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Global Formic Acid Market Demand & Forecast Analysis, 2016-2032

Executive Summary : -

Formic acid is the simplest form of carboxylic acid, also known as methanoic acid.The name formic is derived from the Latin word for ant, ‘formica’ which refers to formic acid production by the distillation of ant bodies. Naturally formic acid is found in many insects including ants and bees in their bites and stings. Synthetically, formic acid can be produced by variety of methods including hydrolysis of formamide, methyl formate hydrolysis, oxidation of hydrocarbons and acidolysis of alkali formates. The major producers of formic acid include, Eastman Chemical Company, BASF SE, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Liaocheng Luxi Chemical, Feicheng Acid Chemical, Chongqing Chuandong Chemical, etc. BASF and Shandong Liaocheng Luxi Chemical are the biggest formic acid producers in the world together producing more than 700 kilo tons formic acid. The global Formic Acid market is estimated to grow from USD 0.68 billion in 2021 to USD 1.4 billon by 2032, at a CAGR of 7% during the forecast period.
Global Formic Acid Capacity By Company - 2021 (Kilo Tons)
Global Formic Acid Capacity By Company - 2021 (Kilo Tons)
Formic acid is used in variety of end use industries such as Pharmaceutical, Agriculture & Animal Nutrition, Leather Tanning Textile Dyeing & Finishing and Chemicals & Rubber Chemicals. Formic acid is majorly used in animal feed and also finds its application in leather tanning, textile, rubber and pharmaceutical industry. Global demand for formic acid is driven in large part by usage in Agriculture & Animal Nutrition applications. Formic acid finds its use in animal feed additive as an effective solution to keep animals safe and healthy. Usage of formic acid as a feed additive helps create an unfavourable environment for bacterial growth, preventing fungal and microbial contamination. Salmonella infections in animals mainly come from contaminated feed. The anti-microbial effect of formic acid helps prevent entry of harmful bacteria and helps maintain feed hygiene. The Agriculture & Animal Nutrition application accounted for more than 35% of global formic acid demand. Addition of formic acid in animal feed helps reducing the pH in the animals’ stomach to improve nutrient digestion and digest complex diets as well as protect the host from pathogenic invasion. Pharmaceuticals application is second biggest consumer of formic acid accounting for more than 20% of the global demand and it is is further poised to register a CAGR of 6% in the long term forecast to cross 300 kilo tons by 2032. One of the main drivers of formic acid s use in the pharmaceutical industry is its potent antimicrobial properties, which make it an effective agent for cleaning and sterilizing pharmaceutical equipment and surfaces, and for preventing bacterial growth in pharmaceutical products. It also offers anti-inflammatory properties, which make it a useful ingredient in topical and oral pharmaceutical products for treating skin conditions and other inflammatory disorders. Pharmaceuticals application is estimated to be a fastest growing application in the forecast period owing to increasing need for high-quality, safe, and effective pharmaceutical products, as well as the growing demand for formic acid-based derivatives and their applications in the pharmaceutical industry.
Global Formic Acid Demand Supply Analysis- 2016-2032
Global Formic Acid Demand Supply Analysis- 2016-2032
Asia-Pacific is the largest producer and consumer of formic acid owing to the strong demand from applications like Pharmaceuticals, Leather Tanning and Textile Dyeing & Finishing. The region accounts for around more than 70% of the global formic acid capacity. Western Europe is a second largest manufacturer of formic acid accounting for around 25% of the global formic acid capacity in 2021. Asia-Pacific has remained a net exporter of formic acid with average annual net exports being around 167 kilo tons during 2016-2021. The region is a key market for formic acid on the back of China, India, Indonesia, Taiwan, and ASEAN countries. China holds more than 95% share of the total capacities in the Asia-Pacific region and exports more than 30% of the Formic Acid produced in the country to the world. Asia-Pacific recorded the largest demand for formic acid in 2021 on the back of China, and which accounted for more than 75% of the regional demand. The region accounted for more than 50% of the global formic acid demand and it is projected to cross 800 kilo tons by 2032 witnessing a CAGR of 5% in the long-term forecast. Middle East & Africa is forecasted to grow at 3.6% by 2032. Pharmaceuticals application is one of the largest consumers of formic acid in Asia Pacific region. In pharmaceutical industry formic acid is used as a disinfectant for cleaning and sterilizing pharmaceutical equipment and surfaces. It is also majorly used as an Active pharmaceutical ingredient (API) owing to its antimicrobial and anti-inflammatory properties. The pharmaceutical industry in Asia Pacific is witnessing strong growth, driven by factors such as a large and growing population, a growing middle class, government support, economic growth, increased R&D spending, and a growing generic drug market. Chemicals & Rubber Chemicals is second biggest consumer of formic acid accounting for more than 20% of the regional demand. The application is further poised to register strong growth in forecast period owing to increasing use of formic acid in rubber, oil & gas, food & beverages and other industries.
Asia Pacific Formic Acid Demand By Country - 2021 (Kilo Tons)
Asia Pacific Formic Acid Demand By Country - 2021 (Kilo Tons)
The total trade of Formic acid in 2020 was around 500 kilo tons. Western Europe along with Asia account for over 95% of the global formic acid exports. North America is forecast to be a net exporter of formic acid in the long-term forecast with small capacity additions speculated in the region. The emergence of formates as deicing agents owing to stringent environment regulations to come into effect should drive capacity additions in the region. Furthermore, the shale gas boom would also drive demand growth of formic acid for potassium formates in the long-term forecast. Capacity additions are also expected in the Middle East & Africa which has been a net importer of formic acid as of 2021.
Global Formic Acid Average Prices, By Application, 2016-2032 ($ / Kg)
Global Formic Acid Average Prices, By Application, 2016-2032 ($ / Kg)

