by Formic acid is a colorless acid that has a pungent, penetrating odor. It is hygroscopic and soluble in water, alcohols, and ethers. Formic acid is used in the production of silage preservatives and animal feed additives as it prevents mold growth and improves animal health and growth performance. The growing demand for enhanced animal productivity is driving the usage of formic acid in animal feed preservatives.
The global Formic Acid Market is estimated to be valued at US$ 1.76 Bn in 2023 and is expected to exhibit a CAGR of 4.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Formic acid effectively controls fungal and bacterial growth in animal feed, increasing its shelf life. It also stimulates feed intake and improves body weight gain in animals. With the rising demand for meat and dairy products, animal farmers are using more feed preservatives and acids like formic acid to enhance animal productivity and meet the growing demand for protein food. This rising demand from the animal feed industry is expected to drive the formic acid market substantially over the forecast period.
SWOT Analysis
Strength: Formic acid has wide applications in various end-use industries like animal feed, food preservation, industrial sterilization, manufacturing rubber, leather & drugs. This diverse range of applications provides strength to the market.
Weakness: Lax safety regulations and lack of proper guidelines regarding handling and storage of formic acid may negatively impact the market growth. Improper storage of formic acid can lead to hazards.
Opportunity: Rising demand from feed additives industry due to wide usage of formic acid as preservative in animal feed is a key opportunity. Increasing meat consumption globally will augment the demand.
Threats: Availability of other cheaper preservatives and easy substitutes of formic acid poses threat to the market. Fluctuations in raw material prices also threat the stable growth.
Key Takeaways
The Global Formic Acid Market Size is expected to witness high growth over the forecast period due to increased demand from various end-use industries.
Regional analysis: Asia Pacific region dominates the global formic acid market due to presence of large animal feed industry. China dominates the global production of formic acid. Growing meat consumption in China and India will drive the regional market. Europe and North America also offer lucrative growth opportunities owing to widespread application in rubber production.
Key players operating in the formic acid market are BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd. Key players are focusing on expanding production capacities to cater increasing demand from major end-use industries across globe.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
