Press release
Formic Acid Market 2017 - Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD
Formic Acid Market
Formic acid is a colorless liquid with high pungent odor and is soluble in alcohols, acetone, and ether. It belongs to carboxylic group and also known as methanoic acid. Formic acid can be synthetically produced as well as naturally found in ant venom. According to concentration grade, formic acid is available 85%, 90%, 94% and 99%. Global formic acid market has witnessed significant growth over the forecasted period on account of increasing application including animal feed, preservatives, cleaning agents and leather production among others. Growing usage of formic acid as antibacterial agent in animal feed along with usage as silage preservative in agriculture is expected to augment the formic acid market growth.
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Formic acid is the most powerful pH regulator in various chemical process and with high absorbing capability helps formic acid to be prominent application in leather production. It also best coagulant which useful in rubber manufacturing. Changing lifestyle of consumer has resulted in growing demand of formic acid in dyeing and textile industry. However, rising standard of living has increased the consumption of meat which resulted for high demand of formic acid in animal feed and silage preservative. Moreover, ban on antibiotics as growth promoters in animal feedstock is expected to drive the demand of formic acid over the forecasted period. North America are on the verge to ban on antibiotics in animal feed as growing public awareness towards health thereby, shifting the trend to alternate products. Europe, banned the usage of antibiotics in the year 2006. Changing climatic conditions are negatively impacting application industries such as animal feed, preservatives and leather & rubber industry. Additionally, higher toxicity levels in higher grades of formic acid are also expected to hamper the global formic acid market. However, product diversification and improved technology in feed additive substantially provide opportunities to players in market. BASF opened a new formic acid production plant in Geismar, Louisiana with annual capacity of 50,000 tons. Further, expansions and investments in formic acid development by major key players is expected to provide opportunities across the value chain.
Global Formic acid market is segmented according to production method and applications. According to production method carbonylation of methanol accounts for highest percentage of share. Though hydrolysis process step is complex and need competing technologies, carbonylation of methanol process are associated with companies such as Kemira and BASF. According to application, formic acid is used in silage preservative, animal feed, dyeing and finishing textiles, rubber & leather production and others. One of the prominent application of formic acid is animal feed owing to its natural antibacterial properties. These is followed by preservative such as silage, rubber & leather production and so on. According to MRFR analysis, cumulatively the global formic acid market was valued at USD 516.9 million in 2016 and is expected to be valued at USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%.
Regional dominance for production of formic acid ranks Europe as the second largest market in terms value and volume. Protuberant trends supporting the market growth in Europe includes the presence of renowned manufacturers of formic acid like BASF and Perstorp dedicated to increase the application with value added products along with the product diversification offering from these manufacturers in the region. Furthermore, ban on antibiotics by European Union in expected to drive the formic acid application from animal feed and preservative. North America market is trailing behind the Europe market, a near similar market trend as Europe is observed in the North America market. Europe market was valued at USD 150.0 Million in 2016, expanding at a CAGR of nearly 4.98%.
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The formic acid market in the North America market witnessed healthy growth rates. Substantial in many parts of the region production of formic acid has stopped owing to regulations but recently EPA U.S. has approved formic acid as active ingredient in pesticides, thus, opening growth opportunities for few manufacturers in the region. Moreover, with further upcoming safety regulation in production of formic acid will provide lucrative opportunity for players in the market.
The major players profiled in the global formic acid market includes: BASF SE, Perstorp AB, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers& Chemicals Limited, Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD among others.
Key Points from Table of Content:
10 Company Profiles
10.1 BASF SE (Germany)
10.1.1 Company Overview
10.1.2 Product/Business Segment Overview
10.1.3 Financial Update
10.1.4 Key Developments
10.2 Perstorp Holdings A.B (Sweden)
10.2.1 Company Overview
10.2.2 Product/Business Segment Overview
10.2.3 Financial Updates
10.2.4 Key Developments
10.3 Eastman Chemical Company (U.S)
10.3.1 Company Overview
10.3.2 Product/Business Segment Overview
10.3.3 Financial Updates
10.3.4 Key Developments
10.4 Gujarat Narmada Valley Fertilizers& Chemicals Limited (India)
10.4.1 Company Overview
10.4.2 Product/Business Segment Overview
10.4.3 Financial Update
10.4.4 Key Developments
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About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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