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
Pune, India -- (SBWIRE) -- 03/30/2018 -- 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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Eastman Chemical Company
Gujarat Narmada Valley Fertilizers & Chemicals Limited
Feicheng Acid Chemical
Chongqing Chuandong Chemical (Group) Co., Ltd
LUXI Group CO., LTD
Global Formic Acid Market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%. Asia Pacific to account for largest share due to growing application industries in this region. Formic Acid Market is a semi-fragmented market, however, tier1 manufacturers dominate the market. European region is expected to witness substantial growth since ban on antibiotics by European Union has boosted animal feed industry. New product development and expansion of major players to the emerging markets are some of the noted trends in the global market.
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Industry/ Innovation/ Related News:
January 03, 2017 - BASF (Germany based largest formic acid producer) and Balchem Corporation launched Amasil (formic acid product) which is approved by FDA for use in poultry diets. In United States, Amasil product was used for swine and poultry diets which creates less favorable environment for bacteria thereby, leading to lowering pH and improve feed efficiency.
September 12, 2017 –European Union has announced that Formic Acid can be classified as functional group (1n) and marketed as hygienic condition enhancer in feed additive for coming decade and this decision has been accepted by Perstorp as Swedish specialist in feed additive.
November 23, 2017 – BASF to increase price for Formic Acid with plus 250 EUR per metric tons. Increasing application scope of formic acid owing to high quality intermediate is driving the market demand and thereby causing manufacturer to increase their product price. This is affected in EMEA regions (Europe, Middle East and Africa).