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Global Formic Acid Market - Segmented by Grade Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)

Global Formic Acid Market - Segmented by Grade Type, Application, and Geography - Growth, Trends and Forecasts (2018 - 2023)

The global formic acid market is expected to register a CAGR of nearly 4.5% during 2018 to 2023 (the forecast period). The major factor driving the market is the growing demand for preservatives and feed additives, combined with increasing automobile production in Asia-Pacific economies.

Asia Pacific Dominating the Market Share

Asia-Pacific is the largest market for formic acid, with more than 40% market share, despite major producers located in Europe; due to industrialization, easy raw material availability, and large production base with minimal regulatory norms. China accounts for the largest share in the Asia-Pacific region, and it is expected to witness a CAGR of nearly 6%, due to the growing demand from end-user industries, like animal feed, textile, rubber & leather industries in the region. Increasing automobile production drives the rubber & leather industry, thereby, driving formic acid demand. In addition, low capital and labor costs are expected to drive the market growth in China.

Rubber Industry a Potential Segment

The formic acid market, based on end users, can be divided into rubber, textile, leather, chemicals, agriculture, and pharmaceutical industries. The agriculture industry is the dominant sector in the market studied, due to its antibacterial properties, and it is expected to grow at a healthy rate because of the increasing use as animal feed additive. The rubber industry is expected to grow at a respectable rate, due to the growing automobile production in Asia-Pacific increasing demand for tires.

Cost Effective Substitutes Hampering the Market

The global formic acid market faces certain drawbacks, like the emergence of other cost-effective substitutes, such as urea sulfate for formic acid and high toxic levels of higher grade formic acid, which have a negative impact on the market. These factors may act as a roadblock to the growth of the market.

Key Developments in the market

  • March 2017: BASF and Balchem Corp. received the US FDA approval to launch Amasil formic acid in poultry diets, in the United States.

Reasons to Purchase this Report
  • Market analysis for the global formic acid market, with region-specific assessments and competition analysis on a global and regional scale
  • Analyze various perspectives of the market with the help of Porter’s five forces analysis
  • Identify the type and application expected to dominate the market
  • Identify the country expected to witness the fastest growth rate during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3 months analyst support, along with the Market Estimate sheet (in excel).
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.

1. Introduction
1.1 Research Phases
1.2 Study Deliverables
1.3 Scope of the Report
2. Executive Summary
3. Market Insights
3.1 Industry Value Chain Analysis
3.2 Industry Attractiveness - Porter’s Five Forces Analysis
3.2.1 Bargaining Power of Suppliers
3.2.2 Bargaining Power of Buyers
3.2.3 Threat of New Entrants
3.2.4 Threat of Substitute Products
3.2.5 Degree of Competition
3.3 Policies and Regulations
4. Market Dynamics
4.1 Drivers
4.1.1 Growing Demand for Preservatives and Feed Additives
4.1.2 Increasing Consumption of Meat and Poultry
4.2 Restraints
4.2.1 Emerging Cost-Effective Substitutes
4.2.2 Fluctuating Weather Conditions
4.3 Opportunities
4.3.1 Organic Acid as a Substitute for Antibiotics in Animal Feed
4.3.2 other opportunities
5. Market Segmentation and Analysis (Market Size, Growth and Forecast)
5.1 By Grade Type (Concentration)
5.1.1 78%
5.1.2 80%
5.1.3 85%
5.1.4 94%
5.1.5 99%
5.2 By Application
5.2.1 Animal Feed
5.2.2 Silage Additive
5.2.3 Preservative
5.2.4 Leather Tanning
5.2.5 Textile Dyeing and Finishing
5.2.6 Intermediary in Pharmaceuticals
5.2.7 Others
6. Regional Market Analysis (Market Size, Growth and Forecast)
6.1 Asia-Pacific
6.1.1 China
6.1.2 India
6.1.3 Japan
6.1.4 South Korea
6.1.5 ASEAN Countries
6.1.6 Rest of APAC
6.2 Europe
6.2.1 Germany
6.2.2 UK
6.2.3 France
6.2.4 Italy
6.2.5 Rest of Europe
6.3 North America
6.3.1 USA
6.3.2 Canada
6.3.3 Mexico
6.3.4 Rest of North America
6.4 South America
6.4.1 Brazil
6.4.2 Argentina
6.4.3 Rest of South America
6.5 Middle-East & Africa
6.5.1 South Africa
6.5.2 Saudi Arabia
6.5.3 Rest of MEA
7. Competitive Landscape
7.1 Mergers & Acquisitions, Joint Ventures Collaborations and Agreements
7.3 Market Share Analysis**
7.4 Strategies Adopted by Leading Players
8. Company Profiles (Overview, Financials**, Products & Services, and Recent Developments)
9.1 Anhui Asahi Kasei Chemical
9.2 BASF
9.3 Beijing Chemical Industry Group
9.4 Feicheng Acid Chemical
9.5 Gujarat Narmada Valley Fertilizers & Chemicals Limited
9.6 Perstorp
9.7 Polioli SpA
9.8 Rashtriya Chemicals and Fertilizers Limited
9.9 Shandong Baoyuan Chemical Co. Ltd
9.10 Shandong Liaocheng Luxi Chemical (Luxi group)
9.11 Shanxi Province Yuanping Chemicals Co. Ltd
9.12 Wuhan Ruisunny Chemical
9.13 Eastman Chemical Company
*list not exhaustive
9. Disclaimer
**Subject to Availability on Public Domain

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