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 (Asia-Pacific, North America, Europe, South America, and Middle East & Africa)
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Scope of the Report
Key Market Trends
TABLE OF CONTENTS
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The formic acid market is expected to witness a healthy growth, at an estimated CAGR of around 4%, during the forecast period. 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 market growth.
Scope of the Report
The formic acid market report includes:
Textile Dyeing and Finishing
Intermediary in Pharmaceuticals
Rest of Asia-Pacific
Rest of North America
Rest of Europe
Rest of South America
Middle East & Africa
Rest of 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 the animal diet for feed acidification.
It is used as an 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.
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Asia-Pacific Region to Dominate the Market
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. In 2018, the pork output in the country was 54.04 million metric tons (MMT). In 2019, beef production in China has been predicted to reach around 6.5 million metric tons.
China currently has about 560 large and medium-sized tanneries. The leather tanning industry in the country shows signs of decline. In the first six months of 2018 the tanning industry in the country witnessed a decline of 11.4%, in terms of volumes of finished leather produced. This downturn was due to the renewal process of laboriously adapting to the new environmental standards.
China's textile and apparel makers are going through painful industrial restructuring. While the country, with enormous production capacity, is still the world's largest clothing exporter, oversupply at home, high labor costs, and rising global protectionism have all eroded its competitiveness.
All the aforementioned factors, in turn, expected to increase the demand for formic acid in the region during the forecast period.
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The global formic acid market is fragmented. The major players in the market are BASF SE, Perstorp, Eastman Chemical Company, Luxi Chemical Group Co. Ltd, and Anhui Asahi Kasei Chemical, among others.