The Saudi Arabia formic acid market is expected to exhibit a growth rate (CAGR) of 3.8% during 2023-2028.
Formic acid, also known as methanoic acid, refers to a colorless volatile acid primarily manufactured via carbonylation of methanol. This organic compound also occurs naturally in the venom of bees and ants. Formic acid is widely used in textile dyeing and finishing, leather tanning, electroplating, coagulating rubber latex, etc. Besides this, it is also utilized as a catalyst in manufacturing several chemicals and as an antibacterial agent in livestock feed. As a result, it is adopted across diverse industries, including chemical, agriculture, pharmaceutical, leather and textile, etc.
Saudi Arabia Formic Acid Market Trends:
The growing utilization of formic acid in the production of silage additives and animal feed to reduce bacterial content and maintain nutritional value is primarily driving the Saudi Arabia formic acid market. The escalating demand for animal-based food products, such as meat, milk, and eggs, is catalyzing the use of formic acid in feed mixes for improving digestion and enhancing animal health. Additionally, the increasing focus on limiting the use of antibiotics in animal feed coupled with the significant growth in commercial feed production is further propelling the regional market. Moreover, the rising adoption of formic acid in the oil and gas sector as a corrosion inhibitor in the hydraulic fracturing process is creating a positive outlook for the regional market. Apart from this, formic acid is extensively utilized in the production of detergents, cosmetics, de-icing agents, medicines, and disinfectants, which is creating lucrative growth opportunities for the Saudi Arabia market. Furthermore, the elevating use of formic acid in the food industry to improve the product shelf-life and prevent the growth of pathogenic fungi, molds, bacteria, etc., is also stimulating the product demand. In addition to this, the growing consumer awareness towards the ecological sustainability associated with formic acid along with the continuous product innovations in the feed acidifier segment, including coatings and encapsulations, are expected to drive the Saudi Arabia formic acid market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Saudi Arabia formic acid market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on concentration, production method and application.
Breakup by Concentration:
- 85% Concentration
- 90% Concentration
- 94% Concentration
- 99% Concentration
Breakup by Production Method:
- Carbonylation of Methanol
- Oxalic Acid
Breakup by Application:
- Animal Feed and Silage Additives
- Leather Tanning
- Textile Dyeing and Finishing
- Intermediary in Pharmaceuticals
The competitive landscape of the industry has also been examined with some of the key players being BASF SE, Chemsol, ESAD International, Jamjoom Company, Modern Petrochemical Co.,Ltd (Al-Faisaliah Group), Perstorp and Worldrep Trading Co.
|Base Year of the Analysis
||Concentration, Production Method, Application
||BASF SE, Chemsol, ESAD International, Jamjoom Company, Modern Petrochemical Co.,Ltd (Al-Faisaliah Group), Perstorp and Worldrep Trading Co.
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Key Questions Answered in This Report:
- How has the Saudi Arabia formic acid market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Saudi Arabia formic acid market?
- What is the breakup of the market based on the concentration?
- What is the breakup of the market based on the production method?
- What is the breakup of the market based on the application?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Saudi Arabia formic acid market and who are the key players?
- What is the degree of competition in the industry?