global formic acid market 2015-2019
TRANSCRIPT
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Global Formic Acid Market 2015-2019
The report discusses the following in-depth:
• Market Size and Forecast
• Market Segmentation
• Buying Criteria
• Vendor Landscape
• Business Segmentation
• Geographical Segmentation
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Key Trends
Technavio’s Senior Analyst says, “Increased use of formic acid as a preservative and the widening scope of its application in leather tanning and rubber production are the major factors contributing to the growth of the market. Formic acid is increasingly used as a miticide, silage ingredient, neutralization agent, and cleaning agent. It is also used in anti-bacterial applications because of its effectiveness in treating certain ailments such as warts.”
• Formic acid is a carboxylic acid that is used as a chemical intermediate in various end-use applications. It is a colourless liquid formed by the reaction of sulphuric acid with sodium formate. The acid is also produced as a by-product during the manufacture of acetic acid.
• Agriculture, leather, rubber, chemicals and pharmaceutical industries are the major end-users of the acid, with the chemical being evaluated for new applications by other end-use industries.
• Technavio's analysts forecast the global formic acid market to grow at a CAGR of 5.63% over the period 2014-2019.
• Understanding the key drivers influencing the market
• Understanding the challenges faced by the market
• Activities of various stakeholders involved
• Key focus areas for the vendors
• Major trends that will shape the future of this market
• Vendor landscape and trajectory of the market
• Conclusion
Scope of The Report
A detailed analysis of each market driver, challenge
and trend isavailable in our report:
Global Formic Acid Market 2015-2019
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Vendors
To understand the vendor landscape and
for a full list of vendors view our report:
Global Formic Acid Market 2015-2019
Feicheng Acid Chemicals
BASF
GNFC
Feicheng Acid Chemicals was established in 1994 and is headquartered in Feicheng, China. The company manufactures and supplies a wide range of industrial organic chemicals. It mainly produces formic acid, methylamine, and methanol under the brand name Chun Wang.
BASF operates in six business segments: Chemicals, Performance Products, Functional Materials and Solutions, Agricultural Solutions, Oil and Gas, and Others. The Chemicals segment comprises the Monomers, Petrochemicals, and Intermediates divisions.
GNFC was founded in 1976 and is headquartered in Bharuch, Gujarat, India. The company manufactures and sells fertilizers such as urea, ammonium nitro-phosphate, and calcium ammonium nitrate and chemicals such as ammonia, weak and concentrated nitric acid, methanol, acetic acid, formic acid, aniline, and toluene di-isocyanate.
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Market Landscape
• The market will grow at a moderate pace during the period 2015-2017 owing to moderate expansion in capacities and end-use segments.
• However, the market is expected to gain pace from 2018 because of rapid expansion in the end-use segments.
• Formic acid is expected to be used as an alternative to commonly used inorganic chemicals such as sodium hypochlorite and chlorine dioxide in disinfectant applications; and acetic acid, lactic acid, and phosphoric acid in neutralization and cleaning applications.
• Formic acid is eco-friendly; hence, it is highly adopted in the leather and textile industries for tanning and dyeing applications.
• The global leather trade expanded at a rate of 7% Y-o-Y over the last five years and the trend is expected to continue further.
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Market Outlook• Formic acid is increasingly used in niche applications such as drilling and
completion fluids, fuel gas desulfurization and de-icing applications.
• It is also being evaluated for its role as a miticide, biocide, food additive, and fuel.
• The growth in consumption is driven by increased scope of its application in various end uses.
• These alternate uses of formic acid are currently limited to developed countries such as Europe and North America, while in the ROW it is used for generic applications such as latex coagulation and leather tanning.
• With increasing capacities and R&D expenditures by major vendors, new applications especially in animal health, food additives, and portable energy devices can be witnessed.
• Growth Forecasts?
• Market Analysis?
• Revenue Forecasts?
• Regional and Country level Analysis?
• Competitive Structure?
• Emerging Trends?
• Vendor Landscape?
• Other?
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Global Formic Acid Market 2015-2019
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