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Global Formic Acid Market Size Study, by Production Method (Oxalic Acid, Carbonylation of Methanol), by Application (Rubber, Leather Production, Cleaning Agent, Finishing Textile, Preservatives, Dyeing, Animal Feed, Others) and Regional Forecasts 2022-2032

August 2024 | 200 pages | ID: G0713C641C3CEN
Bizwit Research & Consulting LLP

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Global Formic Acid Market is valued at approximately USD 2.11 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 9.53% over the forecast period 2024-2032. Formic acid, the simplest carboxylic acid, is widely known for its high corrosiveness and pungent odor. It finds its roots in the venom of certain ants, a fact that gives it the name derived from "Formica," the Latin word for ant. This versatile organic acid is integral to numerous industries including agriculture, textiles, leather, and rubber manufacturing, and is particularly used as a preservative and antibacterial agent in animal feed as well as a disinfectant in household cleaning products. The escalating demand for formic acid as a preservative, coupled with its antibacterial properties beneficial for animal feedstock, underscores its growing importance in the agricultural sector. Additionally, its acidic properties make it indispensable in various chemical and industrial applications, thereby fostering market growth.

The continuous rise in demand for animal feed additives, particularly in regions like Asia-Pacific, drives the market expansion significantly. The burgeoning leather and textile industries in these regions further fuel the demand for formic acid. For instance, China's significant share in the global market is attributed to its large-scale production and consumption driven by the growing animal feed industry. The increasing demand for meat and other animal products, spurred by a large and growing population, underscores the necessity of formic acid in preserving and maintaining the nutritional integrity of animal feed. Moreover, countries like India, Japan, and South Korea are witnessing substantial market growth, propelled by rapid industrialization and a rising preference for sustainable and environmentally friendly products. The increasing focus on using augmented reality (AR) and virtual reality (VR) in geospatial systems and the integration of artificial intelligence (AI) with geospatial technology offer lucrative opportunities for market players. High concentrations of formic acid present significant handling risks, necessitating strict safety measures, which may impede market growth.

The key regions considered for the Global Formic Acid Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Global Formic Acid Market in terms of revenue. Asia-Pacific is the dominating region and also the fastest-growing market. This is largely due to the significant demand for formic acid in various industries, including agriculture, leather processing, textiles, and rubber manufacturing. The agricultural sector in Asia-Pacific, particularly in countries like China and India, relies heavily on formic acid for applications such as animal feed preservatives and silage additives, contributing to its high demand. Furthermore, the rapid industrialization and urbanization in Southeast Asian countries are fueling the growth of industries that utilize formic acid. The region's growth is also bolstered by the increasing adoption of formic acid in eco-friendly practices and stringent environmental regulations that encourage the use of biodegradable chemicals.

Major market players included in this report are:
Luxi Chemical Group Co. Ltd
Anhui Asahi Kasei Chemical
Feicheng Acid Chemical
Gujarat Narmada Valley Fertilizers & Chemicals Limited
Chongqing Chuandong Chemical Co
Perstorp
BASF SE
Eastman Chemical Company
Kemira Oyj
MKS Marmara Entegre Kimya Sanayi A.Є.
Shandong Baoyuan Chemical Co., Ltd.
Alfa Aesa
Puyang Guangming Chemicals Co., Ltd.
Metafrax Chemicals
BASF-YPC Company Limited

The detailed segments and sub-segment of the market are explained below:
By Production Method:
Oxalic Acid
Carbonylation of Methanol

By Application:
Rubber
Leather Production
Cleaning Agent
Finishing Textile
Preservatives
Dyeing
Animal Feed
Others

By Region:
North America
U.S.
Canada

Europe
UK
Germany
France
Spain
Italy
ROE

Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC

Latin America
Brazil
Mexico
Rest of Latin America

Middle East & Africa
Saudi Arabia
South Africa
RoMEA

Years considered for the study are as follows:
Historical year – 2022
Base year – 2023
Forecast period – 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
CHAPTER 1. GLOBAL FORMIC ACID MARKET EXECUTIVE SUMMARY

1.1. Global Formic Acid Market Size & Forecast (2022-2032)
1.2. Regional Summary
1.3. Segmental Summary
  1.3.1. By Production Method
  1.3.2. By Application
1.4. Key Trends
1.5. Recession Impact
1.6. Analyst Recommendation & Conclusion

