Formamide Market - Forecast(2024 - 2030)

Report Code: CMR 22498 Report Format: PDF + Excel

Formamide Market Overview

The formamide market size is estimated to reach US$270 million by 2027 after growing at a CAGR of 2.7% from 2022 to 2027. Formamide is a colorless amide liquid which is derived from formic acid and hasmmonia like odor, hence one such formamide is dimethylformamide. Formamide has various applications such as it is used as chemical feedstock for making agrochemicals, pharmaceuticals drugs, softener for paper & fabrics, solvent for processing polymer like polyacrylonitrile and for making chemicals compound like hydrocyanic acid. Hence, due to such high applicability, formamide is majorly used in sectors like agriculture, paper, construction, plastics and mining. Factors like increase in the production of paper, growing construction activities and growing consumption of agrochemicals in agriculture sector are driving formamide market growth. However, formamide exposure can cause certain health effects like skin & eye irritation, which can hamper the growth of global formamide industry.

COVID-19 Impact

Formamide has major use in sectors like paper, construction and plastics where it is used as solvents and softener. The global lockdown was implemented in order to curb the effect of COVID-19, which has majorly disrupted the activities of these major end use industries of formamide. For instance, according to Confederation of European Paper Industries, in 2020, global paper and board production decreased by 5%. Also, according to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, in July 2020, construction order in Japan decreased by 22.9% compared to 26.9 % increase in 2019 same month. Furthermore, according to PlasticEurope, in 2020, global plastic production was 367 million tones compared to 368 million tones in 2019, showing 0.3% decrease. Formamide is used as a softener to improve paper quality, and as solvent in plasticizers which is used in formulation of concrete and also as solvent used in processing of thermoplastic polymers like polyacrylonitrile. The decrease in production level of these sectors led to decrease in demand and usage of formamide in them, which negatively impacted the growth of global formamide industry.

Report Coverage

The “Formamide Market Report – Forecast (2022 – 2027)”, by IndustryARC covers an in-depth analysis of the following segments of the global formamide Industry.

By Grade – Technical Grade and Industrial Grade
By Purity98%, 99%, and Above 99%
By Application – Chemical Feedstock (Sulfa Drugs, Agrochemicals, and Others), Softener, Solvent, RNA Stabilizer, and Others
By End Use Industry – Pharmaceutical, Paper (Decorative, Laminated, and Others), Plastics, Agriculture, Mining, Construction (Residential, Commercial, and Industrial), and Others
By Geography – North America (USA, Canada, Mexico), Europe (UK, Germany, France, Italy, Netherland, Spain, Russia, Belgium, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America), Rest of the World (Middle East, Africa)

Key Takeaways

  • Asia-Pacific dominates the global formamide industry as the region consists of major end user of formamide like agriculture and paper in major economies like China   and India, with China being the largest producer of paper.
  • Formamide is majorly used in industrial production of hydrocyanic acid which is used in the production of potassium cyanide and adiponitrile used in sector like mining and plastic.
  • The growing demand for various agrochemicals such as herbicides, pesticides and insecticides due to surge in occurrence of various pests and diseases will increase demand for agrochemicals thereby providing growth opportunities for  formamide market in agriculture sector.

Figure: Asia-Pacific Formamide Market Revenue, 2021-2027 (US$ Million)

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Formamide Market Segment Analysis – By Grade

Industrial grade held a significant share in formamide market in 2021 with a share of over 75%. Industrial grade is used in various sectors like paper, agriculture and construction. The rapid development in these sectors on account of growing demand has increased their productivity as well as consumption level. For instance, according to Confederation of European Paper Industries (Cepi), in 2021, the overall consumption of paper increased by 5% in Cepi member countries compared to 2020. Also, according to US Food and Agriculture Organization, in 2019, pesticide consumption increased in America up to 33% in 2019. Further, according to Eurostat, in October 2021, production in construction sector increased by 1.4% in EU area. Formamide derived from formic acid is used as solvent in plasticizers for making concrete, as chemical feedstock for making agrochemicals like pesticides and as softener it is used in paper sector. The increase in production and consumption level of these sectors will create more demand and usage of formamide in them, resulting a positive growth for global formamide industry.

