Formic Acid Market: Global Opportunity Analysis and Industry Forecast 2020–2027

Pages: NA
Sep 2020 | 38 Views
Author(s) : NA
Tables: NA
Charts: NA


Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Formic Acid Market: Global Opportunity Analysis and Industry Forecast 2020–2027

Request Now !

Formic acid, also known as methanoic acid or carboxylic acid, is a vital intermediate in chemical synthesis. Formic acid gives a strong and penetrating odour at room temperature. Several properties of formic acid are organic solvents, colourless, corrosive, pungent, liquid carboxylic acid. Formic acid is naturally found in a variety of foams, such as stinging ants, nettles, pine needles, and sweat. It is chemically manufactured through various methods such as hydrogenation of carbon dioxide and oxidation of biomass.     In addition, it is a bi-product of acetic acid production. It is used in the form of an antibacterial agent and a preservative in livestock feed. Moreover, it is soluble in water, various alcohols, acetone, and ether. 


Market scope and structure analysis:

                     Report Metric


  Market size available for years


  Base year considered


  Forecast period


  Forecast unit

  Value (USD Million)

  Segments covered

  Type, Application

  Regions covered

North America (the U.S. and Canada), Europe (Germany, the UK, France, and rest of Europe), Asia-Pacific (China, Japan, India, and rest of Asia-Pacific), Latin America (Brazil, Mexico, and rest of LATAM), and the Middle East and Africa

  Companies covered

BASF SE, Perstorp, Eastman Chemical Company, Luxi Chemical Group Co. Ltd, Anhui Asahi Kasei Chemical, Feicheng Acid Chemical, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Chongqing Chuandong Chemical Co., and Perstorp AB


COVID-19 scenario analysis:

  • Asia-Pacific is highly affected by the spread of the COVID-19 due to the effect of the pandemic in China, Japan, and India. The chemical industry has been highly affected, which led to decrease in demand for formic acid.
  • The outbreak of COVID-19 has disrupted many industrial activities in agriculture and supply chains. Non-availability of migrant labor is interrupting harvesting activities, particularly in northwest India where wheat and pulses are being harvested. Prices have declined for wheat, vegetables, and other crops, yet consumers are paying more. 
  • Farmers are facing shortage of agricultural inputs, such as seed, fertilizer, and pesticides, due to global trade disruptions. China is one of the major fertilizer producing producers and exporters in the world. The lockdown in China has severely affected the international fertilizer trade.
  • The COVID-19 pandemic has changed the global economic picture drastically. Fabric production is expected to decrease, owning to decline in exports and stagnation in apparel/home textile production.

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

There is rise in demand for formic acid in various applications such as preservatives, animal feed, agriculture, and leather. Rise in consumption of formic acid as an antibacterial agent for animal feed and increase in usage as silage preservative in agriculture are expected to boost the formic acid market. Moreover, increase in demand for meat across the globe has boosted the consumption of formic acid. Manufacturing companies and end-product manufacturers are significantly investing in advancement and technology modifications of formic acid to fulfil the increase in demand from various end-user industries. In addition, various features and uses of formic acid in several industries are expected to boost the formic acid market growth.

Rubber & leather industry is expected to be the fastest-growing application segment, owing to rise in demand for tires and consumer goods. Formic acid is one of the organic chemical raw materials widely used in rubbers, pharmaceuticals, dyes, leather, and pesticides. The high quality nature of formic acid combined with the global environmental acceptability is one of the main influencing factors that increase the demand in the industry. 

However, various emerging companies and developing new cost-effective alternatives, including micro flora enhancers and peptides are expected to hamper the formic acid market growth. Fluctuating weather condition is expected to negatively affect the production of certain application industries such as silage preservative and animal feed additives.

Surge in usage of formic acid in rubber applications:

Based on region, the global formic acid market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia Pacific has the largest market share of the formic acid market in terms of revenue. China is the main producer and consumer of formic acid across the globe. Textile and rubber industries are the prominent consumers of formic acid in Asia Pacific. Rapid industrialization and easy availability of raw materials are the factors for the higher share of Asia-Pacific in the market. North America also has significant share of the formic acid market due to large number of manufacturers, such BASF SE and Perstorp AB, which operate in the region.

