Market Size of Asia-Pacific Formic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 4.63 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Asia-Pacific Formic Acid Market Analysis
The Asia-Pacific Formic Acid Market is estimated at 498.25 kilotons currently and is projected to reach 624.72 kilotons in the next five years, registering a CAGR of 4.63% during the forecast period.
The impact of COVID-19 on the formic acid market remained mixed in the Asia-Pacific region. Demand from segments like animal feed, silage additives, and pharmaceutical intermediaries remained firm. However, a drop in demand was observed from the leather tanning and textile and finishing segments owing to restricted social gatherings, which reduced the purchase of such products. However, the demand substantially recovered with the reopening of economies in 2021.
- One of the major drivers for formic acid is the consistent increase in the demand for animal feed and silage additives owing to the increasing concerns about animal health and nutrition.
- However, the growing emphasis on substitutes like urea sulfate in applications like leather tanning is restraining the market growth.
- Using formic acid in fuel cells as a sustainable alternative will likely create opportunities for the market studied in the Asia-Pacific in the coming years.
- China is expected to dominate the Asia-Pacifc formic acid market as it is one of the world's largest feed manufacturers and textile exporters.
Asia-Pacific Formic Acid Industry Segmentation
Formic acid, or methanoic acid, is the simplest form of carboxylic acid with a pungent odor. Due to its antibacterial properties, it is used in the animal feed and silage industry as an additive and an intermediary in the pharmaceutical industry. The product is also used in other industries like leather, tanning, dyes, and textiles.
The formic acid market is segmented by application and geography. The market is segmented by application into animal feed and silage additives, leather tanning, textile dyeing, finishing, pharmaceutical intermediary, and other applications (cleaning, cosmetics, etc.). The report also covers the market size and forecasts for formic acid across 5 major countries in the Asia-Pacific region. The market sizing and forecasts are provided in volume (tons) for each segment.
| Application | |
| Animal Feed and Silage Additives | |
| Leather Tanning | |
| Textile Dying and Finishing | |
| Intermediary in Pharmaceuticals | |
| Other Applications (Cleaning, Cosmetics, etc.) |
| Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| ASEAN Countries | |
| Rest of Asia-Pacific |
Asia-Pacific Formic Acid Market Size Summary
The Asia-Pacific formic acid market is experiencing a steady growth trajectory, driven by its diverse applications across various industries. The demand for formic acid is particularly robust in the animal feed and silage additives sectors, where it is valued for its antibacterial and digestive properties, contributing to improved animal health and nutrition. This demand is bolstered by the increasing population of livestock and the need for food security. Additionally, formic acid's role in the textile and pharmaceutical industries further supports its market expansion. China, as a leading producer and exporter, plays a pivotal role in this market, leveraging its vast production capabilities in these sectors. The country's strategic focus on enhancing its domestic market and investing in sustainable practices within the textile industry underscores its dominance in the region.
Despite the positive growth prospects, the market faces challenges from the rising preference for substitutes like urea sulfate in leather tanning applications. However, the potential use of formic acid in fuel cells presents new opportunities for market expansion. The Asia-Pacific formic acid market is characterized by its consolidated nature, with key players such as BASF SE, LUXI GROUP, and Gujarat Narmada Valley Fertilizers & Chemicals Limited leading the charge. Recent strategic moves, such as acquisitions and investments in expanding production capacities, highlight the competitive landscape and the ongoing efforts to meet the growing demand. Overall, the market is poised for continued growth, driven by its critical applications and the strategic initiatives of major industry players.
Asia-Pacific Formic Acid Market Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.1.1 Growing Demand for Animal Feed and Silage Additives
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1.1.2 Increasing Usage in Leather Tanning Industry
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1.1.3 Other Drivers
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1.2 Market Restraints
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1.2.1 Presence of Alternatives like Urea Sulfate
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Volume)
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2.1 Application
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2.1.1 Animal Feed and Silage Additives
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2.1.2 Leather Tanning
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2.1.3 Textile Dying and Finishing
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2.1.4 Intermediary in Pharmaceuticals
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2.1.5 Other Applications (Cleaning, Cosmetics, etc.)
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2.2 Geography
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2.2.1 China
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2.2.2 India
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2.2.3 Japan
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2.2.4 South Korea
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2.2.5 ASEAN Countries
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2.2.6 Rest of Asia-Pacific
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Asia-Pacific Formic Acid Market Market Size FAQs
What is the current Asia-Pacific Formic Acid Market size?
The Asia-Pacific Formic Acid Market is projected to register a CAGR of 4.63% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Formic Acid Market ?
BASF SE, LUXI GROUP, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Shandong Acid Technology Co., Ltd. and Sintas Kurama Perdana are the major companies operating in the Asia-Pacific Formic Acid Market .
