Formic Acid Market Worth 791.4 Million USD by 2024 Globally

Formic Acid Market

Formic acid also called methanoic acid is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is environmentally acceptable and highly efficient organic acid.

Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022. In addition, the production regions of formic acid are mainly located in China, the US, EU, and India. China was the leader production regions, which achieved about 48% volume market share in 2016. In 2015, BASF bullied the first plant of formic acid in Geismar, Louisiana. It is the only formic acid production plant in the USA.

As for the region consumption, China remained the largest market for formic acid in the world, with 34% market share consumption in 2016. Other major consuming regions include the EU and US, which account for 29 % and 4% respectively. At present, the methyl formate hydrolysis technology is mainly adopted for producing formic acid and accounted for 81.59% in 2015.

The downstream demand for formic acid is rigidity. Major applications include silage and animal feed preservation, leather and tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals antiozonants and coagulants, catalysts and plasticizers. In 2016, the largest use, accounting for about 42% of global demand, is in Leather & Textile. Other major uses are 27% in agriculture.

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According to this study, over the next five years, the Formic Acid market will register a 1.3% CAGR in terms of revenue, the global market size will reach US$ 791.4 million by 2024, from US$ 740.1 million in 2019. In particular, this report presents the global market share sales and revenue of key companies in Formic Acid business, shared in Chapter 3.

This report presents a comprehensive overview, market shares, and growth opportunities of Formic Acid market by product type, application, key manufacturers and key regions and countries.

This study considers the Formic Acid value and volume generated from the sales of the following segments:

Segmentation by product type: breakdown data from 2014 to 2019, in Section 2.3; and forecast to 2024 in section 11.7.

0.85
0.98
Others

Segmentation by application: breakdown data from 2014 to 2019, in Section 2.4; and forecast to 2024 in section 11.8.

Agriculture
Leather and Textile
Rubber
Chemical and Pharmaceuticals
Other

This report also splits the market by region: Breakdown data in Chapter 4, 5, 6, 7 and 8.

America
APAC
Europe
Middle East & Africa

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The key manufacturers covered in this report: Breakdown data in in Chapter 3.

BASF
LUXI
Eastan
Rashtriya Chemicals and Fertilizers
Tianyuan Group
Gujarat Narmada Valley Fertilizers & Chemicals
Feicheng Acid
Perstorp
Wuhan Ruisunny Chemical
Shandong Rongyue Chemical
Chongqing Chuandong Chemical
Huaqiang Chemical
Shanxi Yuanping Chemicals
Shandong Baoyuan Chemical

In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.

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Research objectives

To study and analyze the global Formic Acid consumption value & volume by key regions/countries, product type and application, history data from 2014 to 2018, and forecast to 2024.
To understand the structure of Formic Acid market by identifying its various subsegments.
Focuses on the key global Formic Acid manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
To analyze the Formic Acid with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market growth potential, opportunities, drivers, industry-specific challenges and risks.
To project the consumption of Formic Acid submarkets, with respect to key regions along with their respective key countries.
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.

Customization of this Report can be done as per the client’s requirement.

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