Formic Acid Market Overview:
Formic acid is a colourless chemical that has a strong pungent smell and naturally found in the venom of ants and bees, but can be manufactured synthetically as well. It has been extending its usage to multiple applications including silage preservation and animal feed. This in turn helps reduce infections spread through poultry. Their major applications include rubber and leather production, textile finishing, cleaning agents, preservatives etc. The acid is generally of varied characteristics depending on their usage and on the manufacturing. It can be divided into 2 main types: oxalic acid and carbonylation of methanol. Of all formats available, formic acid of 85% concentration is predominantly used in industries. It also brings in maximum revenue and occupies maximum market share.
Formic Acid Market Size:
The Formic Acid Market was valued at USD 560 million in 2017 and estimated to reach USD 730 million by 2022 growing at a CAGR of 2.50% during the forecast period 2017 to 2022.
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Formic Acid Market Drivers and Restraints:
Technology is an important aspect in the manufacturing of the acid and firms are constantly innovating and adopting new methods to keep up with evolving demands. The ban on antibiotics to promote growth in animal stock has been an opportunity for the growth of the formic acid market by improving diet of the animal and the texture of the meat consumed. Lately, formic acid has been used in the storage of hydrogen and designed to function in a hydrogen fuel cell. Fluctuating prices of raw materials are a deterrent for the market, however, the extensive applications and hopeful boost in technological advancement is expected to counter this issue and help the market grow substantially.
Formic Acid Market Geographical Segmentation:
Asia Pacific is the dominant market currently because of its growing application in the agriculture, rubber, leather and textile industry. It’s the largest market both in terms of volume and value, and is followed by Europe and North America. Emergent markets are China, India, US, Germany and Brazil. Lower capital and labour costs in these countries coupled with growing markets, are attracting firms to invest into the market. Further, government regulations have been regulated to use formic acid as an active ingredient in pesticides. Countries with strong agricultural status, like India and Brazil are extensively helping the market grow. Firms are into investing heavily and expanding the product portfolio along with the production capacity because of the growing demand.
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Key Players of Formic Acid Market:
Some of the big names in this market are BASF SE, Taminco Corporation, Perstrop AB, Gujarat Narmada Valley Fertilizers & Chemicals Ltd., LUXI Group Co., etc.
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