Formic Acid Market Size, Share, Top Key Players
The global is expected to be valued at USD 837.8 Million in 2027 from USD 760.5 Million in 2019, registering a CAGR of 1.2% through the forecast period. Formic acid, also known as carboxylic acid, is a colorless, corrosive chemical substance naturally found in a variety of plants and insects. It releases a pungent odor at room temperature and can be industrially manufactured through biomass oxidation and hydrogenation of carbon dioxide. Formic acid is an essential component in various products, including chemical preservatives, fertilizers, animal feed, and leather products. It is an eco-friendly de-icing agent used to make airport runways ice-free and can also be used as a catalyst in the production of various chemicals.
Key findings from the report:
· Based on application, the leather tanning sub-segment holds the largest share of the global formic acid market. The rapid growth of this segment is accredited to the escalating demand for leather apparel and shoes, increasing use of leather accessories such as belts and bracelets, and the growing use of leather in the automotive sector for vehicle interiors. The thriving fashion industry, changing lifestyles of millennials, and the surging disposable incomes of people further boost this segment’s growth.
· The Asia Pacific formic acid market is foreseen as the largest regional market over the forecast period, retaining the highest revenue share. The rising consumption of milk and poultry products, the booming agricultural sector, the growing demand for leather textiles and footwear, and the expanding pharmaceutical sector, especially in countries India and Japan, are the primary factors stimulating the growth of the Asia Pacific market. Moreover, the rapid growth of the rubber industry in the region, growing demand for formic acid in the food processing industry, increasing demand for animal feed, the growing demand for food, and the rising population are the other significant aspects of the regional market growth.
· Prominent companies operating in the global formic acid market include BASF SE, Eastman Chemical Company, Perstorp, Feicheng Acid Chemical, LUXI Group Co. Ltd., Taminco, Shanxiyuanping Chemicals Co. Ltd., Helm Italia S.R.L., Gujarat Narmada Valley Fertilizers Co. Ltd., Chongqing Chuandong Chemical, and Rashtriya Chemicals & Fertilizers.
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