Formic Acid Market Expects A Valuation Of US$ 1.8 Billion In 2023

As per the latest insights by Fact.MR, the global market for formic acid is expected to surpass a valuation of US$ 2.8 billion by the end of 2033 in comparison to US$ 1.5% registered in 2020.

High quality and environment acceptability of formic acid are the key factors driving the market at a CAGR of 4.6% over the forecast period 2023-2033.

The market will gain from improved scope for applications across various industry verticals including pharmaceutical, textile, leather, and agricultural others over the forecast period. 

Besides this, advancements in living standards across the globe have resulted in growing consumption of meat, which, in turn is boosting the demand for formic acid in animal feeds and preservatives. The implementation of various safety regulations for the production of formic acid also is expected to be one of the key factors, driving the market growth.

Extensive use of formic acid as a catalyst in the production of different chemicals is anticipated to spur sales prospects. Also, increasing utilization of formic acid in rubber manufacture due to strong coagulating property is pushing demand.

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The Asia Pacific market is forecast to dominate the global sales of formic acid, expanding at a healthy CAGR over the forecast period. Growth prospects are likely to remain positive for the Asia Pacific market driven by rapid industrialization, abundant availability of raw materials at lesser price, and robust presence of a large number of chemical manufacturing firms.

"Increasing investment in research and development activities coupled with focus on expanding production capacity are key strategies adopted by the leading market players as they focus on expanding their global footprint," says a Fact.MR analyst.

Key Takeaways from Formic Acid Market Survey

• Driven by easy availability of raw materials and rapid urbanization, Asia Pacific market for formic acid is estimated to account for over 50% of total market share.
• The U.S. market for formic acid is anticipated to grow at a healthy CAGR due to increasing expansions coupled with research and development activities. The U.S. market totalled around US$ 380 Mn in 2020.
• Demand outlook for China remains positive. China market is projected to surpass a valuation of around US$ 365 Mn by the end of 2031.
• Based on concentration, the 85% segment is expected to account for over 40% of the market share.
• Formic acid sales in Japan is forecast to reach over US$ 300 Mn by the end of 2031.

Key Drivers

• Increasing demand for formic acid from textile and pharmaceutical industries is propelling the market growth.

Key Restraints

• Implementation of regulations on the proper use of formic acid is expected to might create hindrances to growth.
• Health risk associated with extensive exposure to formic acid may hamper the market sales.

Competitive Landscape

Some of the leading market players operating in the formic acid market include BASF SE, Beijing Chemical Industry Group Co. Ltd, Feicheng Acid Chemicals Co. Ltd, GNFC Limited, Luxi Chemical Group Co. Ltd, Perstorp, Polioli SpA, Rashtriya Chemicals and Fertilizers Limited, Shandong Baoyuan Chemical Co. Ltd, Shanxi Province Yuanping Chemicals Co. Ltd, Wuhan Rui Fuyang Chemical Co. Ltd among others.

Formic acid manufacturers are focusing on various organic and inorganic strategies including partnerships, new product offerings, collaborations and acquisitions to increase their footprint globally. Besides this, increasing emphasis on research and development activities and business expansion would improve the competitive environment between manufacturers of formic acid.

Some of the leading players operating in the formic acid market profiled by Fact.MR are:

• Anhui Asahi Kasei Chemical Co. Ltd
• BASF SE
• Beijing Chemical Industry Group Co. Ltd
• Feicheng Acid Chemicals Co. Ltd
• GNFC Limited
• Luxi Chemical Group Co. Ltd
• Perstorp
• Polioli SpA
• Rashtriya Chemicals and Fertilizers Limited
• Shandong Baoyuan Chemical Co. Ltd
• Shanxi Province Yuanping Chemicals Co. Ltd
• Wuhan Rui Fuyang Chemical Co. Ltd
• Eastman Chemical Company

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More Valuable Insights on Formic Acid Market

Fact.MR, in its new report, offers an unbiased analysis of the global formic acid market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on formic acid market with detailed segmentation:

• Concentration
• Formic Acid  of 85% Concentration
• Formic Acid of 90% Concentration
• Formic Acid of 94% Concentration
• Formic Acid of 99% Concentration
• Others
• Methanoic Acid
• Carboxylic Acid
• Application
• Formic Acid  For Animal Feed
• Formic Acid  For Agricultural Products
• Formic Acid  For Leather Tanning
• Formic Acid  For Textile Dyeing and Finishing
• Formic Acid  For Pharmaceuticals/Food Chemicals
• Formic Acid  For Rubber Products
• Formic Acid  For Coatings

Key Questions Covered in the Formic Acid Market Report 

• The market survey also highlights projected sales growth for formic acid market between 2021 and 2031
• The report offers insight into formic acid demand outlook for forecast period 2021-2031
• Formic acid market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
• Formic acid market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry