The Global Formic Acid Market is assessed in the new report from Market Research Future (MRFR). The market is given a complete dressing down with the help of reliable data sources and trusted industrial analysis tools. Every aspect of the market is shown in a clear light, including its segmentation, drivers and restraints, and the major economic factors affecting the growth of the market. The comprehensive view of the Global Formic Acid Market provided in the report will help readers formulate clear patterns and strategies for their competitive success in the Global Formic Acid Market. The present and future trends in the Global Formic Acid Market are elucidated upon in the report, giving readers a clear view of the market’s present and future trajectory.
Formic Acid is the simplest carboxylic acid and has the chemical formula HCOOH. This chemical is naturally produced by several species of ants – its name derives from the old Latin name for ants, formica. The ancients utilized methods such as distillation of ant bodies to extract Formic Acid. While we still depend on ants and other related insects for a significant amount of the total Formic Acid produced, commercial production of Formic Acid has also gained speed due to the various applications of Formic Acid.
Formic Acid is often used in animal diets, as it improves the bioavailability of nutrients in the animal diet and thus enhances their diet. Meat quality is enhanced using Formic Acid. The ban on antibiotics in animal feed has resulted in the use of several natural alternatives aimed at maintaining the quality of the produced meat, including formic acid. Formic acid helps keep the feed free from microbial pathogens. The growing animal husbandry industry is thus likely to drive the Global Formic Acid Market over the forecast period.
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The growing global fuel cell industry is also likely to be a major driver for the Global Formic Acid Market. Formic acid is used in fuel cells in order to store hydrogen safely. The growing interest in fuel cells as a viable and cheap energy source is likely to lead increasing research into fuel cells, possibly leading to a significant drive for the Global Formic Acid Market over the forecast period.
The Global Formic Acid Market is segmented based on Production Method and Application.
By Production Method, the Global Formic Acid Market is segmented into oxalic acid and carbonylation of methanol.
Key Applications in the Global Formic Acid Market include rubber and leather production, finishing textiles, animal feed, dyeing, cleaning agents, preservatives, and others.
Key players in the Global Formic Acid Market include BASF SE, Gujarat Narmada Valley Fertilizers and Chemicals Limited, LUXI Group Co. Ltd., Perstorp AB, Eastman Chemical Company, Chongqing Chuandong Chemical (Group) Co. Ltd., and Feicheng Acid Chemical.
BASF built North America’s only formic acid plant in 2012 at its “Verbund” site in Louisiana. The plant has a production capacity of more than 50,000 tons annually. The plant allows BASF to serve the strategic markets in North and South America with ease.
The Global Formic Acid Market is segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Asia Pacific is likely to be the major regional consumer of formic acid over the forecast period due to the growing demand for rubber tires, agricultural chemicals, and leather and textile products. The textile industry in India is likely to boost majorly in the coming years, leading to a steady growth in the Global Formic Acid Market.
The growing automotive industry in Asia Pacific is also likely to remain a major driver for the Global Formic Acid Market, as it plays a key role in the production of automotive tires.
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