Formic Acid Market manufactures BASF SE, Alfa Aesar, Perstorp AB, Helm Italia S.

Posted by Divakar on November 30th, 2018

Formic acid, also known as methanoic acid is a vital intermediate in 
chemical synthesis, occurring naturally, mostly in ant venom. It belongs
 to the group of carboxylic acids having a colorless appearance and a 
highly pungent odor, and is soluble in various alcohols, acetones and 
ethers. The applications majorly require formic acid in concentrations 
of 99%, 94%, 90%, and 85%., with 85% being the industry standard acid. A
 large amount of formic acid is produced as a byproduct in the 
manufacturing of other chemicals such as acetic acid and hydrogenation 
of carbon dioxide. Formic acid is widely used as a silage and animal 
feed preservative, antibacterial agent in livestock feed, production of 
leather, pharmaceutical, rubber chemical, and as a substitute to mineral
 acids in various cleaning products. It is also used to regulate the pH 
of various chemical processes. The global market for formic acid

 has been witnessing a noticeable growth on account of growing demand 
for preservatives and feed additives. Improving living standards 
internationally has resulted in the growing consumption of meat thereby 
boosting the demand for formic acid in animal feeds and silage 
preservatives. Europe accounts for the largest market for formic acid 
since the banning of antibiotic growth promoters by the European Union 
in 2006. The market for formic acid in other regions such as Middle 
East, South America and Central America has also been well-established 
in tanning and leather applications. In addition, presence of 
significant textiles and natural rubber industries in Southeast Asia has
 made the formic acid industry lucrative in the region.

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Formic acid is one of the basic organic chemical raw materials widely
 used in rubbers, pharmaceuticals, dyes, leather and pesticides. The 
high quality nature of formic acid coupled with the global environmental
 acceptability is one of the major influencing factors creating an 
upsurge in the demand in the industry. Moreover, the upcoming safety 
regulations for the production of formic acid is also anticipated to be 
one of the key influencing factors for the growth of formic acid with an
 increased emphasis on different types of products and their respective 
applications.

Increasing demand for formic acid in animal feed additives and silage
 preservatives is expected to be one of major growth factors driving the
 formic acid market. Moreover, growing textile, leather and rubber 
industries in emerging economies such as China and India is also 
anticipated to contribute towards the growing demand for formic acid. 
Moreover, the ban of antibiotics as a growth promoter in Europe in 2006 
has led to an increased demand for formic acid as a substitute. However,
 fluctuating weather conditions are expected to negatively affect the 
production of certain application industries such as silage preservative
 and animal feed additives, which in turn is expected to result in 
declining demand for formic acid. Focus on research and development 
activities for the development of innovative products is expected to 
provide new opportunities for the growth of the market.

Chongqing Chuandong Chemical (Group) Co. Ltd., BASF SE, Alfa Aesar, 

Perstorp AB, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. 
Ltd., Feicheng Acid Chemicals Co. Ltd., Shanxiyuanping Chemicals Co. 
Ltd., Samsung Fine Chemicals Co. Ltd., and Taminco Corporation are some 
of the key formic acid manufactures dominating the market.