Formic Acid Market Analysis

Product Overview
Formic acid (HCOOH) is the first or single carbon atom, homolog of the fatty acid series. It is an organic chemical raw material. Formic acid has numerous outlets in many industries. Most applications require concentrations of 85% (the industry standard and most common), other concentrations such as 90%, 94% or 98-99% are also available according to the demand of costumers. In this report, statistics mainly focus on 85% formic acid. The enterprise data is converted from actual concentration of liquid formic acid. In this report, statistics mainly focus on 85% formic acid.
Market Analysis
Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022; at the same time, the global production value was 558 Million USD in 2016 and it will be 804 Million USD in 2022.
In addition, the production regions of formic acid are mainly located in China, US, EU and India. China was the leader production regions, which achieved about 48% volume market share in 2016.
In 2015, BASF bullied the first plant of formic acid in Geismar, Louisiana. It is the only formic acid production plant in USA.
Consumption Market
As for the region consumption, China remained the largest market for formic acid in the world, with 34% market share consumption in 2016. Other major consuming regions include EU and US, which account for 29 % and 4% respectively. At present, the methyl formate hydrolysis technology is mainly adopted for producing formic acid and accounted for 81.59% in 2015.
The downstream demand of formic acid is rigidity. Major applications include silage and animal feed preservation, leather and tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals (antiozonants and coagulants), catalysts and plasticizers.