The global formic acid market has been estimated at USD XX. XX billion in 2016 and is projected to reach USD XX.XX billion by 2021, at a CAGR of X.X% during the forecast period.
Formic acid, the simplest carboxylic acid, is produced in various concentrations, such as 78%, 80%, 85%, 94% and 99%; wherein, the 85% formic acid is the most widely used. Formic acid is commonly used as a preservative and antibacterial agent in various industries, with animal feed preservation constituting the major segments.
Other applications include tanning of leather, dyeing of textiles, as a coagulant in the production of rubber,.
The market is mainly driven by the growing demand for preservatives and feed additives.Other major factor includes growth in the meat industry, due to the changing lifestyles in developing countries.
However, the market faces certain drawbacks like the emergence of other cost-effective substitutes for formic acid and the fluctuating weather conditions, which will affect the market negatively. These factors may act as a roadblock to the growth of the market.
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The formic acid market, based on end-user, can be divided into rubber, textile, leather, chemicals, agriculture and pharmaceutical industry. Currently, the agriculture industry is the dominant sector in the formic acid market, though the use in rubber industry is expected to be the fastest-growing; the reason being the increasing demand for tires in Asia-Pacific.
The market has been geographically segmented into APAC, North America, Europe, South America, and MEA. In terms of consumption in 2016, Asia-Pacific leads the market, with more than 45% market share, followed by Europe.
Asia-Pacific and Europe, collectively, formulate more than three-fourth of the formic acid market. The Asia-Pacific market is expected to grow the fastest during the forecast period.
Opportunities and Market Players
The increasing investment in R&D by various industries for formic acid applications is expected to boost the market.
Some of the major companies dominating the market for formic acid production and uses are:
Eastman Chemical Company
Feicheng Acid Chemicals Co. Ltd.
Helm Italia (S.R.L.)
Key Deliverables in the Study
Market analysis for the global formic acid market, with region-specific assessments and competition analysis on a global and regional scale.
Market definition along with the identification of factors instrumental in changing the market scenario and prospective opportunities.
Extensively researched competitive landscape section with profiles of major companies along with their market share.
Identification and analysis of the macro and micro factors that affect the global formic acid market on both global and regional scale.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information.
Insights on the major countries/regions where this industry is growing and also identify the regions that are still untapped.
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