Formic Acid Market Poised For Rapid Growth
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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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