H1 2023: In the first half of 2023, the Methyl Formate market in the Asia Pacific region witnessed mixed prices. During the Q1 2023, the Methyl Formate market in the Asia Pacific region commenced with a subdued performance attributed to diminished market demand and the observance of the Lunar New Year celebration in China. In January 2023, the price of Methyl Formate in China saw a decline. Subsequently, in February and March 2023, the price trajectory of Methyl Formate witnessed an upward trend driven by heightened purchasing activities owing to robust market demand and favourable trading conditions. The surge in demand for Methyl Formate was a result of increased requirements for the Formic Acid derivative, coupled with insufficient stocks to meet buyer needs, prompting heightened demand in the Asian market. Moving to the the second quarter of 2023, the Methyl Formate market experienced heightened trading activities and increased demand from the downstream organic synthesis market. The surge in demand from end-user industries, coupled with bullish buying, led to an upswing in Methyl Formate demand. Recognizing the heightened interest in purchasing activities in the Asian market, major producers adjusted the price trend accordingly. However, as May and June 2023 unfolded, the demand for Methyl Formate witnessed a decline amidst weak market fundamentals in the Asia Pacific region. The sufficient influx of Methyl Formate in the Asian region resulted in feeble demand for fresh stocks. In June 2023, the price of Methyl Formate in China continued to fall, and the demand concluded on a weak note in downstream organic derivatives in the Chinese market.
The global Methyl Formate market stood at approximately 810 thousand tonnes in 2022 and is anticipated to grow at a CAGR of 3.97% during the forecast period until 2032.
Methyl Formate acts as a solvent, it plays a crucial role in the production of resins, cellulose, and coatings. Additionally, its use as a refrigerant contributes to more environmentally friendly cooling solutions. In agriculture, methyl formate serves as an effective fumigant for pest control in stored agricultural products. As a key chemical intermediate, it participates in the synthesis of pharmaceuticals, agrochemicals, and perfumes. Methyl Formate stands as a crucial industrial product, extensively utilized in the synthesis of various chemicals, encompassing formic acid, N,N-dimethylformamide (DMF), formamide, and dimethyl carbonate (DMC). Its presence extends to cleaning products, showcasing its significance in diverse industrial processes. In pharmaceuticals, methyl formate functions as both a solvent and an intermediate during the synthesis of different drugs. Foundries in the metal industry utilize methyl formate as a binding agent for mould production in metal casting. Furthermore, its application extends to serving as a fumigant and larvicide in pest control operations. The global Methyl Formate market size is anticipated to reach roughly 1200 thousand tonnes by 2032.
Based on region, Asia Pacific region is the largest consumer of Methyl Formate with India and China being the leading nations. The Asia Pacific region is strategically positioned to dominate the Methyl Formate market in the coming years due to several factors. The region has witnessed substantial growth in industries such as pharmaceuticals, chemicals, and agriculture, where Methyl Formate finds diverse applications. Additionally, the increasing demand for Methyl Formate in key sectors like chemical manufacturing, pest control, and pharmaceuticals is driving market growth. The region's robust industrial infrastructure, especially in India, expanding pharmaceutical sector, and growing emphasis on agricultural productivity contribute to its dominance in the Methyl Formate market. Moreover, supportive government policies, technological advancements, and a rising focus on sustainable practices further bolster the Asia Pacific region's position as a key player in the Methyl Formate market.
Based on the end-user industry, the global Methyl Formate market is divided into Pharmaceutical, Organic Synthesis, Fumigant, Metal Foundries, and Others. However, the Pharmaceutical Industry dominates the global Methyl Formate market. Methyl formate finds industrial applications in producing various formic acid derivatives, acting as a blowing agent for foams, and serving as an agricultural fumigant.
Major players in the Global Methyl Formate market are BASF SE, GFS Chemicals, Chevron Chemical Company, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Mitsubishi Gas Chemical Company, Inc, and Others.
Years considered for this report:
Historical Period: 2015- 2021
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2024-2032
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Objective of the Study:
• To assess the demand-supply scenario of Methyl Formate which covers production, demand and supply of Methyl Formate market in the globe.
• To analyse and forecast the market size of Methyl Formate
• To classify and forecast Global Methyl Formate market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Methyl Formate market in the globe.
To extract data for Global Methyl Formate market, primary research surveys were conducted with Methyl Formate manufacturers, suppliers, distributors, wholesalers and Traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Methyl Formate market over the coming years.
ChemAnalyst calculated Methyl Formate demand in the globe by analyzing the historical data and demand forecast which was carried out considering the production of raw material to produce Methyl Formate. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Methyl Formate manufacturers and other stakeholders
• Organizations, forums and alliances related to Methyl Formate distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Methyl Formate manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Methyl Formate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2022
810 thousand tonnes
Market size Volume in 2032
1200 thousand tonnes
Growth Rate
CAGR of 3.97% from 2023 to 2032
Base year for estimation
2022
Estimated Year
2023
Historic Data
2015 – 2021
Forecast period
2024 – 2032
Quantitative units
Demand in thousand tonnes and CAGR from 2023 to 2032
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Pharmaceutical, Organic Synthesis, Fumigant, Metal Foundries, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
Osaka Gas Co. Ltd
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What was the net market size of Methyl Formate in terms of volume in 2022?
Ans:
The global market size of Methyl Formate had reached approximately 810 thousand tonnes in 2022.
Q2.
Which region is the major consumer of Methyl Formate?
Ans:
Asia Pacific region is the leading consumer of Methyl Formate globally.
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