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%

Synopsis of Formic Acid
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.

Segment Analysis:
The global formic acid market is segmented on the basis of production method, application and region. On the basis of production method, global formic acid is segmented into carbonylation of methanol, and oxalic acid. Based on application, the global formic acid market is segmented into— animal feed, preservatives, cleaning agents, dyeing and finishing textiles, rubber & leather production and others.

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Formic acid is available naturally in ant’s venom though it can be synthesized chemically, through carbonylation of methanol and oxalic acid. Carbonylation of methanol process is used extensively and is projected to grow at CAGR of 4.97% as this preparation method is used by major players such as BASF SE and Perstorp AB.

Agriculture industry is growing at tremendous rate in emerging economies on account of growing population, thereby rising demand of food grains, vegetable and meat production. Thus, rapidly growing demand of preservatives along with high pH level of formic acid has resulted in increased demand for formic acid in feed additive. It is also used to regulate pH in various chemical processes. With powerful pH of formic acid, it is used in leather industry to maintain the properties. Growing demand of leather in automobile, textile and footwear industry is further fuel the demand of formic acid. Formic acid principal usage is for lowering depletion of decay process in silage preservatives, thus, maintaining nutritional value in food. Rising consumption of meat and preservative products owing to rapidly changing lifestyle is further expected to augment the market growth. Moreover, acidic nature of formic acid and pH regulation makes it excellent usage for production of textile. This acid has advantages such as precise pH control, no contaminants and excellent reliable. Europe is addressable market in leather and tanning industry. In 2016, dyeing & textile segment pegged at 82.6 ’000 tons. In terms of value the segment was valued at USD 67.0 million by 2016 end.

Formic acid is used in industrial and household cleaning applications. It also helps efficient removal of mineral scale such as calcium and iron. Other acids like acetic and phosphoric acid are used as chemical disinfectants releasing toxic gases in environment. However, formic acid does not release any kind of harmful gases, thus leading to increase usage in cleaning and disinfectant products. Formic acid is also used in paper and pulp production owing to lowering degree of polymerization. The most important upcoming usage of salts of formic acid is for deicing of roads and airport runways. Salts like potassium formate removes easily ice from runways helping smooth and efficient flow of airplane. With increasing regulation from environment bodies towards rising global warming from harmful gases has resulted in eco-friendly and compatible usage of formic acid in numerous application.

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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%.

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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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