CHAPTER 2. GLOBAL FORMIC ACID MARKET DEFINITION AND RESEARCH ASSUMPTIONS

2.1. Research Objective
2.2. Market Definition
2.3. Research Assumptions
  2.3.1. Inclusion & Exclusion
  2.3.2. Limitations
  2.3.3. Supply Side Analysis
    2.3.3.1. Availability
    2.3.3.2. Infrastructure
    2.3.3.3. Regulatory Environment
    2.3.3.4. Market Competition
    2.3.3.5. Economic Viability (Consumer’s Perspective)
  2.3.4. Demand Side Analysis
    2.3.4.1. Regulatory frameworks
    2.3.4.2. Technological Advancements
    2.3.4.3. Environmental Considerations
    2.3.4.4. Consumer Awareness & Acceptance
2.4. Estimation Methodology
2.5. Years Considered for the Study
2.6. Currency Conversion Rates

CHAPTER 3. GLOBAL FORMIC ACID MARKET DYNAMICS

3.1. Market Drivers
  3.1.1. Rising Demand for Preservatives from Agricultural Sectors
  3.1.2. Increasing Use in Animal Feedstock
  3.1.3. Growth in Leather and Textile Industries
3.2. Market Challenges
  3.2.1. Handling and Safety Concerns
  3.2.2. Fluctuating Raw Material Prices
3.3. Market Opportunities
  3.3.1. Advancements in Production Technologies
  3.3.2. Emerging Applications in Various Industries

CHAPTER 4. GLOBAL FORMIC ACID MARKET INDUSTRY ANALYSIS

4.1. Porter’s 5 Force Model
  4.1.1. Bargaining Power of Suppliers
  4.1.2. Bargaining Power of Buyers
  4.1.3. Threat of New Entrants
  4.1.4. Threat of Substitutes
  4.1.5. Competitive Rivalry
  4.1.6. Futuristic Approach to Porter’s 5 Force Model
  4.1.7. Porter’s 5 Force Impact Analysis
4.2. PESTEL Analysis
  4.2.1. Political
  4.2.2. Economical
  4.2.3. Social
  4.2.4. Technological
  4.2.5. Environmental
  4.2.6. Legal
4.3. Top investment opportunity
4.4. Top winning strategies
4.5. Disruptive Trends
4.6. Industry Expert Perspective
4.7. Analyst Recommendation & Conclusion

CHAPTER 5. GLOBAL FORMIC ACID MARKET SIZE & FORECASTS BY PRODUCTION METHOD 2022-2032

5.1. Segment Dashboard
5.2. Global Formic Acid Market: Production Method Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  5.2.1. Oxalic Acid
  5.2.2. Carbonylation of Methanol

CHAPTER 6. GLOBAL FORMIC ACID MARKET SIZE & FORECASTS BY APPLICATION 2022-2032

6.1. Segment Dashboard
6.2. Global Formic Acid Market: Application Revenue Trend Analysis, 2022 & 2032 (USD Billion)
  6.2.1. Rubber
  6.2.2. Leather Production
  6.2.3. Cleaning Agent
  6.2.4. Finishing Textile
  6.2.5. Preservatives
  6.2.6. Dyeing
  6.2.7. Animal Feed
  6.2.8. Others

CHAPTER 7. GLOBAL FORMIC ACID MARKET SIZE & FORECASTS BY REGION 2022-2032

7.1. North America Formic Acid Market
  7.1.1. U.S. Formic Acid Market
    7.1.1.1. Production Method breakdown size & forecasts, 2022-2032
    7.1.1.2. Application breakdown size & forecasts, 2022-2032
  7.1.2. Canada Formic Acid Market
7.2. Europe Formic Acid Market
  7.2.1. U.K. Formic Acid Market
  7.2.2. Germany Formic Acid Market
  7.2.3. France Formic Acid Market
  7.2.4. Spain Formic Acid Market
  7.2.5. Italy Formic Acid Market
  7.2.6. Rest of Europe Formic Acid Market
7.3. Asia-Pacific Formic Acid Market
  7.3.1. China Formic Acid Market
  7.3.2. India Formic Acid Market
  7.3.3. Japan Formic Acid Market
  7.3.4. Australia Formic Acid Market
  7.3.5. South Korea Formic Acid Market
  7.3.6. Rest of Asia Pacific Formic Acid Market
7.4. Latin America Formic Acid Market
  7.4.1. Brazil Formic Acid Market
  7.4.2. Mexico Formic Acid Market
  7.4.3. Rest of Latin America Formic Acid Market
7.5. Middle East & Africa Formic Acid Market
  7.5.1. Saudi Arabia Formic Acid Market
  7.5.2. South Africa Formic Acid Market
  7.5.3. Rest of Middle East & Africa Formic Acid Market

