IMARC Group, a leading market research company, has recently releases report titled “Formic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″ The global formic acid market size reached a volume of 879.9 Kilo Tons in 2022. Looking forward, IMARC Group expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Formic acid, or methanoic acid, is the simplest carboxylic acid, consisting of a single carbon atom, two hydrogen atoms, and one oxygen atom. It is a colorless, pungent-smelling liquid with a strong acidic taste. It is primarily manufactured through a chemical process known as catalytic hydrogenation of carbon dioxide, which involves using catalysts and high-pressure conditions. It is biodegradable and has a lower environmental impact than alternative chemicals. It offers antimicrobial properties that make it valuable for preserving livestock feed and maintaining its nutritional value. It has efficient chemical properties and is utilized as a coagulant in rubber production, helping to improve the quality and stability of rubber.
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Formic Acid Market Trends and Drivers:
At present, the rising demand for formic acid in the agriculture sector as a preservative for livestock feed and silage represents one of the crucial factors impelling the market growth. Additionally, the increasing utilization of formic acid in the textile and leather industries for dyeing, finishing, and tanning processes is supporting the growth of the market. Besides this, the growing implementation of stringent frameworks by regulatory bodies is promoting the use of formic acid due to its environment-friendly properties and safety profile. Moreover, the rising employment of formic acid in the production of various pharmaceuticals and biotechnological products, such as antibiotics and antiviral drugs, is contributing to the growth of the market. In addition, the increasing incorporation of formic acid in the food industry as an acidulant and preservative to maintain the freshness and quality of certain food products is strengthening the market growth. Furthermore, the growing focus on the cost-effectiveness of formic acid compared to other chemicals in various applications makes it an attractive choice for industries looking to optimize production costs without compromising quality. Apart from this, ongoing research into developing improved formulations and derivatives of formic acid is propelling the market growth.
Formic Acid Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Grade 85%
- Grade 94%
- Grade 99%
- Others
Breakup by Application:
- Animal Feed and Silage Additives
- Leather Tanning
- Textile Dying and Finishing
- Intermediary in Pharmaceuticals
- Others
Breakup by End Use:
- Agriculture
- Leather and Textile
- Rubber
- Chemical and Pharmaceutical
- Dyeing
- Animal Feed
- Others
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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