Formic Acid Market worth $618,808.7 Thousand by 2019

Monday 12 May 2014, Amsterdam

The Report “Formic Acid Market by Types (Grades of 85%, 94%, 99%, and others) by Application (Agriculture, Leather & Textile, Rubber, Chemical & Pharmaceuticals, & others) & by Geography - Global Trends, Forecasts to 2019” report analyzes the global formic acid market with respect to market drivers, opportunities, and trends in different regions.

The formic acid market is significantly penetrating their end-use industries especially in silage preservation and animal feed. They have different characteristics as per their manufacturing and application requirement in the end products. The Asia-Pacific region is expected to dominate this market with its growing demand for formic acid in different applications, especially the agriculture, leather & textile, and rubber industry.

Investments and Expansion is a key part of this market. The manufacturing companies, associations, and end-product manufacturers infuse high investments for future advancements and technology modifications of formic acid to match the new demands coming from various end-user industries. Formic acid of 85% concentration is dominant among all the grades of the acid available, in terms of consumption and revenue, reasoned by it being low in concentration so it is less toxic to human and environment.

The Asia-Pacific is the largest region, both in terms of volume and value, followed by Europe and North America. China, India, U.S., Germany and Brazil are expected to persist as successful formic acid markets. The key players in the global formic acid market are BASF SE (Germany), BASF SE (Germany), Feicheng Acid Chemicals Co. Ltd. (China), Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (India), Perstorp AB (Sweden), Taminco Corporation (Belgium), and others.

The formic acid demand, in terms of value and volume, depicts the current and future projections according to the parallel economic and industrial outlook. This analysis covers important developments, expansions, agreements, and mergers & acquisitions of the leading global companies.

The market value of the formic acid market (2012) was estimated for about about $451,339.4 thousand and is estimated to reach $618,808.7 thousand by 2019, growing at a CAGR of 4.9%, from 2014 to 2019. The high demand across the industries, such as animal feedstock, leather & textile, rubber, chemical & pharmaceuticals and other industries will increase the overall formic acid consumption.