Formic Acid Market Trends, Growth, Size, Revenue, Demand, Challenges and Future Competition
Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Jul-2023 | Report ID: CHEM2379 | Pages: 1 - 236 | Formats*: |
| Category : Chemical & Materials | |||
Formic Acid Market Introduction and Overview
According to SPER Market Research, the Global Formic Acid Market is estimated to reach USD 4.43 billion by 2033 with a CAGR of 4.82%.
The report includes an in-depth analysis of the Global Formic Acid Market, including market size and trends, product mix, distribution channels, and supplier analysis. Formic acid, also known as methanolic acid, is a colourless and pungent liquid with the chemical formula HCOOH. It is the simplest carboxylic acid and derives its name from the Latin word for ant, "Formica," as it was first isolated from ants in the 18th century. Formic acid occurs naturally in various organisms, including certain insects, plants, and mammals. It is commercially produced through the catalytic oxidation of methanol and serves a wide range of industrial applications. With its highly reactive and corrosive nature, formic acid finds use as a reducing agent, preservative, and coagulating agent.
- Chemical Properties: Formic acid has the chemical formula HCOOH and a molecular weight of 46.03 g/mol. It is a colourless liquid with a pungent odour and a boiling point of 100.8 degrees Celsius. It is highly soluble in water and readily mixes with other polar solvents.
- Environmental Impact: Formic acid is considered a more environmentally friendly alternative to certain harsher chemicals. It is biodegradable and does not persist in the environment. However, it is still important to handle and dispose of it properly to prevent environmental contamination.
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Market Opportunities and Challenges
Formic acid presents several market opportunities due to its versatile properties and wide range of applications. One significant market opportunity lies in the growing demand for animal feed preservation and hygiene. Formic acid is used as a preservative in livestock feed to prevent microbial growth and improve feed quality, leading to better animal health and productivity. Another market opportunity arises from the increasing focus on sustainable and eco-friendly products. Formic acid, being biodegradable and derived from renewable sources such as methanol, aligns with the growing demand for environmentally friendly chemicals. It can be used as an alternative to certain harsh chemicals in various industries, including leather tanning, textile processing, and cleaning products.
Formic acid market faces certain challenges that can impact its widespread adoption and market growth. One primary challenge is its corrosive nature. Being a strong acid, formic acid can cause damage to equipment, pipelines, and storage facilities if proper precautions are not taken. Another challenge is the cost of production. While formic acid can be derived from renewable sources like methanol, the production process often involves the use of precious metal catalysts, such as rhodium or cobalt, which can be expensive.
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Market Competitive Landscape
The market competitive landscape for formic acid is characterized by several key players and factors. Several chemical companies are actively involved in the production and distribution of formic acid, providing a range of product offerings to cater to different industry needs. Some of the major manufacturers in the market include BASF SE, per torp Holding AB, Eastman Chemical Company, and Fei Cheng Acid Chemicals Co., Ltd., among others. Competition in the formic acid market is influenced by factors such as product quality, pricing, reliability of supply, and customer service.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Production Method, By Application, By End User, By Concentration |
| Regions covered | Asia Pacific, Europe, Middle East and Africa, North America, Latin America |
| Companies Covered | BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company, Fei Cheng Acid Chemicals Co., Ltd., Fleur hem, Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), LUXI Group Co., Ltd, Yara International ASA |
COVID-19 Impact on Global Formic Acid Market
The COVID-19 pandemic has had a mixed impact on the formic acid market. Like many other industries, the formic acid market faced disruptions due to the global economic slowdown and lockdown measures imposed to contain the spread of the virus. The restrictions on travel, trade, and manufacturing activities resulted in supply chain disruptions, reduced production capacities, and logistical challenges, affecting the availability and distribution of formic acid. Furthermore, the pandemic had a significant impact on the end-use industries of formic acid. Sectors such as automotive, textiles, leather, and construction experienced a downturn, leading to reduced demand for formic acid in these applications.
Key Target Audience
- Chemical Manufacturers
- Livestock and Poultry Industry
- Leather and Textile Industry
- Cleaning and Sanitizing Product Manufacturers
Our in-depth analysis of the Formic Acid Market includes the following segments:
| By Production Method: | |
| By Application: | |
| By End User: | |
| By Concentration: |
Key Topics Covered in the Report
- Global Formic Acid Market Size (FY’2023-FY’2033)
- Overview of Global Formic Acid Market
- Segmentation of Global Formic Acid Market By Production Method (Carbonylation of Methanol, Oxalic Acid)
- Segmentation of Global Formic Acid Market By Application (Animal Feed, Cleaning Agent, Dyeing, Finishing Textile, Leather Production, Preservatives, Rubbers, Others)
- Segmentation of Global Formic Acid Market By End User (Agriculture, Pharmaceutical, Others)
- Segmentation of Global Formic Acid Market By Concentration (85%, 90%, 94%, 99%)
- Statistical Snap of Global Formic Acid Market
- Expansion Analysis of Global Formic Acid Market
- Problems and Obstacles in Global Formic Acid Market
