October 30, 2020

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Global Formic Acid Market Will Showcase Neutral Impact During 2020-2024 | Rising Demand for Formic Acid as a Preservative to Boost Market Growth | Technavio

LONDON–(BUSINESS WIRE)–#FormicAcidMarket–Technavio has been monitoring the global formic acid market size and it is poised to grow by USD 225.16 million during 2020-2024, progressing at a CAGR of 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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The market is concentrated, and the degree of concentration will accelerate during the forecast period. BASF SE, Eastman Chemical Co., Gujarat Narmada Valley Fertilizers & Chemicals Ltd., Haviland Enterprises Inc., Kemira Oyj, Luxi Chemical Group Co. Ltd., NuGenTec, Perstorp Holding AB, Rashtriya Chemicals and Fertilizers Ltd., and Thermo Fisher Scientific Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

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The rising demand for formic acid as a preservative has been instrumental in driving the growth of the market. However, the presence of cost-effective substitutes might hamper market growth.

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Formic Acid Market 2020-2024: Segmentation

Formic Acid Market is segmented as below:

  • End-user

    • Agriculture And Animal Feed
    • Leather
    • Textile
    • Chemicals And Pharmaceuticals
    • Others
  • Geographic Landscape

    • APAC
    • North America
    • Europe
    • South America
    • MEA

Formic Acid Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The formic acid market report covers the following areas:

  • Formic Acid Market Size
  • Formic Acid Market Trends
  • Formic Acid Market Industry Analysis

This study identifies the rising demand for natural rubber as one of the prime reasons driving the Formic Acid Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Formic Acid Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will assist formic acid market growth during the next five years
  • Estimation of the formic acid market size and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the formic acid market
  • Analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of formic acid market, vendors

Table of Contents:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019-2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by End user

  • Market segments
  • Comparison by End user
  • Agriculture and animal feed – Market size and forecast 2019-2024
  • Leather – Market size and forecast 2019-2024
  • Textile – Market size and forecast 2019-2024
  • Chemicals and pharmaceuticals – Market size and forecast 2019-2024
  • Others – Market size and forecast 2019-2024
  • Market opportunity by End user

Customer landscape

  • Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC – Market size and forecast 2019-2024
  • North America – Market size and forecast 2019-2024
  • Europe – Market size and forecast 2019-2024
  • South America – Market size and forecast 2019-2024
  • MEA – Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography
  • Volume driver – Demand led growth
  • Market challenges
  • Market trends

Vendor Landscape

  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Eastman Chemical Co.
  • Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
  • Haviland Enterprises Inc.
  • Kemira Oyj
  • Luxi Chemical Group Co. Ltd.
  • NuGenTec
  • Perstorp Holding AB
  • Rashtriya Chemicals and Fertilizers Ltd.
  • Thermo Fisher Scientific Inc.


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.


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