Formic Acid Market Growth Analysis, Demand, Trends and Developments Forecast to 2028

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The global Formic Acid market is forecast to grow at a rate of 1.2% in terms of value, from 2020 to reach USD 850.1 Million by 2028, according to a new report by Reports and Data.

The global Formic Acid market is forecast to grow at a rate of 1.2% in terms of value, from 2020 to reach USD 850.1 Million by 2028, according to a new report by Reports and Data. Formic acid is a carboxylic acid produced from methanol and is partially soluble in hydrocarbons. It decomposes with sulphuric acid to form carbon monoxide. It is used in leather, rubber, pharmaceutical, textile, and agricultural industries.

Top Companies Operating in the Global Formic Acid Market:

BASF SE, Perstorp, Eastman Chemical Company, Taminco, Feicheng Acid Chemical, LUXI Group Co. Ltd., Eastman Chemical Company, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. Ltd, and Shanxiyuanping Chemicals Co. Ltd.

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Formic acid is a basic organic chemical raw material widely used in various applications. The high-quality nature of the acid coupled with the global environmental acceptability is one of the major factors influencing the factors that create an upsurge in the demand of the market. The additional safety regulations for the production of the formic acid is also anticipated to be a major influencing factor for the market\'s growth.

Market Overview:

Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.

Formic acid is a colorless chemical recognized by its pungent odor. The acid can be produced naturally from the venom of bees or ants and can be produced synthetically. The ban on antibiotics in animal feedstocks as growth promoters has provided ample opportunity for the market manufacturers. The acid can improve animal diet and improve the quality of the meat preferred by consumers.

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The Formic Acid market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Formic Acid market.

The global Formic Acid market is segmented into:

  • North America (U.S.A., Canada, Mexico)
  • Europe (Italy, U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
  • Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
  • Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Further market segmentation

Grade Outlook (Revenue, USD Million; Volume, Kilo Tons; 2020-2028)

  • 75%
  • 80%
  • 85%
  • 94%
  • 99%

Production Process Outlook (Revenue, USD Million; Volume, Kilo Tons; 2020-2028)

  • Carbonylation of Methanol
  • Oxalic Acid

Applications Outlook (Revenue, USD Million; Volume, Kilo Tons; 2020-2028)

  • Animal Feed
  • Leather Tanning
  • Textile Dyeing and Finishing
  • Intermediary in Pharmaceuticals
  • Others

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