- Competitive Landscape in the Global Formic Acid Market
- Impact of COVID-19 and Demonetization on Global Formic Acid Market
- Details on Current Investment in Global Formic Acid Market
- Competitive Analysis of Global Formic Acid Market
- Prominent Players in the Global Formic Acid Market
- SWOT Analysis of Global Formic Acid Market
- Global Formic Acid Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Formic Acid Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Formic Acid Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Formic Acid Market
7. Global Formic Acid Market, By Production Method (USD Million)
7.1. Global Formic Acid Market Value Share and Forecast, By Production Method, 2023-20337.2. Carbonylation of Methanol7.3. Oxalic Acid
8. Global Formic Acid Market, By Application (USD Million)
8.1. Global Formic Acid Market Value Share and Forecast, By Application, 2023-20338.2. Animal Feed8.3. Cleaning Agent8.4. Dyeing8.5. Finishing Textile8.6. Leather Production8.7. Preservatives8.8. Rubbers8.9. Others
9. Global Formic Acid Market, By End User (USD Million)
9.1. Global Formic Acid Market Value Share and Forecast, By End User, 2023-20339.2. Agriculture9.3. Pharmaceutical9.4. Others
10. Global Formic Acid Market, By Concentration (USD Million)
10.1. Global Formic Acid Market Value Share and Forecast, By Concentration, 2023-203310.2. 85%10.3. 90%10.4. 94%10.5. 99%
11. Global Formic Acid Market Forecast, 2019-2033 (USD Million)
11.1. Global Formic Acid Market Size and Market Share
12. Global Formic Acid Market, By Production Method, 2019-2033 (USD Million)
12.1. Global Formic Acid Market Size and Market Share By Production Method (2019-2026)12.2. Global Formic Acid Market Size and Market Share By Production Method (2027-2033)
13. Global Formic Acid Market, By Material Type, 2019-2033 (USD Million)
13.1. Global Formic Acid Market Size and Market Share By Material Type (2019-2026)13.2. Global Formic Acid Market Size and Market Share By Material Type (2027-2033)
14. Global Formic Acid Market, By Application, 2019-2033 (USD Million)
14.1. Global Formic Acid Market Size and Market Share By Application (2019-2026)14.2. Global Formic Acid Market Size and Market Share By Application (2027-2033)
15. Global Formic Acid Market, By End User, 2019-2033 (USD Million)
15.1. Global Formic Acid Market Size and Market Share By End User (2019-2026)15.2. Global Formic Acid Market Size and Market Share By End User (2027-2033)
16. Global Formic Acid Market, By Concentration, 2019-2033 (USD Million)
16.1. Global Formic Acid Market Size and Market Share By Concentration (2019-2026)16.2. Global Formic Acid Market Size and Market Share By Concentration (2027-2033)
17. Global Formic Acid Market, By Region, 2019-2033 (USD Million)
17.1. Global Formic Acid Market Size and Market Share By Region (2019-2026)17.2. Global Formic Acid Market Size and Market Share By Region (2027-2033)17.3. Asia-Pacific
17.3.1. Australia17.3.2. China17.3.3. India17.3.4. Japan17.3.5. South Korea17.3.6. Rest of Asia-Pacific
17.4. Europe
17.4.1. France17.4.2. Germany17.4.3. Italy17.4.4. Spain17.4.5. United Kingdom17.4.6. Rest of Europe
17.5. Middle East and Africa
17.5.1. Kingdom of Saudi Arabia17.5.2. United Arab Emirates17.5.3. Rest of Middle East & Africa
17.6. North America
17.6.1. Canada17.6.2. Mexico17.6.3. United States
17.7. Latin America
17.7.1. Argentina17.7.2. Brazil17.7.3. Rest of Latin America
18. Company Profile
18.1. BASF Intermediated Division
18.1.1. Company details18.1.2. Financial outlook18.1.3. Product summary18.1.4. Recent developments
18.2. BASF SE
18.2.1. Company details18.2.2. Financial outlook18.2.3. Product summary18.2.4. Recent developments
18.3. Celanese Corporation
18.3.1. Company details18.3.2. Financial outlook18.3.3. Product summary18.3.4. Recent developments
18.4. Chongqing Chua Ndong Chemical (Group) Co., Ltd.
18.4.1. Company details18.4.2. Financial outlook18.4.3. Product summary18.4.4. Recent developments
18.5. Eastman Chemical Company
18.5.1. Company details18.5.2. Financial outlook18.5.3. Product summary18.5.4. Recent developments
18.6. Fei Cheng Acid Chemicals Co., Ltd.
18.6.1. Company details18.6.2. Financial outlook18.6.3. Product summary18.6.4. Recent developments
18.7. Fleur hem, Inc.
18.7.1. Company details18.7.2. Financial outlook18.7.3. Product summary18.7.4. Recent developments
18.8. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
18.8.1. Company details18.8.2. Financial outlook18.8.3. Product summary18.8.4. Recent developments
18.9. LUXI Group Co., Ltd.
18.9.1. Company details18.9.2. Financial outlook18.9.3. Product summary18.9.4. Recent developments
18.10. Yara International ASA
18.10.1. Company details18.10.2. Financial outlook18.10.3. Product summary18.10.4. Recent developments
18.11. Others
19. List of Abbreviations
20. Reference Links
21. Conclusion
22. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Formic Acid Market is projected to reach USD 4.43 billion by 2033, growing at a CAGR of 4.82% during the forecast period.
Formic Acid Market grew in market size from 2022. The Market is expected to reach USD 4.43 billion by 2033, at a CAGR of 4.82% during the forecast period.
Formic Acid Market CAGR of 4.82% during the forecast period.
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Formic Acid Market size is USD 4.43 billion from 2023 to 2033.
Formic Acid Market Segment is covered By Type, By Provider, By Technology, By Application, By Learning Mode.
The North America is anticipated to have the highest market share in the Formic Acid Market.
The key players in the market include Companies Covered BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company, Fei Cheng Acid Chemicals Co., Ltd., Fleur hem, Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), LUXI Group Co., Ltd, Yara International ASA.
Formic acid occurs naturally in various organisms, including certain insects, plants, and mammals. It is commercially produced through the catalytic oxidation of methanol and serves a wide range of industrial applications.
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