October 18, 2019 by Amanpreet
The latest study by Fact.MR foretells the global formic acid market to record an expansion rate of around 5%. The increasing demand for formic acid in food processing and pharmaceutical industries are essential factors expected to boost the development of the worldwide market for formic acid. In addition, the use of formic acid, in leather tanning, rubber manufacturing, and food preservatives will also boost the growth of the market for formic acid over the forecast period. For example, formic acid is used as coagulant. Formic acid is used extensively as a catalyst in the manufacturing of different chemicals. Formic acid is an environment-friendly de-icing agent that is widely used to make the airport runway permanently ice-free. China and India lead the formic acid market among all countries in the region, with the largest share of global volumetric consumption in 2019
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Animal Feed Additives and Silage Preservatives Are Anticipated to Increase the Global Demand for Formic Acid
Due to its biodegradable properties, the demand for formic acid & formate salts in different regions is increasing in an array of applications. Animal feed and silage preservation in the agricultural sector, leather and textile industry are the largest consumers of formic acid due to its anti-bacterial nature and highly acidic properties. Formic acid is used for coagulating latex in the production of natural rubber, as an important chemical block, in regulating the pH value of chemical processes, and in pharmaceuticals, dyes, and perfume industries.
Imposed regulations on the proper use of formic acid is expected to slow the market growth. These are intended to safeguard natural resources against future adverse effects on the environment. While formic acid has taken the place of many of its alternatives in the marketplace, the biggest challenge facing the vendors is greener chemical processing. In the modus operandi, though, there will soon be a change with new nanotechnology, which uses atmospheric carbon to generate chemicals like formic acid. Another problem is that the formic acid manufacturing process uses steam that may come from a renewable source to reduce non-renewable resource usage. While the vendors are slowly overcoming these technical challenges, there are no concrete barriers that diminish the size of the formic acid market.
APAC Leads with More Than 50% of the Market Share in the Global Formic Acid Market
APAC is expected to dominate the global formic acid market over the forecast period mainly due to the high growth potential of China and India's agricultural sector and growing demand of applications in leather and textiles. Furthermore, a vast number of the chemical manufacturing industries in this region are expected to augment the growth of the market in the forecast period. APAC is followed closely by Europe. In the entire European region, U.K. shows a positive growth trend and is gradually expected to have a strong economy in the future. Due to the strong recovery of the economy in U.K, business investments in this country have also started increasing. The demand for animal feed and silage preservation is increasing, especially in Europe. The ban of antibiotics as growth promoters by the European Union is the key driver for the increasing consumption of formic acid in this application. As per industry standards, formic acid of 85% concentration is widely used in most of the industrial applications due to low toxicity levels which make it less hazardous to health.
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Imposed regulations on the proper use of formic acid is expected to slow market growth. These are intended to safeguard natural resources against future adverse effects of formic acid on the environment. While formic acid has taken the place of many of its alternatives in the marketplace, the biggest challenge faced by vendors is greener chemical processing. In the modus operandi, though, there will soon be a change with new nanotechnology, which uses atmospheric carbon to generate chemicals like formic acid. Another problem is that the formic acid manufacturing process uses steam that may come from a renewable source to reduce non-renewable resource usage. While the vendors are slowly overcoming these technical challenges, there are no concrete barriers that diminish the size of the formic acid market.
Improving Production Capacity to Act as a Growth Lever
The global formic acid market is moderately consolidated with a few chemical industry giants capturing a large part of the market share. BASF SE and Feicheng Acid Chemical are the two major players within the global formic acid market accounting for over 40% of the market share. Other prominent producers include Shandong Liaocheng Luxi Chemical and Taminco. Foremost strategies for expanding the formic acid industry are product launches, mergers & acquisitions, and contracts & collaborations. These strategies would deliver effective goods and high-performance goods, supporting market laws and, lastly, better client satisfaction.
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Manufacturers of formic acid are planning to move their companies to locations offering cheap raw materials and labor. The growing emphasis on R&D activities and business expansion would improve the competitive environment between manufacturers of formic acid.
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