Furthermore, formic acid is used in various applications such as silage & animal feed preservation, leather & tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals (antiozonants and coagulants), catalysts, and plasticizers. It is mainly used in livestock as the chemical is used as a preservative in animal feed as it prevents the growth of bacteria in the feed. The growth in production of livestock for sustainable supply of food is expected to create more growth opportunities in the formic acid market. 

Key segments covered:




  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others


  • Agriculture
  • Leather & Textile
  • Rubber
  • Chemical & Pharmaceutical
  • Dyeing
  • Animal Feed
  • Others


Key benefits of the report:

  • This study presents the analytical depiction of the formic acid market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the formic acid market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the formic acid market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the formic acid market research report:

  • Which are the leading market players active in the market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?
With collective industry experience of about 200 years of its analysts and experts, Allied Market Research (AMR) encompasses most infallible research methodology for its market intelligence and industry analysis. We do not only engrave the deepest levels of markets but also sneak through its slimmest details for the purpose of our market estimates and forecasts. Our approach helps in building greater market consensus view for size, shape and industry trends within each industry segment. We carefully factor in industry trends and real developments for identifying key growth factors and future course of the market. Our research proceeds are the resultant of high quality data, expert views and analysis and high value independent opinions. Our research process is designed to deliver balanced view of the global markets and allow stakeholders to make informed decisions.

We offer our clients exhaustive research and analysis based on wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics and regional intelligence. Our in-house industry experts play instrumental role in designing analytic tools and models, tailored to the requirements of particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of our recommendations and advice. With AMR’s calibrated research process and 360` degree data-evaluation methodology, our clients are assured of receiving:

  • Consistent, valuable, robust and actionable data & analysis that can easily be referenced for strategic business planning
  • Technologically sophisticated and reliable insights through well audited and veracious research methodology
  • Sovereign research proceeds that present a tangible depiction of marketplace

With a strong methodology we are, therefore, confident that our research and analysis are most reliable and guarantees sound business planning.

Secondary research
We refer a broad array of industry sources for our secondary, which typically include; however, not limited to: Company SEC filings, annual reports, company websites, broker & financial reports and investor presentations for competitive scenario and shape of the industry

  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, web-casts and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators and relevant press releases for market estimates and forecast

Primary research
Our primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks and face-to-face interactions. We are also in professional corporate relations with various companies that allow us greater flexibility for reaching out industry participants and commentators for interviews and discussions, fulfilling following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develops analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth and forecasts

Our primary research interview and discussion panels are typically composed of most experienced industry members. These participants include; however, not limited to:

  • Chief executives and VPs of leading corporations specific to industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investments and valuation experts Key opinion leaders (KOLs)

Analyst tools and models
AMR has developed set of analyst tools and data models to supplement and expedite the analysis process. Corresponding to markets, where there is significant lack of information and estimates, AMR’s team of experts and analyst develop specific analyst tools and industry models to translate qualitative and quantitative industry indicators into exact industry estimates. These models also allow analysts to examine the prospects and opportunities prevailing in the market to accurately forecast the course of the market.


Start reading ,This title and over 12000 thousand more,available with Avenue Library,  T&C*

Reach out to us

Call us on
( U.S. - Canada toll free )
Int'l : +1-503-894-6022
( Europe )
+ 44-845-528-1300
Drop us an email at










Purchase Full Report of
Formic Acid Market: Global Opportunity Analysis and Industry Forecast 2020–2027

  • Online Only
  • $3,456  $3,110
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Data Pack
  • $3,840  $3,456
  • Restricted to one authorized user
  • One print only
  • Available in
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $5,769  $5,192
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $6,450  $5,805
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise

  • $8,995  $8,096
  • Unlimited
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library Membership
  • $ 699/mo
  • Published Content
  • Company Profiles
  • Newly Added Content Access
  • 10 PDF
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Start reading.
    This title and over 12,000+ are available on the Avenue Library.  T&C*.

    Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD


Why Allied Market Research?


Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction


On-demand customization of scope of the report to exactly meet your needs


Targeted market view to provide pertinent information and save time of readers


Featured Reports


Featured Readings


Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts