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Global Formic Acid Market 2017-2021

About Formic Acid

Formic acid is used abundantly since it is an eco-friendly alternative to textile, leather, rubber, and other industries. The excellent properties of a formic acid, when it comes to controlling acidity while effectively controlling microbial growth, makes it ideal for use in a broad spectrum of applications. Furthermore, formic acid, unlike other acids (organic), holds the advantage of performing as both carboxylic acid and aldehyde. Therefore, formic acid functions as a reducing and as an acidifying agent, which offers the market immense potential and scope to be used across a wide range of industries.

Technavio’s analysts forecast the global formic acid market to grow at a CAGR of 4.26% during the period 2017-2021.

Covered in this report

The report covers the present scenario and the growth prospects of the global formic acid market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.

The market is divided into the following segments based on geography:

  • APAC
  • EMEA
  • North America
  • ROW
Technavio's report, Global Formic Acid Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

Key vendors
  • BASF
  • Feicheng Acid Chemicals
  • GNFC
  • Perstorp
  • Eastman Chemical Company
Other prominent vendors
  • Alfa Aesar, Thermo Fisher Scientific
  • Jinan Petrochemical Group
  • Merck
  • Polioli
  • Rashtriya Chemicals and Fertilizers
  • LUXI GROUP
  • Shanxi Province Yuanping Chemicals
Market driver
  • Rising demand for formic acid as a preservative
  • For a full, detailed list, view our report
Market challenge
  • Presence of cost-effective substitutes
  • For a full, detailed list, view our report
Market trend
  • Direct syntheses of formic acid in acidic media
  • For a full, detailed list, view our report
Key questions answered in this report
  • What will the market size be in 2021 and what will the growth rate be?
  • What are the key market trends?
  • What is driving this market?
  • What are the challenges to market growth?
  • Who are the key vendors in this market space?


Press Release

Technavio Announces the Publication of its Research Report – Global Formic Acid Market 2017-2021

Technavio recognizes the following companies as the key players in the global formic acid market: BASF, Feicheng Acid Chemicals, GNFC, Perstorp, and Eastman Chemical Company.

Other Prominent Vendors in the market are: Alfa Aesar, Thermo Fisher Scientific, Jinan Petrochemical Group, Merck, Polioli, Rashtriya Chemicals and Fertilizers, LUXI GROUP, and Shanxi Province Yuanping Chemicals.

Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is direct syntheses of formic acid in acidic media. The increasing global focus on rising carbon dioxide (CO2) levels in the atmosphere have led to changes in CO2 products. The market is witnessing the emergence of a direct CO2 hydrogenation process into formic acid by employing a homogeneous ruthenium catalyst. This process is carried out in dimethyl sulphoxide (DMSO) and as an aqueous solution without the presence of additives.”

According to the report, one driver in the market is rising demand for formic acid as a preservative. The brilliant preservation capabilities of formic acid make it an ideal a silage preservative. Silage refers to green fodder or grass that is stored to be used as animal feed during winter months. The aim of making silage is to support the silage material with no or minimum nutrient loss. To facilitate this process, formic acid is extensively employed. However, it is a common practice to use molasses to provide energy for the fermentation of lactic acid and to assist the silage making process. But the addition of formic acid to the silage material positively impacts the process of fermentation.

Further, the report states that one challenge in the market is presence of cost-effective substitutes. Although formic acid finds application in a wide spectrum of applications, its high cost has paved the way for cost-effective substitutes, which are threatening the growth of the global formic acid market. Some of the emerging cost-effective substitutes for formic acid include peptides and microflora enhancers. Potassium sorbate, sodium sorbate, and acetic acid also pose a considerable threat of substitution to formic acid, when used as a preservative. Potassium sorbate, as a salt of sorbic acid, plays an important role as a food preservative, even though studies suggest that formic acid is a much better preservative.

Companies Mentioned

BASF, Feicheng Acid Chemicals, GNFC, Perstorp, and Eastman Chemical Company, Alfa Aesar, Thermo Fisher Scientific, Jinan Petrochemical Group, Merck, Polioli, Rashtriya Chemicals and Fertilizers, LUXI GROUP, and Shanxi Province Yuanping Chemicals.

  • Executive summary
  • Scope of the report
  • Research methodology
  • Introduction
    • Market outline
  • Market landscape
    • Market ecosystem
      • Table Related market
    • Market characteristics
      • Table Market characteristics
    • Market segmentation analysis
      • Table Market segments
  • Market sizing
    • Market size and forecast 2016-2021
      • Table Global formic acid market 2016-2021 (thousand tons)
      • Table Global formic acid market– Year-over-year growth 2017-2021 (%)
  • Five forces analysis
    • Table Five forces analysis
  • Market segmentation by end-user industry
    • Segmentation by end-user industry
      • Table End-user industry – Market share 2016-2021 (%)
    • Comparison by end-user industry
      • Table Comparison by end-user industry
    • Global formic acid market for agriculture and animal feed
      • Table Global formic acid market for agriculture and animal feed 2016-2021 (thousand tons)
      • Table Global formic acid market for agriculture and animal feed – Year over year growth (%)
    • Global formic acid market for leather
      • Table Global formic acid market for leather 2016-2021 (thousand tons)
      • Table Global formic acid market for leather– Year over year growth (%)
    • Global formic acid market for textile industry
      • Table Global formic acid market for textile industry 2016-2021 (thousand tons)
      • Table Global formic acid market for textile industry – Year over year growth (%)
    • Global formic acid market for chemicals and pharmaceuticals industry
      • Table Global formic acid market for chemicals and pharmaceuticals industry 2016-2021 (thousand tons)
      • Table Global formic acid market for chemicals and pharmaceuticals industry – Year over year growth (%)
      • Table Global pharmaceutical R&D expenditure ($ billions)
    • Global formic acid market for rubber industry
      • Table Global formic acid market for rubber industry 2016-2021 (thousand tons)
      • Table Global formic acid market for rubber industry – Year over year growth (%)
    • Global formic acid market for other industries
      • Table Global formic acid market for other industries 2016-2021 (thousand tons)
      • Table Global formic acid market for other industries – Year over year growth (%)
    • Market opportunity by end-user industry
      • Table Market opportunity by end-user industry
  • Regional landscape
    • Geographical segmentation
      • Table Global formic acid market – Market share by geography 2016-2021 (%)
    • Regional comparison
      • Table Regional comparison
    • Formic acid market in APAC
      • Table Formic acid market in APAC 2016-2021 (thousand tons)
      • Table Formic acid market in APAC – Year over year growth (%)
      • Table India: Region-wise manufacturing of cattle feed 2016
    • Formic acid market in EMEA
      • Table Formic acid market in EMEA 2016-2021 (thousand tons)
      • Table Formic acid market in EMEA – Year over year growth (%)
    • Formic acid market in North America
      • Table Formic acid market in North America 2016-2021 (thousand tons)
      • Table Formic acid market in North America – Year over year growth
    • Formic acid market in ROW
      • Table Formic acid market in ROW 2016-2021 (thousand tons)
      • Table Formic acid market in ROW – Year over year growth (%)
    • Key leading countries
      • Table Key leading countries by demand
    • Market opportunity
  • Decision framework
  • Drivers and challenges
    • Market drivers
    • Market challenges
  • Market trends
    • Direct syntheses of formic acid in acidic media
    • New applications of formic acid backed by innovations
    • Increasing business consolidations by major vendors
  • Vendor landscape
    • Competitive scenario
    • Other prominent vendors
  • Vendor analysis
    • Vendors covered
  • Appendix
    • List of abbreviations
  • Explore Technavio

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