The formic acid market is expanding due to rising demand from animal feed and silage. In both solid and liquid form, formic acid is utilised as an additive. It inhibits the growth of dangerous bacteria in feed by acidity and also improves feed digestion. Global need for animal protein is driving market expansion once again. The worldwide formic acid market is facing several challenges, such as the advent of more cost-effective replacements, such as urea sulphate for formic acid. This is projected to slow market growth. Urea sulphate can be used in place of traditional pH reducing acids such as formic acid to reduce the pH of leather processing solutions. Higher concentrations of formic acid can be harmful to the environment. This is expected to restrict the market growth.
According to Coherent Market Insights, the global Formic Acid Market size was valued at USD 1.6 Billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 4.9% from 2022 to 2030.
Prominent Players in the formic acid Industry:
1. BASF SE
BASF SE operates as a chemical company worldwide. It operates through six segments: Chemicals, Materials, Industrial Solutions, Surface Technologies, Nutrition & Care, and Agricultural Solutions. BASF SE was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany. On November 11, 2015 BASF now produces formic acid at its new facility in Geismar, Louisiana for customers in the North and South America markets.
2. Eastman Chemical Company
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Chemical Intermediates segment offers methylamines and salts, and higher amines and solvents; Olefin and acetyl derivatives, ethylene, and commodity solvents; and primary non-phthalate and phthalate plasticizers, and niche non-phthalate plasticizers for industrial chemicals and processing, building and construction, health and wellness, and agrochemicals markets. Eastman Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee.on
3. Shandong Acid Technology Co. Ltd
Shandong Acid Chemicals Co. Ltd. manufactures agricultural chemical products. The Company produces and distributes urea, formic acid, methylamine, dimethyl carbonate, calcium formate, and other related fertilizers. The company was fou ded in1996, headquartered in China.
4. Gujarat Narmada Valley Fertilizers & Chemicals Limited
Gujarat Narmada Valley Fertilizers & Chemicals Limited manufactures and markets fertilizers and chemicals in India and internationally. Gujarat Narmada Valley Fertilizers & Chemicals Limited was incorporated in 1976 and is headquartered in Bharuch, India.
5. LUXI GROUP
Luxi Chemical Group Co., Ltd. manufactures and sells chemical and fertilizer products. The company was founded in 1998 and is headquartered in Liaocheng, China.
6. Perstorp Holdings ABPOLIOLI SpA,
Perstorp AB provides chemical additives for the coatings and resin industries. Perstorp announced that it has been acquired by PETRONAS Chemicals Group Berhad (PCG), Malaysia´s leading integrated chemicals provider and part of PETRONAS Group, on 11 October 2022. The company was founded in 1980. Headquartered in Sweden.
7. Rashtriya Chemicals and Fertilizers Limited
Rashtriya Chemicals and Fertilizers Limited manufactures, markets, and sells fertilizers and industrial chemicals primarily in India. The company operates through Fertilizers, Industrial Chemicals, and Trading segments. Rashtriya Chemicals and Fertilizers Limited was incorporated in 1978 and is based in Mumbai, India.
8. Wuhan Ruisunny Chemical Co. Ltd
Wuhan Rui Sunny Chemical Co., Ltd. was established in 2010 and is controlled by Wuhan Chuanmaoshe Chemical Co., Ltd. (dedicated to domestic chemical trade), which is a trading company specializing in the import and export of chemicals. The company mainly deals in water treatment agents (such as Calcium Hypochlorite and Trichloroisocyanuric Acid), food additives (such as Ammonium Bicarbonate) and organic silicones (such as Tetramethyltetravinyl Cyclo Tetrasiloxane) etc. The company has a supporting logistics team and warehousing facilities, has a production base in Huanggang, Hubei Province, and an office in HA NOI, Vietnam. The company has ISO9000 certification, as well as a dangerous goods Business License. Headquarterde in China.
*Definition-A variety of insects' stings include formic acid. The chemical is produced by stinging nettles and carabid beetles, both in the order Hymenoptera, as well as several species of stingless formicine ants in the subfamily Formicinae. Formic acid is a useful addition in the silage business because of its quick acidification capability. It inhibits the growth of coliforms and the multiplication of unwanted microorganisms.
