Formic Acid Market – Overview
Formic Acid which is one of the simplest form of carboxylic acid, is usually created as a byproduct in the production of acetate. The growing range of applications for the market include preservatives, animal feed, leather production and cleaning agents among others. Market reports linked to the chemicals and materials sector made available by Market Research Future along with published reports on other sectors have been recently published along with a report on this industry. The Formic Acid Market is anticipated to USD 878.7 million by the end of 2027 while growing at a CAGR of 4.94 percent by the end of 2027.
The primary use of formic acid is as a preservative and antibacterial agent in livestock feed, where it is sprayed on silage or fresh hay. The use of Formic Acid can freeze certain decay processes and allows the feed to retain its nutritive value longer. Moreover, the extensive use of formic acid in food products as a preservative & in agriculture industry as a pesticide is growing the market share extensively. Thus, the agriculture sector is one of the key end users of the market and will continue to be in the forecast period. The manufacturing of leather also entails the use of formic acid intensively which is raising the demand that is being generated for the formic acid market.
The Formic Acid Market globally is segmented on the basis of application, production method, and region. The segmentation on the basis of production method, comprises of oxalic acid and carbonylation of methanol. The application based segmentation of the Formic Acid Market comprises of preservatives, animal feed, dyeing and finishing textiles, cleaning agents, rubber & leather production and others.
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Detailed Regional Analysis
The regional analysis of the market consists of regions such as Europe, North America, Asia Pacific and rest of the world. The Asia Pacific region is the principal market for Formic Acid and is accountable for more than 35 percent of the volume share in the market, due to rapid industrialization, easy availability of raw material supply and existence of chief production base with marginal regulatory norms. China is anticipated to touch USD 144.3 million by 2027 with CAGR of 5.50 percent. Lower labor and capital cost are estimated to drive the market’s growth of formic acid in China. Increasing production of commercial vehicles is motivating the demand for leather and rubber thus driving the demand of Formic Acid.
Furthermore, growth in cleaning agents and detergents are additionally anticipated to drive the Formic Acid Market. On the basis of revenue generated, the European market is the second major market share for Formic Acid, chiefly owing to the incidence of chief manufacturers like Perstorp AB and BASF with a better product offering in the region, which is followed by North America market.
The market displays an increased level of potential for developing at an expedited pace. The product range of the market has diversified greatly when compared to the past few years, thus making the market more lucrative for current and new contenders. The enhanced financial liquidity of the contenders in the market has amplified thus providing new opportunities for development of the market. The long term sustainability of the market is greatly dependent on the tactics and the strategic roadmaps that are engaged by the market players. Furthermore, the market is very well defined in terms of segments relating to the products as well as the end users that are a part of the market. The market attractiveness and competitors’ dynamics are significantly enhanced by the strategies that are being used by market players. The significant players in the market consists of Feicheng Acid Chemical, Perstorp AB, Chongqing Chuandong Chemical (Group) Co., Ltd Eastman Chemical Company, BASF SE, Gujarat Narmada Valley Fertilizers& Chemicals Limited, and LUXI Group CO., LTD among others.
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