Formic Acid Market - Growth, Trends, and Forecast (2019 - 2024)

The market is segmented by Grade Type (75%, 80%, 85%, 94%, and 99%), Application (Animal Feed, Leather Tanning, Textile Dyeing and Finishing, Intermediary in Pharmaceuticals, and Other Applications), and Geography.

Market Snapshot

formic acid market
Study Period:

2016-2024

Base Year:

2018

Fastest Growing Market:

Asia Pacific

Largest Market:

Asia Pacific

Key Players:

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Market Overview

The formic acid market is expected to witness a healthy growth, at an estimated CAGR of 3.74%, during the forecast period (2019-2024). One of the major factors driving the growth of formic acid is the increasing demand for preservatives and feed additives. Increasing consumption of meat and poultry has also hugely attributed to the growth of the market.

  • The Asia-Pacific region leads the market globally, with China being the largest producer and consumer of formic acid. The country is also the largest exporter of formic acid across the world.
  • Regulations regarding the usage of formic acid are expected to hinder the market growth.

Scope of the Report

The formic acid market report includes:

Grade Type
75%
80%
85%
94%
99%
Application
Animal Feed
Silage Additive
Preservative
Leather Tanning
Textile Dyeing and Finishing
Intermediary in Pharmaceuticals
Other Applications
Geography
Asia-Pacific
China
India
Japan
South Korea
ASEAN Countries
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
Middle East
Africa

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Key Market Trends

Animal Feed a Huge Market Potential

  • Formic acid, as a commercial animal feed additive, is added to animal diet for feed acidification.
  • It is used as animal feed additive for fisheries, cattle, poultry, etc. Growth of cattle and poultry is higher in countries, such as the United States, China, India, etc., and these are the countries where the demand for formic acid has increased at a moderately high rate.
  • Formic acid is also used as an antibacterial agent and preservative in livestock feed.
  • Formic acid is sprayed on fresh hay, in order to delay or halt decay, thereby, allowing the feed a longer survival period. This process is of particular importance in the preservation of winter cattle feed.
  • In poultry farming, formic acid is applied to feed, in order to kill salmonella bacteria. These practices are widespread in Europe, but are not as common in the United States, due to the generally low commercial availability of formic acid.
  • In addition, the use of formic acid on hay feed may reduce the total milk fat when given to milch cows.
  • These applications of formic acid are on the rise, due to the increase in demand for animal feed. This trend is expected to contribute to the demand for formic acid, over the forecast period.
formic acid market

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Asia-Pacific Region to Dominate the Market

In 2017, the Asia-Pacific region dominated the global market share. The region is expected to dominate the market during the forecast period, owing to the demand for meat and poultry, coupled with the demand from the textile industry in countries, such as China and India. China is among the largest meat producers in the world. The top three categories include pork, chicken, and beef. Pork production in the country increased by 0.8% in 2017, to 53.4 million metric ton. Beef production also increased by 1.3% in 2017, to 7.26 million metric ton. Poultry output increased by 0.5%, to 18.97 million metric ton, while lamb production went up 1.8%, to 4.68 million metric ton. Currently, China has about 560 large and medium-sized tanneries. The leather tanning industry in the country shows signs of decline. The exports decreased by 8.2% in the first half of 2017. This downturn is likely to be due to the renewal process of laboriously adapting to the new environmental standards. The country’s textile market share in the global textile and clothing industry fell from 38.6%, in 2015, to 35.8%, in 2016. The downward trend is seen in major apparel importing regions, such as the United States, European Union, and Japan. All the aforementioned factors, in turn, expected to increase the demand for formic acid in the region during the forecast period.

formic acid market

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Competitive Landscape

The global formic acid market is fragmented. The world's total acid production capacity is around 1.137 million metric ton, mainly concentrated in China, Germany, Finland, Russia, and the United States. The top four companies in the market are BASF SE, Luxi Chemical Group, Eastman Chemical Company, and Feicheng Acid Chemical Co. Ltd.

Major Players

  1. BASF SE
  2. Perstorp
  3. Eastman Chemical Company
  4. Luxi Chemical Group Co. Ltd

* Complete list of players covered available in the table of contents below

formic acid market

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Preservatives and Feed Additives

      2. 4.1.2 Increasing Consumption of Meat and Poultry

    2. 4.2 Restraints

      1. 4.2.1 Emerging Cost-effective Substitutes

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porters Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Analysis

    6. 4.6 Policies and Regulations

  5. 5. MARKET SEGMENTATION

    1. 5.1 Grade Type

      1. 5.1.1 75%

      2. 5.1.2 80%

      3. 5.1.3 85%

      4. 5.1.4 94%

      5. 5.1.5 99%

    2. 5.2 Application

      1. 5.2.1 Animal Feed

        1. 5.2.1.1 Silage Additive

        2. 5.2.1.2 Preservative

      2. 5.2.2 Leather Tanning

      3. 5.2.3 Textile Dyeing and Finishing

      4. 5.2.4 Intermediary in Pharmaceuticals

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 ASEAN Countries

        6. 5.3.1.6 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

        4. 5.3.2.4 Rest of North America

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 South America

        1. 5.3.4.1 Brazil

        2. 5.3.4.2 Argentina

        3. 5.3.4.3 Rest of South America

      5. 5.3.5 Middle East & Africa

        1. 5.3.5.1 Middle East

        2. 5.3.5.2 Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anhui Asahi Kasei Chemical

      2. 6.4.2 BASF SE

      3. 6.4.3 Beijing Chemical Industry Group

      4. 6.4.4 Feicheng Acid Chemical

      5. 6.4.5 Gujarat Narmada Valley Fertilizers & Chemicals Limited

      6. 6.4.6 Luxi Chemical Group Co. Ltd

      7. 6.4.7 Perstorp

      8. 6.4.8 Polioli SpA

      9. 6.4.9 Rashtriya Chemicals and Fertilizers Limited

      10. 6.4.10 Shandong Baoyuan Chemical Co. Ltd

      11. 6.4.11 Shanxi Province Yuanping Chemicals Co. Ltd

      12. 6.4.12 Wuhan Rui Fuyang Chemical Co. Ltd

      13. 6.4.13 Eastman Chemical Company

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Organic Acid as a Substitute for Antibiotics in Animal Feed

**Subject to Availability

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