Formamide Market Segment Analysis – By End Use Industry

Agriculture sector held a significant share in formamide market in 2021 with a share of over 22%. Formamide derived for formic acid is majorly used as chemical feedstock for making agrochemicals like pesticides & herbicides, which are used to protect crops from pests. Growing population has increased sale of agriculture activities which has consumption level of agrochemicals. For instance, according to US Food and Agriculture Organization, in 2019, the global pesticide consumption was 4.2 million tones showing 36% increase compared to 2000. The increase in global pesticides consumption on account of their growing demand in agriculture sector will increase the production level of such agrochemicals. This will positively impact the usage of formamide as chemicals feedstock in pesticide production, resulting a positive growth for global formamide industry.

Formamide Market Segment Analysis – By Geography

Asia-Pacific held the largest share in formamide market in 2021 with a share of 34%. The region consists of major economies like China, India and Japan which consist of major end-use industries of formamide like plastic, paper and agriculture. The economic development of these nations has increased their industrial productivity and level of consumption. For instance, according to PlasticEurope, in 2020, China with 36% held the maximum share of plastic production. Also, according to China’s National Bureau of Statistics, in 2021, China’s paper product manufacturers generated revenue of more than US$201 billion, showing 21.2% increase. Further, according to US Food and Agriculture Organization, in 2019, Asia with 52% to 53% held the largest in global pesticide consumption. Formamide is used as solvent for polymer processing of thermoplastics like polyacrylonitrile, as feedstock for making pesticides and as softener for paper. Increase in production and consumption level of plastics, paper and agriculture sector will create more demand for formamide as raw material in these sectors, which will boost global formamide industry growth.

Formamide Market Drivers

Growing Construction Activities

Formamide is used as solvent in plasticizers which when added to concrete mixture increases its workability and strength. The increase in construction activities both residential and commercial, has positively impacted the usage of formic acid driven formamide. For instance, according to Germany’s Federal Statistical Office, in January 2022, the construction of 29,951 dwelling was permitted in Germany, showing an increase of 8.3% compared to 2021 same month. Also, according to Eurostat, in October 2021, in the EU building construction increased by 4.6% and civil engineering by 3.3%. Such increase in residential and commercial production will lead to more usage of plasticizers in concrete, resulting in more usage of formamide as solvents in plasticizers. This will boost the growth of global formamide industry.

Increase in Production of Paper

Formamide as softener is used in paper industry to modify paper fibre and improve overall softness of the paper. Hence, as softener, formamide is majorly used to improve softness of household and sanitary paper like tissue paper. The increase in production of sanitary and household paper on account of growing demand for household sectors, has positively impacted the usage of formic acid driven formamide. For instance, according to Confederation of European Paper Industries, in 2020, in Cepi member countries sanitary and household paper manufacturers’ output increased by about 1.9% compared to 2019 and accounted for 9.3% of total paper and board production. Such an increase in the production of sanitary and household paper will lead to more usage of softener in them, to improve their softness. This will boost global formamide industry growth.

Formamide Market Challenge

Negative Health Effects

Exposure to formamide can cause irritation to skin, eyes and moreover it can cause throat infection. Such negative effects of formamide will limit its usage in certain applications, like as raw material it is used in making hydrocyanic acid, which is used in mining sector during gold and silver mining and electroplating of those metals. Lack of applicability of formamide in mining sector in order to limit its negative effects will hamper the growth of global formamide industry.

Formamide Industry Outlook

The companies to develop a strong regional presence and strengthen their market position, continuously engage in mergers and acquisitions. In formamide market report, the global formamide top 10 companies are:

  1. Mitsubishi Gas Chemicals
  2. Balaji Amines
  3. Zhejiang Realsun Chemical
  4. Shandong Rongyue Chemical
  5. Balaji Amines
  6. BASF
  7. Chemvon Biotechnology Co. Ltd
  8. Alpha Chemika
  9. AB Enterprises
  10. Jigchem Universal

Recent Developments

  • In 2022, Open Gate Capital a global private equity firm acquired Chemisphere Corp, a specialty solvent blender and chemical distributor and this acquisition will enable OpenGate to create solvent distribution channel form Midwest to Mid-Atlantic region of US.
  • In 2021, Draslovka Holding a global leader in cyanide-based chemical specialties and agricultural chemicals, acquired Mining Solutions business of The Chemours Company and this acquisition will enable Draslovka to make highly purified liquid hydrogen cyanide-based specialty chemicals.
  • In 2021, Borealis and Renasci Oostende Recycling NV signed an agreement to acquire chemically recycled feedstock output from its high-tech recycling center in Oostende, Belgium. 

