Market Size of Formic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Formic Acid Market Analysis
The formic acid market is expected to reach 1,092.35 kilotons by the end of this year and register a CAGR of over 3.5% during the forecast period.
Due to the COVID-19 pandemic-induced lockdown regulations and fewer workers, production in various chemical and other industries has reduced, resulting in a reduced supply of raw materials to industries. However, the market is expected to get better during the forecast period.
- Over the medium term, the growing demand for animal feed and silage additives is driving the growth of the formic acid market.
- The emergence of other cost-effective substitutes and high toxic levels of higher-grade formic acid are the key factors anticipated to restrain the growth of the target industry over the forecast period.
- The sustainable use of formic acid in a fuel cell will likely act as an opportunity for the formic acid market.
- The Asia-Pacific region is expected to dominate the market and is estimated to witness the highest CAGR during the forecast period.
Formic Acid Industry Segmentation
Animal feed and silage additive manufacturers use formic acid as an additive in solid or liquid forms, which are both considered safe for animal health. The formic acid market is segmented by Application and Geography. By Application, the product is segmented into animal feed and silage additives, leather tanning, textile dyeing, finishing, an intermediary in pharmaceuticals, and other applications. The report also covers the market size and forecasts for the formic acid market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (Kilotons).
| Application | |
| Animal Feed and Silage Additives | |
| Leather Tanning | |
| Textile Dying and Finishing | |
| Intermediary in Pharmaceuticals | |
| Other Applications |
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Formic Acid Market Size Summary
The formic acid market is poised for growth, driven by increasing demand for animal feed and silage additives. This growth is supported by the acid's role in enhancing feed digestion and inhibiting harmful bacteria, which is crucial for maintaining animal health and food security. The market is also seeing a shift towards the sustainable use of formic acid in fuel cells, presenting new opportunities. However, the emergence of cost-effective substitutes and the high toxicity levels of higher-grade formic acid pose challenges to market expansion. The Asia-Pacific region is expected to lead the market, fueled by rising demand for meat and poultry, as well as the textile sector's needs in countries like China and India.
The global formic acid market is characterized by its consolidated nature, with major players such as BASF SE, Shandong Acid Technology Co. Ltd., LUXI Group, Eastman Chemical Company, and Perstorp. The market's dynamics are influenced by the increasing demand for animal feed, particularly in emerging economies where meat, milk, and egg consumption is on the rise. This trend is further supported by the global need to significantly boost food production by 2050, as projected by the United Nations Food and Agricultural Organization. The market's growth is also reflected in the strategic moves by key players, such as BASF SE's price adjustments in North America, indicating a responsive approach to market demands.
Formic Acid Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 Growing Demand for Animal Feed and Silage Additives
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Industry Attractiveness - 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 and Services
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1.4.5 Degree of Competition
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1.5 Price Analysis
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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
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2.2 Geography
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2.2.1 Asia-Pacific
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2.2.1.1 China
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2.2.1.2 India
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2.2.1.3 Japan
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2.2.1.4 South Korea
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2.2.1.5 Rest of Asia-Pacific
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2.2.2 North America
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2.2.2.1 United States
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2.2.2.2 Canada
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2.2.2.3 Mexico
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2.2.3 Europe
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2.2.3.1 Germany
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2.2.3.2 United Kingdom
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2.2.3.3 Italy
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2.2.3.4 France
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2.2.3.5 Rest of Europe
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2.2.4 South America
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2.2.4.1 Brazil
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2.2.4.2 Argentina
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2.2.4.3 Rest of South America
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2.2.5 Middle-East and Africa
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2.2.5.1 Saudi Arabia
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2.2.5.2 South Africa
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2.2.5.3 Rest of Middle-East and Africa
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Formic Acid Market Size FAQs
What is the current Formic Acid Market size?
The Formic Acid Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in Formic Acid Market?
BASF SE , Perstorp , Eastman Chemical Company , LUXI GROUP and Shandong Acid Technology Co. Ltd. are the major companies operating in the Formic Acid Market.
