H1 2023: The biggest Formic Acid producers in H1 2023 were BASF SE and Mudanjiang Fengda Chemicals Co., Ltd. However, BASF SE held the world’s largest Formic Acid production capacity with its multiple sites located at USA, Germany, and China. Asia Pacific region was the leading consumer and producer of Formic Acid in H1 2023. Formic acid prices in the Asia Pacific region fell from January 2023- February 2023 due to limited trading and slow inventory utilization in the Asian nations. Demand remained sluggish in the Asian nations with low consumption by the downstream Silage and animal feed and Leather tanning industries. In China, trading activities stalled in the end of January 2023 due to the Lunar New Year holiday and lower demand further supported the bearish trend. However, towards the end of February 2023, accelerated trading activity and reduced supply boosted the Formic Acid prices in China. The Formic Acid prices continued to rise till April 2023 after which the prices fell in the Chinese market. On the other hand, formic acid prices inclined in the US in the first three months of 2023. A healthy buying activity and low product inventory resulted in high formic acid prices. Due to extreme weather conditions and rise in the electricity costs, formic acid production rates were affected in the first half of 2023 in the US. However, prices stabilized towards the end of March 2023.
The global Formic Acid market has reached around 750 thousand tonnes in 2022 and is expected to grow at a CAGR of 4.48% during the forecast period until 2035. Currently, China is the highest producer of Formic Acid. Deicing is one of the popular applications in European countries like Frankfurt, Switzerland, Germany, Zurich which drives the demand of formic acid in these Western countries.
Formic acid is the simplest form of carboxylic acid with chemical formula HCOOH. It is a colorless liquid with a pungent smell. Formic Acid is synthesized by two different methods. In the first method, it is produced as a by-product of acetic acid. Another method is formation of methyl formate by carbonylation of methanol, then hydrolyzing the ester, and rectifying the byproducts. The extract derives from Ester, salts, and anions. Due to the antibacterial properties of Formic Acid, it is used for various industries, such as livestock feed preservation and as an additive for animal feeds, and fungicides. Formic Acid is used as an ingredient of cosmetics, and cleaning, tanning, or acidifying purposes, as a cleaner, an additive for greases, and for the manufacture of vasoconstricting medication. This Acid finds its application in preservation, fermentation, fuel cell, soldering, deicing, textiles, leather, cleaning, etc.
On a global level, the demand for preservation and agriculture sector is driving the Formic Acid market. Owning up to its anti-bacterial properties, Formic Acid helps in the preservation of feedstock of animal fodder without affecting its nutritional value, leading to its high demand from the dairy industries. This factor is anticipated to pace up the Formic Acid market growth in the forecast period. Moreover, the application of this acid in the chemical and industrial sectors are anticipated to be an additional factor driving the market growth. Formic Acid has a huge hand in packaged food. Foods can be stored and transported more easily when they are preserved with formic acid, especially perishables with short shelf lives. With formic acid, edibles stay fresher for longer and resists attacks from microbes, mold, and fungus. Formic acid consumption is expected to reach around 1300 thousand tonnes by 2035.
The dominating region that demands the most significant volume of Formic Acid is the Asia Pacific Region. In 2022, this region consumed approximately 48% of Formic Acid market. With the rapid urbanization, the demand of agriculture and rubber industry is bound to expand in developing countries like India and China, fueling the Formic Acid in the forecast period. China is topping the chart for exporting the highest volume of Formic Acid across the globe.
Based on the end-user industry, the Formic Acid market is segmented into Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others. However, Silage and animal feed is the biggest end-user market of Formic Acid which held a share of approximately 28%. Another crucial end-user of Formic Acid is Rubber and Pharmaceutical Intermediate has sizable market shares in the formic acid sector and is projected to nearly double in value over the next few years.
Significant companies for Global formic acid are BASF SE, Shandong Feicheng Acid Chemicals Co.Ltd., Mudanjiang Fengda Chemicals Co., Ltd, LUXI Group, Polioli, Perstorp, Taminco Corporation, Rashtriya Chemicals and Fertilizers Limited, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Huanghua Pengfa Chemical Co., Ltd and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2035
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The objective of the Study:
• To assess the demand-supply scenario of Formic Acid, which covers the production, demand, and supply of Formic Acid around the globe.
• To analyze and forecast the market size of Formic Acid.
• To classify and forecast the Global Formic Acid market based on end-use and regional distribution.
• To examine global competitive developments such as new capacity expansions, mergers & acquisitions, etc., of the Formic Acid market.
To extract data for the Global Formic Acid market, primary research surveys were conducted with Formic Acid manufacturers, suppliers, distributors, wholesalers, and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for the Global Formic Acid market over the coming years.
ChemAnalyst calculated Formic Acid demand around the globe by analyzing the historical data and demand forecast, which was carried out considering the production of raw material to produce Formic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources, such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Formic Acid manufacturers and other stakeholders
• Organizations, forums and alliances related to Formic Acid distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Formic Acid manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Formic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
750 thousand tonnes
Market size Volume by 2035
1300 thousand tonnes
Growth Rate
CAGR of 4.48% from 2023 to 2035
Base year for estimation
2022
Historic Data
2015 – 2022
Forecast period
2024 – 2035
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2035
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share
Segments covered
By End-Use: (Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others.)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Market Data & Insights
Table of Content
1. Industry Market Size
It is an essential metric for market analysis, as it provides insights into the overall size and growth potential of Formic Acid market in terms of value and volume.
2. Capacity By Company
On our online platform, you can stay up to date with essential manufacturers and their current and future operation capacity on a practically real-time basis for Formic Acid.
3. Capacity By Location
To better understand the regional supply of Formic Acid by analyzing its manufacturers' location-based capacity.
4. Plant Operating Efficiency
To determine what percentage manufacturers are operating their plants or how much capacity is being currently used.
5. Production By Company [quarterly update]
Study the historical annual production of Formic Acid by the leading players and forecast how it will grow in the coming years.
6. Demand by End- Use [quarterly update]
Discover which end-user industry (Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others) are creating a market and the forecast for the growth of the Formic Acid market.
7. Demand by Region
Analyzing the change in demand of Formic Acid in different regions, i.e., North America, Europe, Asia Pacific, Middle East and Africa, and South America, that can direct you in mapping the regional demand.
8. Demand by Sales Channel (Direct and Indirect)
Multiple channels are used to sell Formic Acid. Our sales channel will help in analyzing whether distributors and dealers or direct sales make up most of the industry's sales.
9. Demand-Supply Gap
Determine the supply-demand gap to gain information about the trade surplus or deficiency of Formic Acid.
10. Company Share
Figure out what proportion of the market share of Formic Acid is currently held by leading players across the globe.
11. Country-wise Export
Get details about quantity of Formic Acid exported by major countries.
12. Country-wise Import
Get details about quantity of Formic Acid imported by major countries.
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of force majeure, affects the plant's operating rate for the given duration. Disruption tracker gives a clear insight
into the worldwide outages affecting the commodity of interest. With every shutdown, it also reflects the impact on
supply of the product in the market at a Global level.
What was the global market size of Formic Acid in terms of volume in 2022?
Ans:
The global market size of Formic Acid had reached approximately 750 thousand tonnes in 2022, and it is expected to further expand with a CAGR of 4.48% by 2035.
Q2.
What are the major end-use industries of Formic Acid?
Ans:
Calcium Carbonate is used in a wide range of end use industries including Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and Others.
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