Methyl Formate Market Overview
Methyl formate, also known as methyl methanoate, is a formate ester and is widely used in the foundry and plastics industry. It is also used as a precursor for the manufacturing of formic acid, which is further a key raw material for the organic chemical industry and is used in the animal feed, silage preservative, and leather tanning industry.
The chemical industry has witnessed tremendous growth over the recent past and is further expected to witness a steady increase in the near future. The long-term growth of the market is pegged to be driven by socioeconomic trends, such as rapid population growth and rise of affluent middle-class in the emerging markets of India and China.
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Steady economic growth in developing countries, such as China, India, Brazil and ASEAN countries, and rising per capita disposable income and expenditure in these regions are the major factors expected to drive the demand for pharmaceutical product and escalates the growth of methyl formate market.
Using Methyl Formate as Pharm Ingredients
Global scenario of increasing disease burden and extensive R&D efforts for the innovation of drugs are the prime factors supporting the growing pharmaceutical industry world. In the case of drug delivery, methyl formate is used as an excipient or agent that controls the release of drug in the body. Its dispersive and binding quality is utilized for micro-encapsulation of drugs in tablet manufacturing. Methyl formate has the potential to elevate the resistance of anti-cancer drugs for curing tumor and is extensively used in trans-catheter arterial perfusion anti-cancer drugs.
In addition, it improves antineoplastic function and enhances therapeutic efficacy. Methyl formate also finds its application in animal medication. Methyl formate is an excellent film forming material and can be used as a dressing to heal wound infection. It is way ahead from gauze dressings in terms of restricting the exudation of wound interstitial fluid.
The global healthcare landscape is changing rapidly, and people are spending more on their health-related needs. Factors, such as changing lifestyle, food habits, sleeping habits, etc. are contributing to this change. With people becoming more and more health conscious, the demand for preventive pharmaceuticals is increasing across the globe.
Increasing awareness among consumers for green products and favorable prospects for renewable resources are factors hampering the growth of methyl formate market across the globe.
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Methyl Formate Market Segmentation
Global methyl formate market can be segmented on the basis of product type and end use.
On the basis of product type methyl formate market is segmented as:
- Methyl Format 92-97%
- Methyl Format 97%
On the basis of end-use, methyl formate market is segmented as:
- Metal Foundries
Methyl Formate Market Regional Outlook
East and South Asia dominate the global methyl formate market. The rapidly increasing urbanization and significantly increasing pharmaceutical industry escalate the methyl formate market in the region. Developing economies, such as those in East Asia & South Asia, in particular, are expected to witness relatively faster growth as compared to that in developed regions.
Increasing demand from the electronics industry, coupled with increasing demand in applications, such as those in agrochemicals among other sectors, are expected to drive the growth of methyl formate market. North America is expected to be the largest share in the methyl formate market.
Methyl Formate Market Key Players
Methyl formate manufacturers significantly invested in R&D to explore the usage across the new application area. Such companies have also collaborated with end users and explored the possibilities and the suitability of methyl formate in multiple applications. Methyl formate manufacturing companies have opted to acquire new channel partners, who could reach target customers and ensure new customer acquisitions for the company. The key players in the methyl formate market are mentioned below.
- BASF SE
- Eastman Chemical Company
- Sigma-Aldrich (Merck Group)
- Tradex Corporation
Mitubishi Gas Chemicals
- Chevron Chemical Company
- The Good Scents Company
- Isotopes Inc.
- GFS Chemicals
- Shaanxi Top Pharm
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