Formic Acid Market
9.4.5.3.1 U.A.E Formic Acid Market by Grade
9.4.5.3.2 U.A.E Formic Acid Market by Application
9.4.5.4 Rest of Middle East and Africa Formic Acid Market
9.4.5.4.1 Rest of Middle East and Africa Formic Acid Market by Grade
9.4.5.4.2 Rest of Middle East and Africa Formic Acid Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Formic Acid Market Overview
9.5.2 South and Central America Formic Acid Market Forecasts and Analysis
9.5.3 South and Central America Formic Acid Market Forecasts and Analysis - By Grade
9.5.4 South and Central America Formic Acid Market Forecasts and Analysis - By Application
9.5.5 South and Central America Formic Acid Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Formic Acid Market
9.5.5.1.1 Brazil Formic Acid Market by Grade
9.5.5.1.2 Brazil Formic Acid Market by Application
9.5.5.2 Argentina Formic Acid Market
9.5.5.2.1 Argentina Formic Acid Market by Grade
9.5.5.2.2 Argentina Formic Acid Market by Application
9.5.5.3 Rest of South and Central America Formic Acid Market
9.5.5.3.1 Rest of South and Central America Formic Acid Market by Grade
9.5.5.3.2 Rest of South and Central America Formic Acid Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. FORMIC ACID MARKET, KEY COMPANY PROFILES
11.1. ALFA AESAR (THERMO FISHER SCIENTIFIC)
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. ANHUI ASAHIKASEI CHEMICAL CO.
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BASF SE
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. EASTMAN CHEMICAL COMPANY
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. FEICHENG ACID CHEMICALS CO.,
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. GUJARAT NARMADA VALLEY FERTILIZERS & CHEMICALS LIMITED
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. HELM AG
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. LUMITOS AG
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. LUXI CHEMICAL GROUP CO., LTD.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. PERSTORP
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
The List of Companies
1. Alfa Aesar (Thermo Fisher Scientific)
2. Anhui Asahikasei Chemical Co.
3. BASF SE
4. Eastman Chemical Company
5. Feicheng Acid Chemicals Co.,
6. Gujarat Narmada Valley Fertilizers & Chemicals Limited
7. HELM AG
8. LUMITOS AG
9. Luxi Chemical Group Co., Ltd.
10. Perstorp
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.