Formic Acid Market Overview
By 2027 (forecast period), the Formic Acid Market share is expected to increase by 4.94% CAGR and surpass the formic acid market value of USD 878.7 Million in volume. The market volume for the forecast period is expected to increase because farmers are focusing on crop production to meet the burgeoning demand for food.
The global formic acid market is profiled in great detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the formic acid market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the formic acid market’s growth trajectory over the forecast period are provided in the report. The leading players in the global formic acid market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the Formic Acid Market. The major drivers and restraints affecting the global formic acid market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
Formic acid is naturally extracted from the venom of ants and bees. However, it can also be produced synthetically. The growing demand for formic acid in animal feed applications as an additive is likely to be a major driver for the global formic acid market. In recent years, the use of antibiotics in animal feed has been banned by several governments due to concerns over its interaction with human end consumers. This has led to growing demand from the formic acid market, as formic acid naturally acts as a barrier against pathogens. This is likely to be a major driver for the global formic acid market over the forecast period. The growing animal feed industry is thus likely to be a major driver for the global formic acid market over the forecast period.
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Formic acid is also used in the amalgamation of latex in the production of rubber sheets. This is also likely to be a major driver for the global formic acid market due to the growing demand for rubber sheets in various industries. Formic acid has also gained an important end-use application in recent years, in the hydrogen fuel cell industry, where formic acid is used as a highly efficient way of storing hydrogen fuel. The growing investment in hydrogen fuel cells is thus likely to be a major driver for the global formic acid market over the forecast period.
Competitive Leaderboard:
Leading players in the global formic acid market include Perstorp AB, Eastman Chemical Company, LUXI Group Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Gujarat Narmada Valley Fertilizers and Chemicals Ltd., Feicheng Acid Chemical, and BASF SE. Major players are likely to focus on production capacity expansion in the coming years due to the growing demand for formic acid in its various end uses.
Segmentation:
The global formic acid market is segmented on the basis of production method, application, and region.
By production method, the global formic acid market is segmented into oxalic acid and carbonylation of methanol.
By application, the global formic acid market is segmented into finishing textiles, rubber and leather production, animal feed, dyeing, preservatives, cleaning agents, and others. The animal feed and rubber and leather production segments are likely to dominate the global formic acid market over the forecast period.
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Regional Analysis:
Asia Pacific holds the largest share in the global formic acid market, led by China. The growing animal feed industry in Asia Pacific is likely to be a major driver for the formic acid market in the region over the forecast period. Europe accounts for the second largest share in the global market, followed by North America.
1 Report Prologue
2 Market Introduction
2.1 Market Definition 11
2.2 Scope Of The Study 11
2.2.1 Research Objectives 11
2.2.2 Assumptions 12
2.2.3 Limitations 12
2.3 Markets Structure 12
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3 Research Methodology
3.1 Research Process 13
3.2 Primary Research 14
3.3 Secondary Research 14
3.4 Market Size Estimation 14
3.5 Forecast Model 16
4 Market Dynamics
4.1 Introduction 17
4.2 Drivers 19
4.2.1 Ban On Usage Of Antibiotics As Growth Promoters In Animal Feedstock Is Driving Formic Acid Market. 19
4.2.2 Upsurge Demand Of Formic Acid In Coagulating Latex For Rubber Sheet Can Further Augment The Demand In Rubber & Textile Industry. 20
4.2.3 Substantial Growth Of Agriculture Industry Has Accounted For Higher Usage Of Formic Acid In Animal Feed And Preservatives. 20
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