Formic Acid Market Key Players, Market Analysis, Share, Trends And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Formic Acid Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The formic acid market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to textile and leather industries, agricultural applications, chemical manufacturing, rubber industry, laboratory and research.

The formic acid market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy storage, biofuel production, biodegradable polymers, hydrogen storage, formate salts for oil recovery. Major trends in the forecast period include formic acid in waste management, expansion in biotechnology, carbon-neutral chemical production, formate salts in oil industry, formic acid fuel cells.

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Market Drivers and Trends:

The growing demand for animal feed is expected to boost the growth of the formic acid market going forward. Animal feed is a substance that refers to the food grown or developed for livestock and poultry. It is an edible item that an animal consumes and uses to supplement its diet with energy, minerals, or both. Formic acid is commonly used as an additive in animal feed to improve preservation, nutritional value, and overall animal health. It is used as a preservative and antibacterial agent in livestock feed. For instance, in 2022, according to the Animal Nutrition Association of Canada (ANAC), a Canada-based trade association, Canadian livestock consumed an estimated 28.9 million metric tons of feed (not including forages) in 2021, with approximately 19.3 million metric tons of that feed supplied by commercial mills across Canada. The Canadian commercial feed market grew over 20% in 2022, reaching a record $11.5 billion in sales . Therefore, the growing demand for animal feed is driving the growth of the formic acid market.

The launch of innovative technologies is a key trend gaining popularity in the formic acid market. Major companies operating in the formic acid market are focused on launching recent technologies to meet specific demands and sustain their position in the market. For instance, in January 2022, the University of Science and Technology of China, a China-based university, and a collaborative team of researchers developed an innovative system to directly utilize renewable electricity to reduce carbon dioxide into pure formic acid. This system uses a copper-based single-atom alloy catalyst and a novel electrochemical device based on solid-state electrolytes to generate refined formic acid liquid fuels with carbon dioxide and water as raw feedstocks. This work is expected to promote the industrialization of carbon dioxide upcycling driven by green electricity, which has immense potential for practical application.

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Major Key Players of the Market:

BASF SE, Honeywell International Inc., Yara International ASA, Evonik Industries AG, Eastman Chemical Company, Luxi Chemical Group Co. Ltd., Kemira Oyj, Rashtriya Chemicals and Fertilizers Limited, HELM AG, Perstorp Holdings AB, PT Pupuk Kujang, GMM Pfaudler Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, Alfa Aesar, Wuhan Rui Sunny Chemical Co. Ltd., Fleurchem Inc., Noah Chemicals, Polioli S.p.A., Shandong Feicheng Acid Chemicals Co.Ltd., Anhui Asahikasei Chemical Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Hubei Yihua Group Co. Ltd., Zibo Xinglu Chemical Factory, Shandong Haili Chemical Industry Co. Ltd., Vigon International

Formic Acid Market 2024 Key Insights:

• The formic acid market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Growing Demand For Animal Feed Fuels Formic Acid Market Expansion
• Technological Advancements Transforming Formic Acid Market Landscape
• Asia-Pacific was the largest region in the formic acid market in 2023, and is expected to be the fastest-growing region in the forecast period

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