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Formic Acid Market Is Segmented According to Production Method and Applications

Global Formic Acid Market - By Production Method (Carbonylation of Methanol, and Oxalic Acid), By Application (Animal Feed, Preservatives, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production and others), and By Region - Forecast Till 2027

Posted: Thursday, December 07, 2017 at 12:25 PM CST

Pune, India -- (SBWire) -- 12/07/2017 --Based on Geography, the Global Formic Acid Market is divided into four regions namely— North America, Europe, Asia Pacific, Rest of the World. Among the aforementioned regions, Asia Pacific market acquired more than half of the market share in terms of value and volume.

Asia Pacific Formic Acid Market is divided into China, Japan, and India among other Asian and Oceania countries. Comparatively, China dominated the market for formic acid over other countries in the region accounting over 40% of the consumption of Formic Acid in the Asia Pacific market. Some of the significant factors attributed to the market growth in China includes the huge concentration of animal feed industry, which is one of the key application segment in the global formic acid market. Furthermore, the fragmentation of Formic Acid Market with small Chinese players operating in the market is attributed to substantial value addition in the formic acid market in the country. China is followed by the ASEAN region, predominantly, India, agriculture industry being a core part of GPD growth, has acquainted major share of Formic Acid for production in feed additive. Over the coming years, South Asian parts is expected grow substantially in terms of agriculture, leather and textile industry, which in turn is expected to offer lucrative opportunities to the formic acid manufacturers.

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Regional dominance for production of Formic Acid ranks Europe as the second largest market in terms value and volume. Protuberant trends supporting the market growth in Europe includes the presence of renowned manufacturers of formic acid like BASF and Perstorp dedicated to increase the application with value added products along with the product diversification offering from these manufacturers in the region. Furthermore, ban on antibiotics by European Union in expected to drive the Formic Acid application from animal feed and preservative. North America market is trailing behind the Europe market, a near similar market trend as Europe is observed in the North America market. Europe market was valued at USD 150.0 Million in 2016, expanding at a CAGR of nearly 4.98%.

The Formic Acid Market in the North America market witnessed healthy growth rates. Substantial in many parts of the region production of formic acid has stopped owing to regulations but recently EPA U.S. has approved formic acid as active ingredient in pesticides, thus, opening growth opportunities for few manufacturers in the region. Moreover, with further upcoming safety regulation in production of formic acid will provide lucrative opportunity for players in the market.

The major players profiled in the global formic acid market includes: BASF SE, Perstorp AB, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers& Chemicals Limited, Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD among others.

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Key Points from Table of Content:

1 Report Prologue

2 Market Introduction

3 Research Methodology

4 Market Dynamics

5 Market Factor Analysis

6 Global Formic Acid Market by Production Method

7 Global Formic Acid Market, By Application

8 Global Formic Acid Market, By Regions

9 Competitive Landscape

10 Company Profiles

10.1 BASF SE (Germany) 95
10.1.1 Company Overview 95
10.1.2 Product/Business Segment Overview 95
10.1.3 Financial Update 96
10.1.4 Key Developments 97

10.2 Perstorp Holdings A.B (Sweden) 98
10.2.1 Company Overview 98
10.2.2 Product/Business Segment Overview 98
10.2.3 Financial Updates 99
10.2.4 Key Developments 99

10.3 Eastman Chemical Company (U.S) 100
10.3.1 Company Overview 100
10.3.2 Product/Business Segment Overview 100
10.3.3 Financial Updates 101
10.3.4 Key Developments 101

10.4 Gujarat Narmada Valley Fertilizers& Chemicals Limited (India) 102
10.4.1 Company Overview 102
10.4.2 Product/Business Segment Overview 102
10.4.3 Financial Update 103
10.4.4 Key Developments 103

10.5 Feicheng Acid Chemical (China) 104
10.5.1 Company Overview 104
10.5.2 Product/Business Segment Overview 104
10.5.3 Financial Updates 104
10.5.4 Key Developments 104

11 Conclusion

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