Scope of Report 

The Formic Acid report describes the global Formic Acid market, with focus on the country, applications and other end-use scenarios. The study provides:

•  Demand-Supply Analysis

•  Demand Composition, by Applications
•  Capacity & Production
•  Trade (Import, Export and Net Export)
•  Sales & Revenue 
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review

•  Supply-Demand Balance 
•  Formic Acid Market data in terms of volume and value for each end-use at regional and country level
•  Formic Acid Market analysis for Production, Capacity, Demand, at Regional and Country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook 
•  Industry & Policy Developments 
•  End-use Industry / Applications Market
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Latest Trends and Market Developments
•  Key Players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment

1.  Introduction

      •  Scope
      •  Market Coverage
          -  Grade
          -  Applications
          -  Regions
          -  Countries
      •  Years Considered
          -  Historical - 2016 – 2020
          -  Base - 2021
          -  Forecast Period - 2022 – 2032
      •  Research Methodology
          -  Approach
          -  Research Methodology
          -  Prismane Consulting Market Models
          -  Assumptions & Limitations
          -  Abbreviations & Definitions
          -  Conversion Factors
          -  Data Sources

2.  Market Synopsis 

      •  Market Evolution
      •  Demand-Supply Overview
      •  Industry Structure
      •  Strategic Issues
      •  End-use Trends
      •  Growth Forecast

3.  Economic & Energy Outlook

      •  GDP and Demographics
      •  Monetary & Fiscal Policies
      •  Crude Oil Production and prices
      •  Natural Gas
      •  Electricity Prices

4.  End-use Sector Performance

      •  Agriculture
      •  Textile
      •  Pharmaceutical
      •  Chemical
      •  Others

5.  Plants & Projects Analysis

      •  Formic Acid Production Capacity, by Company
      •  Formic Acid Production Capacity, by Country and by region
      •  Capacity Overview, By Technology

6.  Introduction to Formic Acid and Market Overview 

      •  Product Description
      •  Grades & Properties
      •  Raw Material
      •  Manufacturing Process
      •  Environmental Issues
      •  Value Chain
      •  Applications

7.  Market Dynamics and Industry Trends 

      •  Market Dynamics 
          -  Drivers
          -  Restraints
          -  Opportunities
          -  Challenges

