Formic Acid Market Insights and Growth by 2031
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
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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.
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.
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