Formic acid finds widespread usage as both an antibacterial preservative and pesticide. Approval of the Environmental Protection Agency (EPA) for the use of formic acid as an active ingredient in pesticide production has in turn increased its consumption manifold in the agriculture sector. On this backdrop, Fact.MR in its latest research report reveals that the global formic acid market is projected to exhibit a CAGR of around 5% during 2019-2027, and is projected to surpass market value of US$ 800 Mn by 2027.
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Formic acid is a suitable substitute for cleaning and de-scaling applications, increasing its application across a broad range of products, especially those requiring low concentration. China being one of the largest exporters of formic acid is expected to gain major investments directed at brownfield capacity addition by key players.
Key Takeaways of the Formic Acid Market
- Upsurge in demand for rubber from automotive industry to double during the forecast period
- Companies around the globe are working to bring production cost of formic acid to less than half a dollar per kg from close to a dollar in 2019. This move is intended to leverage possible benefits form bottom-line optimization by 2029
- The global market for formic acid is consolidated with handful of producers, and only two viable production technologies, namely hydrolysis of methyl formate, and preparation of free formic acid from formats
- APAC is characterized by a large number of small and medium-scale producers. A number of multinational companies are carrying out greenfield investments in India, South Korea and ASEAN Countries.
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“Silage preservative / animal feed and leather tanning applications largely define the demand growth. APAC would continue its winning streak over the forecast period, with market players in China expected to increase production capacity in the near future” according to a Fact.MR analyst
Synergistic Collaboration Between Leading and Local Players Will be the Key to Expansion
The formic acid market has reached its maturity phase. The increasing demand of formic acid from several applications and the constant supply-demand gap will create incremental opportunities for new entrants. The global formic acid market is moderately consolidated, with a few chemical industry giants capturing a large part of the market share. BASF SE Feicheng Acid Chemical Shandong Liaocheng Luxi Chemical are the prominent players within the global formic acid.
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Companies such as BASF and Perstop are focusing on strengthening their market position in the formic acid segment with continuous collaboration and innovations related to patents and pricing of formic acid. Recently, BASF collaborated with Addcon to develop a solution for online distribution of company’s Viafoam brand in the formic acid segment. This has enabled BASF to increase its visibility online and enhance personalization.
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