8.  Global Formic Acid Demand-Supply Analysis, By Grade, By Application, (Volume, Value) (2016–2032)

      •  Strategic Issues
      •  Demand-Supply Analysis and Forecast (2016 – 2032)
          -  Capacity
          -  Capacity Utilization (%)
          -  Production
          -  Imports
          -  Exports
          -  Net Exports
          -  Demand
          -  Demand Growth Rate (%)
          -  Driving Force Analysis
      •  Global Formic Acid Market, By Grade
          -  75%
          -  85%
          -  90%
          -  94%
          -  99%
      •  Global Formic Acid Market, By Application 
          -  Animal Feed Additives
          -  Leather & Tanning
          -  Pharmaceuticals
          -  Textile Dyeing & Finishing
          -  Rubber Chemicals
          -  Others

9.  Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2016– 2032)

      •  Strategic Issues
      •  Capacity
      •  Capacity Utilization (%)
      •  Production
      •  Imports
      •  Exports
      •  Net Exports
      •  Demand
      •  Demand Growth Rate (%)
      •  Formic Acid Market, By Grade
      •  Formic Acid Market, By Application
Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand-supply (consumption) split by grade and by Application, has been provided for each of the countries/regions in Volume (Kilotons) and Value (USD Million).
      •  North America
         -  USA
         -  Canada
         -  Mexico
      •  Western Europe
         -  Germany
         -  France
         -  Italy
         -  United Kingdom
         -  Spain
         -  Rest of Western Europe
      •  Central & Eastern Europe
         -  Russia
         -  Poland
         -  Rest of Central & Eastern Europe
      •  Asia-Pacific
         -  China
         -  Japan
         -  India
         -  South Korea
         -  ASEAN
         -  Rest of Asia-Pacific
      •  Central & South America
         -  Brazil
         -  Rest of CSA
      •  Middle East & Africa
         -  Saudi Arabia
         -  Egypt
         -  South Africa
         -  Rest of MEA
Note: CAGR will be calculated for all the grade and applications to arrive at the regional/global demand growth for the forecast period (2022 – 2032)

10.  Pricing Analysis

      •  Average Formic Acid Prices, USD/Kg
      •  Average Formic Acid prices, by Country 
      •  Average Formic Acid prices, by Region
      •  Price Forecast

11.  Key Strategic Issues

12.  Business Opportunity Assessment 

      •  Market Attractiveness Assessment
      •  Prospective & Target Market Study

13.  Strategic Recommendation & Suggestions

14.  Company Analysis and Market Share Analysis

      •  Formic Acid Manufacturers Profiles/ Company Analysis
         -  Basic Details
         - Headquarters, Key Markets
         -  Ownership
         -  Company Financial
         -  Manufacturing Bases
         -  Global Turnover
         -  Total Employee
         -  Product Portfolio / Services / Solutions
         -  Key Business Strategies adopted and Prismane Consulting Overview
         -  Recent Developments
         -  Companies Covered
             -  BASF SE
             -  Perstorp AB
             -  Eastman Chemical Company
             -  Feicheng Acid Chemicals Co. Ltd.
             -  Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
             -  Taminco Corporation
             -  Luxi Chemical Group Co. Ltd
             -  Anhui Asahi Kasei Chemical
             -  Rashtriya Chemicals and Fertilizers Limited (RCF)
             -  Other Manufacturers
Note: This section includes company information, company financials, manufacturing bases, and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.

15.  Appendices

      •  Demand-Supply - Regions
      •  Demand-Supply– Countries
      •  Capacities, 2016-2032

Scope of Report 

The Formic Acid report describes the global Formic Acid market, with focus on the country, applications and other end-use scenarios. The study provides:

•  Demand-Supply Analysis

•  Demand Composition, by Applications
•  Capacity & Production
•  Trade (Import, Export and Net Export)
•  Sales & Revenue 
•  Pricing Analysis
•  Market Dynamics

Country Summaries & Product Review

•  Supply-Demand Balance 
•  Formic Acid Market data in terms of volume and value for each end-use at regional and country level
•  Formic Acid Market analysis for Production, Capacity, Demand, at Regional and Country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook 
•  Industry & Policy Developments 
•  End-use Industry / Applications Market
•  Reasoning & Analysis
•  Insightful Commentary
•  Market Review
•  Comparative Analysis
•  Latest Trends and Market Developments
•  Key Players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment