India Methyl Formate Market Analysis: Plant Capacity, Production, Operating Efficiency, Process, Demand & Supply, End Use, Application, Sales Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030
India Methyl Formate market demand stood at 9.43 Thousand Tonnes in FY2021 and is forecast to reach 15.56 Thousand Tonnes by FY2030, growing at a healthy CAGR of 5.72% until FY2030. 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 a 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 fibers are progressively increasing the demand for Methyl Formate in the country. Various other applications of Methyl Formate such as in the manufacturing of electric current insulation, as a curing agent in the resin-based foundry, etc., would drive the demand for the product in the coming years.
COVID-19 has impacted the Methyl Formate industry by disrupting the supply chain and affecting the production demand. However, post-COVID-19 the Methyl Formate market is expected to pick up the pace eventually.
Historical Years: FY2015- FY2020
Base Year: FY2021
Estimated Year: FY2022
Forecast Period: FY2023 - FY2030
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The 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.
To extract data for the 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 the 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 them 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.
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 the 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
With the given market data, ChemAnalyst offers customizations according to a company's specific needs.
Figure 14 : India Methyl Formate By Region (%)
Figure 15: India Methyl Formate By Company Share (%)
Table 3 India Methyl Formate Capacity By Technology, 2015-2030f (000' Tonnes)
Table 4 India Methyl Formate Capacity By Process, 2015-2030f (000' Tonnes)
Table 6 : India Methyl Formate Operating Efficiency By Company, 2015-2030f (000' Tonnes)