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Formic Acid

Formic Acid Price Trend and Forecast

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Market Overview

For the Quarter Ending September 2021

North America

In North America, Formic Acid prices witnessed an upward trajectory during the third quarter of 2021 backed by the hike in the feedstock Methanol prices. A severe fall in the production levels of feedstock Methanol was observed due to disruptions caused by Ida hurricane that made landfall in the gulf coast of USA at the end of August. For instance, Methanex’s Geismar plants and James Methanol went offline for around 2 weeks and thus resulted in a snug Methanol supply during this timeframe that consequently impacted the production of Formic Acid. Sturdy demand and the limited raw material availability pushed the prices of Formic Acid in this quarter.

Asia

During Q3 2021, a steep climb in the prices of Formic Acid was noted in the Asia Pacific region followed by strong offtakes from the downstream industries amidst tight supplies. In China, Formic Acid prices soared throughout the quarter backed by the upward momentum of feedstock methanol. In China, Methanol is majorly produced by the coal route and extreme coal scarcity led to consistent hikes in Methanol prices since the beginning of Q3 that consequently fumed Formic Acid values in the regional market. In India, the Formic Acid market experienced the same trend as other Asian countries during this quarter. Prices rose drastically in effect of sturdy demand from textile industry and spike in the prices of imported coal as well as feedstock values. Additionally, exorbitant freight charges further sent ripples to the values of Formic Acid in the domestic market. Hence, Formic Acid (85%) Ex- Mumbai (India) prices witnessed a substantial increase from USD 876.99/MT to USD 1656.53/MT during the third quarter.

Europe

In Europe, the Formic Acid market sentiments remained high throughout the third quarter backed by the strong demand from the downstream manufacturers. Surging feedstock prices due to expensive and lower imports from the USA as an impact of Ida hurricane also led to the increment in the values of Formic Acid in this quarter. In addition, many manufacturers were compelled to curtail their production rates in Europe due to the energy crisis that also affected the prices of Formic Acid. However, the demand from domestic and overseas market remained stable during this timeframe that also aided the pricing trend of Formic Acid in Europe.

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Services

Market Analysis

Company-wise installed capacity, production volume and plant operating efficiency is captured directly from manufacturers. Import and Export volume is captured from government sources and demand for Formic Acid is calculated considering the production, import, export and inventory-levels on the country and regional level markets.

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Pricing Analysis

The product price is correlated with the price trend of crude oil, demand-supply gap, fluctuations in the feedstock and with the market movement of the downstream sectors.

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Company Profile

Basic details and information on financial performance of leading global players in the Formic Acid market is presented in a visually captivating manner. Expansion plans and the company’s strategy is also captured to understand the vision and mission of the company to help understand the areas where companies need to focus more.

News & Deals

Daily updates on industry-specific and product-specific news, exclusive primary-based news capturing plant shutdowns/outages/closures, capacity expansions, operating rates, insights on demand-supply situation, awarding of technology licenses, new product launch and deals specifying mergers and acquisitions, strategic investments and disinvestments, to help players capitalize on market opportunity.

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Methodology

ChemAnalyst gathers information through primary research surveys conducted with various Formic Acid manufacturers, spread across the domestic and international market, suppliers and dealers/distributors to gain insights into value-chains and demand-supply scenario to assess the market situation. Thorough study of company’s annual reports and secondary sources such as exhaustive search on credible paid databases, including our internal database is done to verify the information. All the collected information is analyzed, evaluated and presented in chronological order to depict a meaningful and clear picture of the concerned market.

Our dedicated team of industry experts comprehensively monitors and analyzes various aspects of the Global Formic Acid market. The team analyzes various industrial segments, strategic viewpoints and provides an analysis of the industry’s performance in the long run. This would enable our clients in efficiently plan their future investments, mitigate risk, understand the cost dynamics and strike out a balance amidst market volatility.

Critical examination of the impact of COVID-19 pandemic on the global supply chains and shift in demand patterns with change in buying behavior of consumers across the globe.

Several ongoing development projects across industries are tracked, followed by the details of major projects in the development stage, which can positively or negatively influence Global Formic Acid market.

Pricing is captured through exhaustive primary interviews with domestic and international manufacturers, traders and importers and customers on monthly and yearly basis.

Finally, region-specific markets for Formic Acid are analyzed and region-wise demand pattern is tracked.

About

Formic Acid is a colorless, flammable, and fuming liquid with a penetrating pungent odor and also commonly known as Methanoic Acid. It is miscible with water and most of the organic solvents and partially soluble in hydrocarbons. Formic acid is generally produced as a byproduct of acetic acid but industrially it is synthesized by treating Carbon Monoxide with methanol in the presence of a catalyst (strong base). Formic Acid is available in different grades depending upon its purity such as Formic Acid 85%, 94%, 99% and >99%. Formic Acid is prominently used as an antibacterial agent and preservative in feed for livestock as it enhances the feed shelf life by arresting decaying process as well as retain its nutritional value. It is also employed for tanning leather, in textile dying, and finishing, to process latex into raw rubber, as a miticide in apiculture and as a solvent in perfumes. Formic Acid also widely used in Oil & Gas industry as a corrosion inhibitor in the hydraulic fracturing process. It also finds applications in synthesis of artificial flavor and in the production of vinyl resin plasticizers, lacquers, and metal salts such as cadmium, nickel, and potassium formats. The major end use industries of Formic Acid are Agriculture, Textile & Leather, Rubber, Pharmaceuticals and Others.

Product Specific Details

CAS No:	64-18-6
HS Code:	29151100
Grade:	85%
Contract Size:	100-150 MT
Packaging Type:	Drum & Tank

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• Singapore

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Formic Acid Price Trend and Forecast