The global demand for Formic Acid Market is presumed to reach the valuation of nearly USD XX MN by 2026 from USD XX MN in 2019 with a CAGR of XX% under the study period of 2020 - 2026.Whereas with regards to volume, the market was calculated XX Kilo Tons in 2019 and foreseen to touch XX Kilo Tons by 2026 with a CAGR of XX% during 2020-2026.
Formic acid is a colorless chemical with a pungent odor. It is the simplest carboxylic acid, an essential intermediate in chemical synthesis, and occurs naturally, most notably in some ants. It is majorly used as a preservative and antibacterial agent in livestock feed. The rest part of the formic acid produced is employed in the production of leather and as a catalyst in the fermentation process. It has some niche uses in the pharmaceutical and automotive industries.
The global formic acid market is foreseen to grow at a moderate rate during the forecast period. The demand for formic acid is increasing owing to the growing demand from end-use industries. Animal feed applications majorly drive the global market. Flourishing leather industry, rising production of fermented products, growing production of natural rubber, pharmaceuticals, dyes, and perfume industries are other factors that will significantly contribute to the growing market. Due to formic acid’s potential, companies and other chemical producers are plunging deeper into research. Key companies are expanding their production capacity to combat growing demand.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of formic acid .
The entire formic acid market is segmented and each segment is analyzed exclusively. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
By Production Method
- Oxalic Acid
- Carbonylation of Methanol
- Removal of Methanol
- Methyl Formate by High pressure Distillation
- Rubber and Leather Production
- Cleaning Agent
- Finishing Textile
- Animal Feed
This section covers regional segmentation which accentuates on current and future demand for formic acid market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Formic Acid Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the formic acid market include BASF , LUXI , Eastan , Rashtriya Chemicals and Fertilizers , Tianyuan Group , Gujarat Narmada Valley Fertilizers & Chemicals , Feicheng Acid , Perstorp , Wuhan Ruisunny Chemical , Shandong Rongyue Chemical S. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.