Formic Acid Market Poised For Rapid Growth

 
Formic Acid Market


Formic acid, known as methanoic acid, is an important organic acid with numerous industrial applications. It is a colorless, corrosive liquid with a pungent, irritating odor. Formic acid is highly soluble in water, alcohols, and ether. It is miscible in all proportions with water, alcohol, ether, acetone, and ethylene glycol.

The global formic acid market is estimated to be valued at US$ 2.03 billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

Growth Accelerated by Increasing Demand from Silage Preservation. Formic acid is increasingly being used as a silage preservative and enhancer in livestock fodder production. Formic acid helps preserve green forage crops through the natural fermentation process when they are converted and stored as silage. It inhibits the growth of toxic and aerobic microbes like yeast and mold that can destroy fodder quality and safety. With the rapid expansion of industrial livestock farming worldwide, the demand for high-quality and preserved animal fodder is surging. This is a key factor driving the growth of the global formic acid market.

Segment Analysis


Formic acid market is segmented by form into liquid formic acid and solid/pellet formic acid. Liquid formic acid dominated the market in 2021 with near 85% share owing to its widespread applications in sectors such as agriculture, animal feed, rubber, leather, textile finishing, and chemical processing. Liquid formic acid offers advantages such as ease of handling and compatibility with existing production systems.

Key Takeaways


The Global Formic Acid Market Demand is expected to witness high growth over the forecast period driven by surging demand from China and India.

Regional analysis: Asia Pacific dominated the global formic acid market in 2021 and is expected to remain the fastest growing as well as dominating regional market over the forecast period. China accounted for over 40% of the global demand in 2021 led by growth in applications such as silage additives and animal feed preservatives. India is emerging as another high growth country in the region supported by development in livestock and agriculture industries.

Key players operating in the formic acid market are BASF SE, LUXI Group, Perstorp, Eastman Chemical Company, and Feicheng Acid Chemical. BASF is the global market leader with production sites in Germany and United States. The company offers wide range of formic acid grades for applications such as silage additives, leather processing, rubber vulcanization, and chemical intermediates. Perstorp is another leading producer headquartered in Sweden.

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