Formic Acid Market Leveraging Growing Demand for Animal Feed Additives

The Formic Acid Market is witnessing a positive growth due to rising demand for feed additives, antibacterial agents, and food preservatives from the food and beverage industry. An increase in the consumption of poultry and meat by the consumers is highly attributed to the growth of the market. Demand for poultry and cattle are higher in the countries such as China, India, and the United States. These countries have higher demand for formic acid as it is used as animal feed additive for cattle, fisheries, and poultry. A newly complied business intelligence report by IndustryARC states that the global formic acid market size stood at $500m in 2018. Furthermore, the demand for formic acid is expected to increment a CAGR of 4.90% during the forecast period 2019-2025.

The emerging economies is experiencing an increase in the demand for formic acid in growing rubber, leather, and textile industries. In addition to this, Europe has banned the use of antibiotics in 2006, this has led to an increase in the demand for formic acid as an alternative. Owing to this, further research and development in Europe is for the development of innovative products is expected to create growth opportunities for the formic acid market.

Global Formic Acid Market: Leading Segments

APAC dominates the formic acid market with a regional share of 48% in 2018. The major contributing countries are China, India, Australia, and Japan. In addition to this, China is amongst the largest meat producer in the world. It produces pork, beef, and chicken. According to the Pork Checkoff Organization report, the countries producing maximum quantities of pork are as follows-

Maximum Pork Producing Countries

Source- Pork Check-off Organization

The above mentioned countries are in the top ten pork producing countries in the world. Furthermore, China and India are also amongst the largest beef producing countries globally. By April 2019, China produced 6,575 MT and India produced 4,340 MT of beef, according to the Foreign Agricultural Service, USDA.  An increase in the production of meat by these countries is increasing the demand for animal feed, feed additives and antibacterial agent, because of this, the formic acid market is witnessing further growth in recent years. Major applications of formic acid are in leather & textile, agriculture, rubber, chemical, food and beverage, and pharmaceutical industries. According to the World Trade Organization report 2017, Asia textile industry is growing at rate of 8% and is expected to grow at the same rate in the coming years. China and India are in the top three textile exporting countries. Due to low labor cost and availability of cheap raw materials, APAC textile industry is observing substantial growth which is simultaneously increasing the formic acid demand. 

Furthermore, the key application is the rubber and pharmaceutical industries in the global formic acid market. Formic acid contains methanol, polymorphs, and hydrocarbons due to this it shows supercool characteristic. Formic acid is widely used as coagulant in the production of rubber. The stronger acids that are used in the production, transforms latex, a suspension of microscopic natural rubber particle, into homogenous dry rubber. Owing to the environmentally accepted and highly efficient organic acidic properties of formic acid, it is used commonly in the pharmaceutical industry. The industry uses formic acid in the production of various active pharmaceutical ingredients. Therefore, with an increase in the utilization of the product in the rubber and pharmaceutical industry segment, the formic acid is creating new opportunities and growing at a CAGR of 4.50% during the forecast period.

Global Formic Acid Market: Market Trends and Growth Drivers

·         Animal Feed Additives

Formic acid or methanoic acid is widely used in animal feed additives, for feed acidification, and considered safe for consumers. The acid supports the animals gut through optimal feed hygiene. The use of formic acid as feed additive in almost all the animal species are assessed to be safe for the consumption. Because of the organic properties of the acid, it increases the shelf-life of the additives up to approximately 36 months.

·         Growth in the Pharmaceutical Industry

According to the OMICS International Organization, the pharmaceutical industry is observing the fast growth in the APAC region and in terms of volume the industry was evaluated to be $959 billion in 2017. With a rapid increase in the industry, the demand for formic acid as preservative and antibacterial agent have also increased. The usage of formic acid by the pharmaceutical firms are for pharmaceutical ingredients such as camphor, foaming paste, carbamazepine, aminophylline, aminopyrin, toluene imidazole drugs. Due to this, the formic acid market is observing a significant growth currently.  

·         Growth in the Leather Industry

Rise in disposable income support the demand for fashionable leather products. Formic acid is used as ash removal, expansion, soft agent, leather depilation. Instead of sulphuric acid, the leather industry is using formic acid for disinfection and dyeing as it helps in better prevention of damp leather mildew.   

Global Formic Acid Market: Competitive Landscape 

Some of the key companies identified in the report that are currently holding majority of shares in the global formic acid market are LUXI Group Co., Ltd. (China), Chongqing Chuandong Chemical (Group) Co., Ltd. (China), Feicheng Acid Chemical (China), Gujarat Narmada Valley Fertilizers & Chemicals Limited (India), BASF SE (Germany), Eastman Chemical Company (U.S.), and Perstorp AB (Sweden).

Talk to one of our sales representative about the full report by providing your details in the link below:

https://www.industryarc.com/support.php?id=16444

Related Reports:

Organic Acids Market

https://www.industryarc.com/Report/16128/organic-acids-market.html

Oxalic Acid Market

https://www.industryarc.com/Report/17903/oxalic-acid-market.html

Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]  to discuss more about our consulting services.

To request for a quote, provide your details in the below link:

https://www.industryarc.com/reports/request-quote?id=16444

Mr. Venkat Reddy

Sales Manager          

Email: [email protected]

About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.