Global Formic Acid Market is valued at approximately USD 2.11 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.53% over the forecast period 2024-2032. Formic acid, the simplest carboxylic acid, is widely known for its high corrosiveness and pungent odor. It finds its roots in the venom of certain ants, a fact that gives it the name derived from "Formica," the Latin word for ant. This versatile organic acid is integral to numerous industries including agriculture, textiles, leather, and rubber manufacturing, and is particularly used as a preservative and antibacterial agent in animal feed as well as a disinfectant in household cleaning products. The escalating demand for formic acid as a preservative, coupled with its antibacterial properties beneficial for animal feedstock, underscores its growing importance in the agricultural sector. Additionally, its acidic properties make it indispensable in various chemical and industrial applications, thereby fostering market growth.
The continuous rise in demand for animal feed additives, particularly in regions like Asia-Pacific, drives the market expansion significantly. The burgeoning leather and textile industries in these regions further fuel the demand for formic acid. For instance, China's significant share in the global market is attributed to its large-scale production and consumption driven by the growing animal feed industry. The increasing demand for meat and other animal products, spurred by a large and growing population, underscores the necessity of formic acid in preserving and maintaining the nutritional integrity of animal feed. Moreover, countries like India, Japan, and South Korea are witnessing substantial market growth, propelled by rapid industrialization and a rising preference for sustainable and environmentally friendly products. The increasing focus on using augmented reality (AR) and virtual reality (VR) in geospatial systems and the integration of artificial intelligence (AI) with geospatial technology offer lucrative opportunities for market players. High concentrations of formic acid present significant handling risks, necessitating strict safety measures, which may impede market growth.
The key regions considered for the Global Formic Acid Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Formic Acid Market in terms of revenue. Asia-Pacific is the dominating region and also the fastest-growing market. This is largely due to the significant demand for formic acid in various industries, including agriculture, leather processing, textiles, and rubber manufacturing. The agricultural sector in Asia-Pacific, particularly in countries like China and India, relies heavily on formic acid for applications such as animal feed preservatives and silage additives, contributing to its high demand. Furthermore, the rapid industrialization and urbanization in Southeast Asian countries are fueling the growth of industries that utilize formic acid. The region's growth is also bolstered by the increasing adoption of formic acid in eco-friendly practices and stringent environmental regulations that encourage the use of biodegradable chemicals.
Major market players included in this report are:
- Luxi Chemical Group Co. Ltd
- Anhui Asahi Kasei Chemical
- Feicheng Acid Chemical
- Gujarat Narmada Valley Fertilizers & Chemicals Limited
- Chongqing Chuandong Chemical Co
- Perstorp
- BASF SE
- Eastman Chemical Company
- Kemira Oyj
- MKS Marmara Entegre Kimya Sanayi A.S.
- Shandong Baoyuan Chemical Co., Ltd.
- Alfa Aesa
- Puyang Guangming Chemicals Co., Ltd.
- Metafrax Chemicals
- BASF-YPC Company Limited
The detailed segments and sub-segment of the market are explained below:
By Production Method:
- Oxalic Acid
- Carbonylation of Methanol
By Application:
- Rubber
- Leather Production
- Cleaning Agent
- Finishing Textile
- Preservatives
- Dyeing
- Animal Feed
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market.