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1. Formamide Market- Market Overview
    1.1 Definitions and Scope
2. Formamide Market - Executive Summary
    2.1 Key Trends by Grade
    2.2 Key Trends by Purity
    2.3 Key Trends by Application
    2.4 Key Trends by End Use Industry
    2.5 Key Trends by Geography
3. Formamide Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Formamide Market - Startup companies Scenario Premium Premium 
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Formamide Market – Industry Market Entry Scenario Premium Premium 
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Formamide Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Formamide Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Formamide Market – By Grade (Market Size – US$ Million/ Billion)
    8.1 Technical Grade
    8.2 Industrial Grade
9. Formamide Market – By Purity (Market Size – US$ Million/ Billion)
    9.1 98%
    9.2 99%
    9.3 Above 99%
10. Formamide Market – By Application (Market Size – US$ Million/ Billion)
    10.1 Chemical Feedstock
        10.1.1 Sulfa Drugs
        10.1.2 Agrochemicals
        10.1.3 Others
    10.2 Softener
    10.3 Solvent
    10.4 RNA Stabilizer
    10.5 Others 
11. Formamide Market – By End Use Industry (Market Size – US$ Million/ Billion)
    11.1 Pharmaceutical
    11.2 Paper
        11.2.1 Decorative
        11.2.2 Laminated
        11.2.3 Others
    11.3 Plastics
    11.4 Agriculture
    11.5 Mining
    11.6 Construction
        11.6.1 Residential
        11.6.2 Commercial
        11.6.3 Industrial
    11.7 Others
12. Formamide Market - By Geography (Market Size -US$ Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Formamide Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Formamide Market – Industry/Competition Segment Analysis Premium 
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Formamide Market – Key Company List by Country Premium Premium 
16. Formamide Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
"*Financials would be provided on a best effort basis for private companies*"

LIST OF TABLES

1.Global Formamide Market, by Type Market 2023-2030 ($M)
2.Global Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
3.Global Formamide Market, by Type Market 2023-2030 (Volume/Units)
4.Global Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 (Volume/Units)
5.North America Formamide Market, by Type Market 2023-2030 ($M)
6.North America Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
7.South America Formamide Market, by Type Market 2023-2030 ($M)
8.South America Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
9.Europe Formamide Market, by Type Market 2023-2030 ($M)
10.Europe Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
11.APAC Formamide Market, by Type Market 2023-2030 ($M)
12.APAC Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)
13.MENA Formamide Market, by Type Market 2023-2030 ($M)
14.MENA Formamide Market Analysis and Forecast by Type and Application Market 2023-2030 ($M)

LIST OF FIGURES

1.US Global Formamide Industry Market Revenue, 2023-2030 ($M)
2.Canada Global Formamide Industry Market Revenue, 2023-2030 ($M)
3.Mexico Global Formamide Industry Market Revenue, 2023-2030 ($M)
4.Brazil Global Formamide Industry Market Revenue, 2023-2030 ($M)
5.Argentina Global Formamide Industry Market Revenue, 2023-2030 ($M)
6.Peru Global Formamide Industry Market Revenue, 2023-2030 ($M)
7.Colombia Global Formamide Industry Market Revenue, 2023-2030 ($M)
8.Chile Global Formamide Industry Market Revenue, 2023-2030 ($M)
9.Rest of South America Global Formamide Industry Market Revenue, 2023-2030 ($M)
10.UK Global Formamide Industry Market Revenue, 2023-2030 ($M)
11.Germany Global Formamide Industry Market Revenue, 2023-2030 ($M)
12.France Global Formamide Industry Market Revenue, 2023-2030 ($M)
13.Italy Global Formamide Industry Market Revenue, 2023-2030 ($M)
14.Spain Global Formamide Industry Market Revenue, 2023-2030 ($M)
15.Rest of Europe Global Formamide Industry Market Revenue, 2023-2030 ($M)
16.China Global Formamide Industry Market Revenue, 2023-2030 ($M)
17.India Global Formamide Industry Market Revenue, 2023-2030 ($M)
18.Japan Global Formamide Industry Market Revenue, 2023-2030 ($M)
19.South Korea Global Formamide Industry Market Revenue, 2023-2030 ($M)
20.South Africa Global Formamide Industry Market Revenue, 2023-2030 ($M)
21.North America Global Formamide Industry By Application
22.South America Global Formamide Industry By Application
23.Europe Global Formamide Industry By Application
24.APAC Global Formamide Industry By Application
25.MENA Global Formamide Industry By Application