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

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?

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Saudi Arabia Formic Acid Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Concentration
    6.1    85% Concentration
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    90% Concentration
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    94% Concentration
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    99% Concentration
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Others
        6.5.1 Market Trends
        6.5.2 Market Forecast
7    Market Breakup by Production Method
    7.1    Carbonylation of Methanol
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Oxalic Acid
        7.2.1 Market Trends
        7.2.2 Market Forecast
8    Market Breakup by Application
    8.1    Animal Feed and Silage Additives 
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Leather Tanning 
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Textile Dyeing and Finishing 
        8.3.1 Market Trends
        8.3.2 Market Forecast
    8.4    Intermediary in Pharmaceuticals 
        8.4.1 Market Trends
        8.4.2 Market Forecast
    8.5    Others
        8.5.1 Market Trends
        8.5.2 Market Forecast
9    SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10    Value Chain Analysis
    10.1    Raw Material Procurement
    10.2    Manufacturing
    10.3    Marketing
    10.4    Distribution
    10.5    Exports
    10.6    End Users
11    Porters Five Forces Analysis
    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12    Competitive Landscape
    12.1    Market Structure
    12.2    Key Players
    12.3    Profiles of Key Players
        12.3.1    BASF SE
           12.3.1.1 Company Overview
           12.3.1.2 Product Portfolio
        12.3.2    Chemsol
           12.3.2.1 Company Overview
           12.3.2.2 Product Portfolio 
        12.3.3    ESAD International
           12.3.3.1 Company Overview
           12.3.3.2 Product Portfolio
        12.3.4    Jamjoom Company
           12.3.4.1 Company Overview
           12.3.4.2 Product Portfolio
        12.3.5    Modern Petrochemical Co.,Ltd (Al-Faisaliah Group)
           12.3.5.1 Company Overview
           12.3.5.2 Product Portfolio
        12.3.6    Perstorp
           12.3.6.1 Company Overview
           12.3.6.2 Product Portfolio
        12.3.7    Worldrep Trading Co.
           12.3.7.1 Company Overview
           12.3.7.2 Product Portfolio

List of Figures

Figure 1: Saudi Arabia: Formic Acid Market: Major Drivers and Challenges
Figure 2: Saudi Arabia: Formic Acid Market: Sales Volume (in Kilo Ton), 2016-2021
Figure 3: Saudi Arabia: Formic Acid Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 4: Saudi Arabia: Formic Acid Market: Breakup by Concentration (in %), 2021
Figure 5: Saudi Arabia: Formic Acid Market: Breakup by Production Method (in %), 2021
Figure 6: Saudi Arabia: Formic Acid Market: Breakup by Application (in %), 2021
Figure 7: Saudi Arabia: Formic Acid (85% Concentration) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 8: Saudi Arabia: Formic Acid (85% Concentration) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 9: Saudi Arabia: Formic Acid (90% Concentration) Market: Sales Volume (in Kilo  Ton), 2016 & 2021
Figure 10: Saudi Arabia: Formic Acid (90% Concentration) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 11: Saudi Arabia: Formic Acid (94% Concentration) Market: Sales Volume (in Kilo  Ton), 2016 & 2021
Figure 12: Saudi Arabia: Formic Acid (94% Concentration) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 13: Saudi Arabia: Formic Acid (99% Concentration) Market: Sales Volume (in Kilo  Ton), 2016 & 2021
Figure 14: Saudi Arabia: Formic Acid (99% Concentration) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 15: Saudi Arabia: Formic Acid (Other Concentrations) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 16: Saudi Arabia: Formic Acid (Other Concentrations) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 17: Saudi Arabia: Formic Acid (Carbonylation of Methanol) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 18: Saudi Arabia: Formic Acid (Carbonylation of Methanol) Market Forecast: Sales Volume (in Kilo  Ton), 2022-2027
Figure 19: Saudi Arabia: Formic Acid (Oxalic Acid) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 20: Saudi Arabia: Formic Acid (Oxalic Acid) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 21: Saudi Arabia: Formic Acid (Animal Feed and Silage Additives) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 22: Saudi Arabia: Formic Acid (Animal Feed and Silage Additives) Market Forecast: Sales Volume (in Kilo  Ton), 2022-2027
Figure 23: Saudi Arabia: Formic Acid (Leather Tanning) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 24: Saudi Arabia: Formic Acid (Leather Tanning) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 25: Saudi Arabia: Formic Acid (Textile Dyeing and Finishing) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 26: Saudi Arabia: Formic Acid (Textile Dyeing and Finishing) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 27: Saudi Arabia: Formic Acid (Intermediary in Pharmaceuticals) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 28: Saudi Arabia: Formic Acid (Intermediary in Pharmaceuticals) Market Forecast: Sales Volume (in Kilo  Ton), 2022-2027
Figure 29: Saudi Arabia: Formic Acid (Others Application) Market: Sales Volume (in Kilo Ton), 2016 & 2021
Figure 30: Saudi Arabia: Formic Acid (Others Application) Market Forecast: Sales Volume (in Kilo Ton), 2022-2027
Figure 31: Saudi Arabia: Formic Acid Industry: SWOT Analysis
Figure 32: Saudi Arabia: Formic Acid Industry: Value Chain Analysis
Figure 33: Saudi Arabia: Formic Acid Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: Saudi Arabia: Formic Acid Market: Key Industry Highlights, 2021 and 2027
Table 2: Saudi Arabia: Formic Acid Market Forecast: Breakup by Concentration (in Kilo Ton), 2022-2027
Table 3: Saudi Arabia: Formic Acid Market Forecast: Breakup by Production Method (in Kilo Ton), 2022-2027
Table 4: Saudi Arabia: Formic Acid Market Forecast: Breakup by Application (in Kilo Ton), 2022-2027
Table 5: Saudi Arabia: Formic Acid Market: Competitive Structure
Table 6: Saudi Arabia: Formic Acid Market: Key Players


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