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%.
On the other hand, changing climatic conditions in some regions, are negatively impacting application industries like preservatives, animal feed, leather & rubber industry of formic acid, resultantly, hampering the market growth during the review period. Moreover, higher toxicity levels in higher grades of Formic Acid are also anticipated to restrict the market growth. Nevertheless, product diversification and technological advancements in feed additive will provide substantial opportunities to market players. Which will in turn, drive the market growth.
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Global Formic Acid Market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%. Asia Pacific to account for largest share due to growing application industries in this region. Formic Acid Market is a semi-fragmented market, however, tier1 manufacturers dominate the market. European region is expected to witness substantial growth since ban on antibiotics by European Union has boosted animal feed industry. New product development and expansion of major players to the emerging markets are some of the noted trends in the global market.
Geographically, Asia Pacific region is the largest market for Formic Acid and accounts for more than 35% of the volume share in the global market, owing to the rapid industrialization, easy availability of raw material supply and presence of largest production base with minimal regulatory norms. China is expected to reach USD 144.3 million by 2027 with CAGR of 5.50%. Lower capital and labor cost are expected to fuel the market growth of Formic Acid in China. Though, BASF is the largest producer of formic acid based in Germany, Asia Pacific still dominated the market as new capacity are added in countries like China and India. Growing production of commercial vehicles drives the demand of rubber and leather thereby driving the demand of Formic Acid. Moreover, developments in detergents and cleaning agents are further expected to drive the formic acid market.
Based on Revenue, Europe market accounts for the second-largest market share for Formic Acid, primarily owing to the presence of leading manufacturers like BASF and Perstorp AB with superior product offering in the region, which is followed by North America market.
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