CHAPTER 8. COMPETITIVE INTELLIGENCE

8.1. Key Company SWOT Analysis
  8.1.1. Company
  8.1.2. Company
  8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
  8.3.1. Luxi Chemical Group Co. Ltd
    8.3.1.1. Key Information
    8.3.1.2. Overview
    8.3.1.3. Financial (Subject to Data Availability)
    8.3.1.4. Product Summary
    8.3.1.5. Market Strategies
  8.3.2. Anhui Asahi Kasei Chemical
  8.3.3. Feicheng Acid Chemical
  8.3.4. Gujarat Narmada Valley Fertilizers & Chemicals Limited
  8.3.5. Chongqing Chuandong Chemical Co
  8.3.6. Perstorp
  8.3.7. BASF SE
  8.3.8. Eastman Chemical Company
  8.3.9. Kemira Oyj
  8.3.10. MKS Marmara Entegre Kimya Sanayi A.Є.
  8.3.11. Shandong Baoyuan Chemical Co., Ltd.
  8.3.12. Alfa Aesa
  8.3.13. Puyang Guangming Chemicals Co., Ltd.
  8.3.14. Metafrax Chemicals
  8.3.15. BASF-YPC Company Limited

CHAPTER 9. RESEARCH PROCESS

9.1. Research Process
  9.1.1. Data Mining
  9.1.2. Analysis
  9.1.3. Market Estimation
  9.1.4. Validation
  9.1.5. Publishing
9.2. Research Attributes

LIST OF TABLES

TABLE 1. Global Formic Acid market, report scope
TABLE 2. Global Formic Acid market estimates & forecasts by Region 2022-2032 (USD Billion)
TABLE 3. Global Formic Acid market estimates & forecasts by Production Method 2022-2032 (USD Billion)
TABLE 4. Global Formic Acid market estimates & forecasts by Application 2022-2032 (USD Billion)
TABLE 5. Global Formic Acid market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 6. Global Formic Acid market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 7. Global Formic Acid market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 8. Global Formic Acid market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 9. Global Formic Acid market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 10. Global Formic Acid market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 11. Global Formic Acid market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 12. Global Formic Acid market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 13. Global Formic Acid market by segment, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 14. Global Formic Acid market by region, estimates & forecasts, 2022-2032 (USD Billion)
TABLE 15. U.S. Formic Acid market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 16. U.S. Formic Acid market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 17. U.S. Formic Acid market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 18. Canada Formic Acid market estimates & forecasts, 2022-2032 (USD Billion)
TABLE 19. Canada Formic Acid market estimates & forecasts by segment 2022-2032 (USD Billion)
TABLE 20. Canada Formic Acid market estimates & forecasts by segment 2022-2032 (USD Billion)
…..
This list is not complete, final report does contain more than 100 tables. The list may be updated in the final deliverable.

LIST OF FIGURES

FIG 1. Global Formic Acid market, research methodology
FIG 2. Global Formic Acid market, market estimation techniques
FIG 3. Global market size estimates & forecast methods.
FIG 4. Global Formic Acid market, key trends 2023
FIG 5. Global Formic Acid market, growth prospects 2022-2032
FIG 6. Global Formic Acid market, porters 5 force model
FIG 7. Global Formic Acid market, PESTEL analysis
FIG 8. Global Formic Acid market, value chain analysis
FIG 9. Global Formic Acid market by segment, 2022 & 2032 (USD Billion)
FIG 10. Global Formic Acid market by segment, 2022 & 2032 (USD Billion)
FIG 11. Global Formic Acid market by segment, 2022 & 2032 (USD Billion)
FIG 12. Global Formic Acid market by segment, 2022 & 2032 (USD Billion)
FIG 13. Global Formic Acid market by segment, 2022 & 2032 (USD Billion)
FIG 14. Global Formic Acid market, regional snapshot 2022 & 2032
FIG 15. North America Formic Acid market 2022 & 2032 (USD Billion)
FIG 16. Europe Formic Acid market 2022 & 2032 (USD Billion)
FIG 17. Asia pacific Formic Acid market 2022 & 2032 (USD Billion)
FIG 18. Latin America Formic Acid market 2022 & 2032 (USD Billion)
FIG 19. Middle East & Africa Formic Acid market 2022 & 2032 (USD Billion)
FIG 20. Global Formic Acid market, company market share analysis (2023)
…..
This list is not complete, final report does contain more than 50 figures. The list may be updated in the final deliverable.


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