Press release
Formic Acid Market Pegged for Robust Expansion During 2024 - 2031 | BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd
Formic Acid Market
The global formic acid market is estimated to be valued at USD 2.34 Bn in 2024 and is expected to reach USD 3.43 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Market Dynamics:
Formic acid demand is largely driven by the rubber industry where it is used as a vulcanizing agent and preservative. It allows production of rubber products with high strength and durability. The global rubber industry has been witnessing strong growth with increasing vehicle manufacturing and rising rubber consumption in construction activities. This is expected to positively influence formic acid demand over the forecast period. Additionally, formic acid is also used as a preservative and antibacterial agent in animal feed and silage. Growth of industrial livestock farming is further expected to drive its uptake in the years to come.
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Growing Demand from Animal Feed industry is Driving the Growth of Formic Acid Market
The formic acid market is witnessing a significant growth owing to the rising demand from animal feed industry across the globe. Formic acid is increasingly being used as preservatives and acidifiers in animal feed products to improve the nutritional value and prolong the shelf life of the feed. It inhibits the growth of harmful microorganisms and fungi which helps preserve the quality of animal feed over a longer period of time. The growing demand for meat and dairy products from the expanding population has increased the production of animal feed significantly. According to experts, the global compound feed market is projected to grow at a CAGR of over 5% during the forecast period and reach a value of over USD 750 billion by 2027. This rising demand for high-quality animal feed from dairy and meat producers is fueling the consumption of formic acid as a preservative and acidifier.
Increasing Utilization as a Biocidal agent is Another Key Growth Driver
Formic acid is also progressively finding more applications as an effective biocidal agent to control microbial growth. It is increasingly being used as a preservative and fungicide in various end-use industries such as wood products, coatings, food & beverages, personal care products among others. The antimicrobial properties of formic acid make it a suitable substitute for traditional preservatives like formaldehyde. The growing environmental concerns regarding formaldehyde is further propelling the demand for eco-friendly alternatives like formic acid. According to a report, the global biocides market which valued at over USD 20 billion in 2019 is estimated to exhibit a CAGR of over 4.5% during 2020-2027 period. This rising demand for biocides from various end-use industries will augment the consumption of formic acid in the coming years.
Rise of Bio-Based Formic Acid to Reshape Market Dynamics
The growing commercialization of bio-based formic acid production methods is expected to be a defining trend in the coming years. Rising environmental concerns and sustainability goals are driving the demand for eco-friendly alternatives to traditional petrochemical-derived chemicals like formic acid. Several companies are making significant investments in developing viable technologies for producing formic acid from renewable feedstock like forestry residues and agricultural waste. Countries like Canada, Sweden, and Germany are emerging as frontrunners in commercializing cost
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Top Companies Featured in This Report:
★ BASF SE
★ Eastman Chemical Company
★ Shandong Acid Technology Co. Ltd
★ Gujarat Narmada Valley Fertilizers & Chemicals Limited
★ LUXI GROUP
★ Perstorp Holdings ABPOLIOLI SpA
★ PT Pupuk Kujang
★ Wuhan Ruisunny Chemical Co. Ltd
★ Prakash Chemicals Agencies Pvt. Ltd.
★ GJ Chemical
★ EMCO Dyestuff
★ Kakadiya Chemicals
★ Meru Chem Pvt. Ltd
★ SGS & Company
★ CDH Fine Chemical
★ Rashtriya Chemicals and Fertilizers Limited
Market Segmentation:
By Product Type:
★ By Type: Grade 85% , Grade 94% , Grade 99% , and Others
By Applications:
★ By Application: Animal Feed and Silage Additive , Leather Tanning , Textile Dyeing and Finishing , Intermediary in Pharmaceuticals , and Other Applications
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Formic Acid Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Formic Acid market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Formic Acid market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Formic Acid market.
Segment Analysis: Examining the market value and sales volume of Formic Acid by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Formic Acid market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Formic Acid sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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