Press release
Formic Acid Market Growth by Key Players: Eastman Chemical, Gujarat Narmada Valley Fertilizers & Chemicals, Perstorp AB, Feicheng Acid Chemicals, Rashtriya Chemicals & Fertilizers, Taminco
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Formic Acid Market size should show a significant increase due to rising application usage in agriculture, leather, and feed additive industries. It is also known as carboxylic or methanoic acid, can be produced synthetically and is found naturally in ant venom. It is a colorless liquid with a pungent odor and is known for its anti-microbial property which is the basis for most applications.
Increasing use of the product in preservatives, its eco-friendliness and high quality is likely to boost formic acid market size. Increasing standard of living has led to a rise in meat consumption, which in turn has stimulated the animal feed industry. Global processed meat market may exceed about USD 1.5 million by 2024 and is likely to boost formic acid market size.
The product is used in concentrations of 85%, 90%, 94%, and 99%, with 85% formic acid being the most popular owing to its low concentration which is less harmful to humans or the environment. Also, manufacturers are using customized concentrations depending on specific applications, may boost industry growth.
Increasing its application usage in leather & textiles, rubber, agriculture, and chemicals & pharmaceuticals sectors should drive industry growth. Formic acid market size should increase due to its common use as an agricultural pesticide, further boosted by increasing harvest due to rising animal feed demand.
Formic acid industry demand may rise due to its use in rubber manufacture for its strong coagulating property and leather manufacture for its pH-regulating and absorbing capacity. Global synthetic leather market worth may exceed over USD 80 billion by 2024, which can further accelerate product demand.
Increasing animal feed additives demand should drive formic acid market size Global animal feed additives market demand over USD 17 billion in 2017. Global annual feed production is likely to reach around 1 billion tons which should boost market demand. Rising meat & its product demand owing to increasing consumer per capita income should stimulate industry growth. Silage or grass is stored as animal feed for winter and the product is added to it to prevent nutrient loss. The process of making silage involves the addition of molasses to release energy for lactic acid fermentation, which may further boost industry demand.
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Top key players:
Formic acid market share is competitive and moderately fragmented. The participants in this market include companies like BASF, Eastman Chemical, Gujarat Narmada Valley Fertilizers & Chemicals, Perstorp AB, Feicheng Acid Chemicals, Rashtriya Chemicals & Fertilizers, Taminco and Chongqing Chuandong Chemical. EPA has approved product use as a MITE TM and Mite-away II pesticide ingredient, which presents growth opportunities for formic acid industry size.
Market share calculation in this report is not done based on companies covered in it. The calculation of Formic acid market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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