Formic Acid Market Size, Industry Share, In-depth Technology Analysis, Covers Global and Regional, Opportunities Forecast 2022-2031

The report predicts the global Formic Acid Market to grow at a healthy CAGR of 3.8% over the forecast period from 2022-2031.

The report covers the important formic acid global markets. It further divides the market on the basis of applications, geography, and its types. The market data for these types is given with respect to volume (metric tons) and value ($thousand). The market value of formic acid was estimated to be $ 593,500 thousand in 2022 and is projected to grow with a CAGR of about 3.8% from 2022 to 2031. The data mentioned in the report are based on the global demand for the formic acid.

The total market for global formic acid has been analyzed based on the Porter’s five forces model. This gives an idea about the current proceedings in the industry at the commercial level. The study provides the value chain analysis with respect to formic acid raw materials, manufacturers, and end users. The value chain describes the key contributors to the materials market at different stages from product development to end use. It represents the top players which are contributing to the global formic acid industry.

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The impact of different market factors, such as drivers, restraints, and opportunities is also illustrated in the report. This gives an idea about the key drivers such as ban of antibiotics promoters in silage preservation and animal feed, emerging market for different applications, availability of cheaper raw materials; and restraints such as higher toxicity levels in higer grades of formic acid, declining production capacities in Europe due to high priced of natural gas, and current economic condition of Europe. The economic slowdown in Europe and the U.S. also affected the economy of other developed countries that are of key importance for the commercial success of new materials and its end-user market.

The global formic acid market is also classified based on different applications. The important applications include live feedstock, textile & leather, rubber coagulant, chemical & pharmaceutical and others. The leather & textile and rubber industries are expected to show rapid growth in the future.

The key companies in this market are BASF SE (Germany), Perstorp AB (Sweden), Feicheng Acid Chemicals Co. Ltd. (China), Gujarat Narmada Valley Fertilizers Co. Ltd. (India), Taminco Corporation (Belgium), and others. These companies are consistently focusing on expanding their production capacity to achieve a competitive advantage and thereby serving the customers more effectively. Investments in expansion of plant capacities, followed by acquisitions were the most preferred strategies by the top players in the year 2012 & 2013 that are driving the demand of formic acid. Their strategy to capture the market in developing economies includes expansions and agreements.

The Asia-Pacific region emerged to be the driving factor for this market, contributing for about 47% of the global demand in terms of consumption in 2012. China is the leading country in the consumption of formic acid , due to the availability of cheaper raw materials and low labour cost. The important emerging economies such as Brazil, India, etc. are further lined up for a brighter future in this market.

The report also presents a competitive landscape covering different strategies and developments such as mergers & acquisitions, expansions, and agreements undertaken by the leading formic acid companies in the past few years. Furthermore, different formic acid market participants are also profiled in the report.

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Scope of the report

The report segments the global polyamide market as:

The global formic acid market has been covered in detail in this report. In order to provide an all-round picture, the current market demand and forecasts have also been included.

On the basis of types:

  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others

On the basis of applications:

  • Agriculture
  • Leather & Textile
  • Rubber
  • Chemical & Pharmaceutical
  • Others

Each application is described in detail in the report with volume and revenue forecasts for each application.

On the basis of geography:

  • Asia-Pacific
  • North America
  • Europe
  • ROW

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