Formic Acid Market Growth 2019-2024

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Abstract:

Formic acid (also called methanoic acid) is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is an environmentally acceptable and highly efficient organic acid.Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022. In addition, the production regions of Formic acid are mainly located in China, US, EU and India. China was the leader production regions, which achieved about 48% volume market share in 2016. In 2015, BASF bullied the first plant of formic acid in Geismar, Louisiana. It is the only formic acid production plant in USA.As for the region consumption, China remained the largest market for Formic acid in the world, with 34% market share consumption in 2016. Other major consuming regions include EU and US, which account for 29 % and 4% respectively. At present, the methyl formate hydrolysis technology is mainly adopted for producing formic acid and accounted for 81.59% in 2015.The downstream demand of formic acid is rigidity. Major applications include silage and animal feed preservation, leather and tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals (antiozonants and coagulants), catalysts and plasticizers.In 2016, the largest use, accounting for about 42% of global demand, is in Leather & Textile. Other major uses are 27% in agriculture.

According to this study, over the next five years the Formic Acid market will register a 1.3% CAGR in terms of revenue, the global market size will reach US$ 791.4 million by 2024, from US$ 740.1 million in 2019.

In particular, this report presents the global market share (sales and revenue) of key companies in Formic acid business, shared in Chapter 3.This report presents a comprehensive overview, market shares, and growth opportunities of Formic acid market by product type, application, key manufacturers and key regions and countries.

This study considers the Formic Acid value and volume generated from the sales of the following segments:

Formic acid Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.

  • 0.85
  • 0.98
  • Others

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Formic acid Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.

  • Agriculture
  • Leather and Textile
  • Rubber
  • Chemical and Pharmaceuticals
  • Other

Formic acid report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.

  • Americas
  • United States
  • Canada
  • Mexico
  • Brazil
  • APAC
  • China
  • Japan
  • Korea
  • Southeast Asia
  • India
  • Australia
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Russia
  • Spain
  • Middle East & Africa
  • Egypt
  • South Africa
  • Israel
  • Turkey
  • GCC Countries

Formic acid report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report: Breakdown data in in Chapter 3.

  • BASF
  • LUXI
  • Eastan
  • Rashtriya Chemicals and Fertilizers
  • Tianyuan Group
  • Gujarat Narmada Valley Fertilizers & Chemicals
  • Feicheng Acid
  • Perstorp
  • Wuhan Ruisunny Chemical
  • Shandong Rongyue Chemical
  • Chongqing Chuandong Chemical
  • Huaqiang Chemical
  • Shanxi Yuanping Chemicals
  • Shandong Baoyuan Chemical

In addition, this Formic acid report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

Research objectives

  • To study and analyze the global Formic Acid consumption (value & volume) by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
  • To understand the structure of Formic Acid market by identifying its various subsegments.
  • Focuses on the key global Formic Acid manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
  • To analyze the Formic Acid with respect to individual growth trends, future prospects, and their contribution to the total market.
  • To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
  • To project the consumption of Formic Acid submarkets, with respect to key regions (along with their respective key countries).
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
  • To strategically profile the key players and comprehensively analyze their growth strategies.

Key Benefits for Formic Acid Market:

  • This study includes the global Formic Acid market analysis, trends, and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and global Formic Acid market opportunity.
  • The global Formic Acid market size is quantitatively analyzed from 2014 to 2024 to highlight the financial competency of the Formic Acid industry.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the industry.

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