Market Insights:
Market Research Future’s (MRFR) market report on the Formic Acid Market has unveiled an estimated value of USD 516.9 million in 2016 and predicted an approximate evaluation of USD 878.7 million by the end of 2027. The data analysts at MRFR have found that the market is expected to grow steadily at a CAGR of 4.94% during the forecast period of 2017 to 2027.
The Global Formic Acid Market can attribute its growth to the rising demand in various end-use industries such as leather, textiles, chemicals, rubber, and pharmaceuticals among others. The scope of applications for formic acid includes use in preservatives, animal feed, cleaning products, textile, and leather production.
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Changing lifestyles, a growing global population and increased disposable incomes in emerging economies are key factors that drive growth for this market. Rising disposable incomes and urbanization, have contributed greatly to rising consumption of meat. This has subsequently driven demand for formic acid in animal feed for its antibacterial properties and as silage preservative. Environmental and human health concerns regarding the use of antibiotics as a growth booster in animal feed for meat producing animals has been prompting farmers to switch formic acid thus further driving growth.
Despite its increased adoption in various end-use industries, the Formic Acid is not without challenges. The efficacy of affordable organic substitutes and the toxicity associated with high concentrations of formic acid are likely to pose restrictions on the market. However, increasing investment in research & development of formic acid is likely to create opportunities and potentially increase the scope of application in the coming years. Moreover, supportive government regulations and high demand for formic acid in emerging economies are likely to encourage growth.
Market Segmentation:
MRFR’s segmental analysis of the Global Formic Acid Market presents a comprehensive view of the market which allows for accurate identification of various trends and growth opportunities in the market. The Global Formic Acid has been Segmented by Production Method, Application, and Region.
By Production Method, the market is divided into carbonylation of methanol and oxalic acid.
By Application, the market has been segmented into animal feed, cleaning agents, rubber & leather production, preservatives, dyeing and finishing textiles and others.
By Region, the global market has been segmented into North America, Europe, the
Asia-Pacific (APAC), and the Rest of the World (RoW).
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Regional Analysis:
In the Global Formic Acid Market, Asia Pacific possesses the largest share and potential for growth during the forecast period. The APAC region holds more than 35% volume share in the market due to widespread industrialization in this region, the abundant availability of raw material, and lack of relevant government regulations. Rising disposable incomes in developing economies have led to increased meat consumption and textile demand which is expected to facilitate swift growth for the region. The region also has the presence of a large population and emerging economies such as India and China where growing demand for automobiles is driving the demand for formic acid in rubber for tires. The Formic Acid Market value in China is expected to reach an evaluation of approximately USD 144.3 million by 2027 with a CAGR of 5.50%.
Europe accounts for the second largest share of the global market. This growth can be attributed to 2006, E.U. ban of antibiotics as growth boosters in animal feed and the strong presence of the world’s leading formic acid manufacturers such as BASF in Germany.
North America is expected to grow significantly during the forecast period and see a rise in demand for Formic Acid due to the growing pressure to implement a ban and other regulations on antibiotics for animal feed.
Key Players:
Prominent players participating in the Global Formic Acid include Perstorp AB, Eastman Chemical Company, BASF SE, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Feicheng Acid Chemical, Luxi Group Co. Ltd., and Chongqing Chuandong Chemical Group Co., Ltd.,
Latest Industry News:
Energy solutions company, GRT Group and a research team from École Polytechnique fédérale de Lausanne (EPFL) have developed a fuel cell which uses formic acid to produce hydrogen. Named HYFORM-PEMFC, the cell can produce 590 L of hydrogen from 1 L of formic acid using a ruthenium catalyst. Water & CO2 are byproducts produced, which allows for sustainability as the hydrogen is used for fuel and the CO2 is reused to create more formic acid. These fuel cells can be scaled up for domestic and industrial applications as well as provide remote locations with no access to a power grid the ability to produce 7000 k Wh/y with low operating costs. The technology is the first of its kind and is expected to open up many avenues for applications as a renewable energy source.
Perstorp AB has recently launched a new solution in Feed & Food. Perstorp Perfect Mixx uniquely combines highly accurate dosing equipment with a wide range of organic acid -based additives. Cibodoz, the dosing equipment that is part of the Perstorp Perfect Mixx combination allows for the precise measurement of the ideal dose for animal feed additives. Organic acids such as Formic Acid, when delivered into animal feed with accuracy creates optimal feed hygiene and moisture balance. Moreover, it inhibits mold and improves animal gut health. Corrosive properties of organic acids like formic acid make it vital to use accurately measured dosages.
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