by The global Formic Acid Market is estimated to be valued at US$ 1.76 Bn or Million in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Formic acid is a colourless liquid with a pungent, sour odour which is miscible with water and most organic solvents. It acts as an antibacterial agent and preservative. Formic acid is mainly used as animal feed preservative and silage treatment.
Market key trends:
One of the key trends in the formic acid market is its growing demand as a preservative and silage treatment in animal feed industry. Formic acid helps extend the shelf life of silage by inhibiting the growth of harmful molds and bacteria. When applied to freshly cut and packed forage crops, formic acid helps maintain the nutritional value and palatability of silage until it is fed to livestock. This improves feed quality and quantity available for animals.
SWOT Analysis
Strength: Formic acid is widely used as an animal feed additive. Its use in livestock feed aids in digestion and preserves silage. It also finds applications as a preservative and antimicrobial agent.
Weakness: Formic acid is corrosive in nature and can cause skin and eye irritation with contact. Strict regulations are in place for its safe production, storage, transportation and handling.
Opportunity: Increasing demand from the leather and rubber industries is expected to drive the market. Formic acid helps in leather tanning and curing of natural and synthetic rubber. It also finds use as a preservative and antibacterial agent in these industries.
Threats: Volatility in raw material prices can impact the overall production cost of formic acid. The presence of substitute products also poses competition to the market.
Key Takeaways
The Global Formic Acid Market Size was valued at US$ 1.76 billion in 2023. It is expected to witness high growth, exhibiting a CAGR of 4.9% over the forecast period, due to increasing demand from the leather and rubber industries.
Regional analysis: Asia Pacific accounted for the largest share of the global formic acid market in 2023. China dominates the region due to presence of large manufacturing base. The market in North America is also expected to grow at a significant rate owing to increasing meat production and progressive leather industry in the US and Canada.
Key players operating in the formic acid market are BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd. These players are focused on expanding their production facilities and enhancing their product portfolios to cater to the growing demand from end-use industries.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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