Table of Contents
Chapter 1. Global Formic Acid Market Executive Summary
- 1.1. Global Formic Acid Market Size & Forecast (2022-2032)
- 1.2. Regional Summary
- 1.3. Segmental Summary
- 1.3.1. By Production Method
- 1.3.2. By Application
- 1.4. Key Trends
- 1.5. Recession Impact
- 1.6. Analyst Recommendation & Conclusion
Chapter 2. Global Formic Acid Market Definition and Research Assumptions
- 2.1. Research Objective
- 2.2. Market Definition
- 2.3. Research Assumptions
- 2.3.1. Inclusion & Exclusion
- 2.3.2. Limitations
- 2.3.3. Supply Side Analysis
- 2.3.3.1. Availability
- 2.3.3.2. Infrastructure
- 2.3.3.3. Regulatory Environment
- 2.3.3.4. Market Competition
- 2.3.3.5. Economic Viability (Consumer's Perspective)
- 2.3.4. Demand Side Analysis
- 2.3.4.1. Regulatory frameworks
- 2.3.4.2. Technological Advancements
- 2.3.4.3. Environmental Considerations
- 2.3.4.4. Consumer Awareness & Acceptance
- 2.4. Estimation Methodology
- 2.5. Years Considered for the Study
- 2.6. Currency Conversion Rates
Chapter 3. Global Formic Acid Market Dynamics
- 3.1. Market Drivers
- 3.1.1. Rising Demand for Preservatives from Agricultural Sectors
- 3.1.2. Increasing Use in Animal Feedstock
- 3.1.3. Growth in Leather and Textile Industries
- 3.2. Market Challenges
- 3.2.1. Handling and Safety Concerns
- 3.2.2. Fluctuating Raw Material Prices
- 3.3. Market Opportunities
- 3.3.1. Advancements in Production Technologies
- 3.3.2. Emerging Applications in Various Industries
Chapter 4. Global Formic Acid Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economical
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Formic Acid Market Size & Forecasts by Production Method 2022-2032
- 5.1. Segment Dashboard
- 5.2. Global Formic Acid Market: Production Method Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 5.2.1. Oxalic Acid
- 5.2.2. Carbonylation of Methanol
Chapter 6. Global Formic Acid Market Size & Forecasts by Application 2022-2032
- 6.1. Segment Dashboard
- 6.2. Global Formic Acid Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
- 6.2.1. Rubber
- 6.2.2. Leather Production
- 6.2.3. Cleaning Agent
- 6.2.4. Finishing Textile
- 6.2.5. Preservatives
- 6.2.6. Dyeing
- 6.2.7. Animal Feed
- 6.2.8. Others
Chapter 7. Global Formic Acid Market Size & Forecasts by Region 2022-2032
- 7.1. North America Formic Acid Market
- 7.1.1. U.S. Formic Acid Market
- 7.1.1.1. Production Method breakdown size & forecasts, 2022-2032
- 7.1.1.2. Application breakdown size & forecasts, 2022-2032
- 7.1.2. Canada Formic Acid Market
- 7.2. Europe Formic Acid Market
- 7.2.1. U.K. Formic Acid Market
- 7.2.2. Germany Formic Acid Market
- 7.2.3. France Formic Acid Market
- 7.2.4. Spain Formic Acid Market
- 7.2.5. Italy Formic Acid Market
- 7.2.6. Rest of Europe Formic Acid Market
- 7.3. Asia-Pacific Formic Acid Market
- 7.3.1. China Formic Acid Market
- 7.3.2. India Formic Acid Market
- 7.3.3. Japan Formic Acid Market
- 7.3.4. Australia Formic Acid Market
- 7.3.5. South Korea Formic Acid Market
- 7.3.6. Rest of Asia Pacific Formic Acid Market
- 7.4. Latin America Formic Acid Market
- 7.4.1. Brazil Formic Acid Market
- 7.4.2. Mexico Formic Acid Market
- 7.4.3. Rest of Latin America Formic Acid Market
- 7.5. Middle East & Africa Formic Acid Market
- 7.5.1. Saudi Arabia Formic Acid Market
- 7.5.2. South Africa Formic Acid Market
- 7.5.3. Rest of Middle East & Africa Formic Acid Market
Chapter 8. Competitive Intelligence
- 8.1. Key Company SWOT Analysis
- 8.2. Top Market Strategies
- 8.3. Company Profiles
- 8.3.1. Luxi Chemical Group Co. Ltd
- 8.3.1.1. Key Information
- 8.3.1.2. Overview
- 8.3.1.3. Financial (Subject to Data Availability)
- 8.3.1.4. Product Summary
- 8.3.1.5. Market Strategies
- 8.3.2. Anhui Asahi Kasei Chemical
- 8.3.3. Feicheng Acid Chemical
- 8.3.4. Gujarat Narmada Valley Fertilizers & Chemicals Limited
- 8.3.5. Chongqing Chuandong Chemical Co
- 8.3.6. Perstorp
- 8.3.7. BASF SE
- 8.3.8. Eastman Chemical Company
- 8.3.9. Kemira Oyj
- 8.3.10. MKS Marmara Entegre Kimya Sanayi A.S.
- 8.3.11. Shandong Baoyuan Chemical Co., Ltd.
- 8.3.12. Alfa Aesa
- 8.3.13. Puyang Guangming Chemicals Co., Ltd.
- 8.3.14. Metafrax Chemicals
- 8.3.15. BASF-YPC Company Limited
Chapter 9. Research Process
- 9.1. Research Process
- 9.1.1. Data Mining
- 9.1.2. Analysis
- 9.1.3. Market Estimation
- 9.1.4. Validation
- 9.1.5. Publishing
- 9.2. Research Attributes