Methyl Formate demand in India grew at a CAGR of around 5.5% during 2015-2020 and is anticipated to achieve a healthy CAGR during the forecast period as well. Primary demand for Methyl Formate arises from chemicals and agrochemicals industries due to increasing demand for Formamide and Dimethylformamide in such industries. Wide application of the product as a binder in various metal foundry operations and as a solvent in paints and coating industries due to its unique properties of high volatility and high vapor pressure is projected to push the demand for Methyl Formate over the coming years. Furthermore, growth in pharmaceutical industries in recent years has also been a guarantor for the increasing demand for Methyl Formate in the country as this product shows soluble characteristics and is used as reaction medium in the industry. Additionally, its applications as a blowing agent in the PUR foams, as a fumigant and larvicide for tobacco and food crops and as a polar aprotic solvent in imitation leather and PAN fibres is progressively increasing the demand of Methyl Formate in the country. Various other applications of Methyl Formate such as in manufacturing of electric current insulation, as a curing agent in resin-based foundry etc., would drive the demand for the product in the coming years.
Years Considered for this Report:
Historical Years: 2015 – 2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022 – 2030
Objective of the Study:
- The primary objective of the study was to evaluate and forecast Methyl Formate capacity, production, demand, inventory, and demand – supply gap in India.
- To categorize Methyl Formate demand based on end use, grade, region and sales channel.
- To study trade dynamics and company share in India Methyl Formate market.
- To identify major customers of Methyl Formate in India.
- To evaluate and forecast Methyl Formate pricing by grade in India Methyl Formate market.
- To identify and profile major companies operating in India Methyl Formate market.
- To identify major news, deals and expansion plans in India Methyl Formate market.
Major market player in the Methyl Formate in India is Gujarat Narmada Fertilizers and Chemicals Limited, Bharuch, (Gujarat). India majorly imports Methyl Formate from China.
As of 2020, import of Methyl Formate has decreased by 8.5 per cent on y-o-y basis. Methyl Formate prices were assessed at INR XXX per MT on bulk contract basis, down by about xx per cent. Domestic price of Methyl Formate was assessed lower than the import price with the price differential observed to the tune of INR XX per Kg.
To extract data for India Methyl Formate market, primary research surveys were conducted with Methyl Formate manufacturers, suppliers, distributors, wholesalers and end users. 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 end user segments and projected a positive outlook for India Methyl Formate market over the coming years.
ChemAnalyst calculated Methyl Formate demand in India by analyzing the historical data and demand forecast was carried out considering Methanol Prices. 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, suppliers, distributors and other stakeholders
- Organizations, forums and alliances related to Methyl Formate distribution
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for industry stakeholders, such as Methyl Formate manufacturers, distributors and Methyl Formate importers. The report also provides useful insights about which market segments should be targeted over the coming years to strategize investments and capitalize on growth opportunities.
In this report, the India Methyl Formate market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by End Use- Coating, Metal Foundries, Process Chemical, Agriculture & Others
Market, by Application- Formaldehyde, Foam, Fumigant, Formic Acid & Others
Market, by Sales Channel- Direct/Institutional Sales, Retail Sales, Other Channel Sales
Market, by Region- North, West, East and South
Competition Outlook: Outlook of leading 10 players based on product portfolio, market pricing, average selling price, sales footprint, etc.
Company Profiles: Detailed analysis of the major companies operating in the India Methyl Formate market.
With the given market data, ChemAnalyst offers customizations according to a company’s specific needs.