Saudi Arabia Formic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Saudi Arabia Formic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Report Format: PDF+Excel | Report ID: SR112023A6096
Buy Now

Market Overview:

The Saudi Arabia formic acid market is expected to exhibit a CAGR of 4% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.

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 sub-segment of the Saudi Arabia formic acid market report, along with forecasts for the period 2022-2027. Our report has categorized the market based on concentration, production method and application.

Breakup by Concentration:

  • 85% Concentration
  • 90% Concentration
  • 94% Concentration
  • 99% Concentration
  • Others
     

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
  • Others
     

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units Kilo Ton
Segment Coverage Concentration, Production Method, Application
Companies Covered BASF SE, Chemsol, ESAD International, Jamjoom Company, Modern Petrochemical Co.,Ltd (Al-Faisaliah Group), Perstorp and Worldrep Trading Co.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

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?

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Saudi Arabia Formic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
Select Licence Type



Benefits of Customization

Personalize This Research

Triangulate with your Data

Get Data as per your Format and Definition

Gain a Deeper Dive into a Specific Application, Geography, Customer or Competitor

Any level of Personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Clients Testimonial

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Bayer AH

It was indeed a great experience to work with IMARC on the assignment on Aqua market. The team had done a fantastic job in terms of what was expected, what was assured and what was the result… the report gave us many insights and market know how which allowed us to work on our strength and define exact strategies…

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More