Formic Acid Market Is Encouraged to Reach USD 3.85 Billion by 2030 | Persistence Market Research
The Formic Acid Market is Expected to Reach at USD 2.11 Billion in 2023 to USD 3.85 Billion by 2030, With CAGR of 9.53% during the forecast period (2023 – 2030).
Persistence Market Research, a leading market research and consulting firm, has released a new report on the “Global Formic Acid Market”. The report provides a comprehensive analysis of the market, including market size, growth rate, key trends, and drivers and challenges. The report also offers insights into the competitive landscape and profiles of the key players operating in the market.
Formic acid is a colorless, pungent liquid with a strong odor. Its chemical formula is HCOOH, and it is the simplest carboxylic acid. Formic acid is naturally found in the venom of some ants and can be synthesized by various methods, including the oxidation of formaldehyde, carbon monoxide, or methanol.
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Formic acid is used in a variety of applications, such as in the production of leather, rubber, and textile industries. It is also used as a preservative and antibacterial agent in livestock feed, and as a coagulant in the production of rubber. Additionally, formic acid is used in various industrial processes, including electroplating, leather tanning, and dyeing. It can also be used as a reducing agent in organic chemistry and as a solvent in various chemical reactions.
Formic Acid Market Recent Developments:
- In August 2021, BASF announced plans to expand its formic acid production capacity at its Ludwigshafen site in Germany to meet the increasing demand for animal nutrition and construction chemicals.
- In June 2021, Eastman Chemical Company announced the completion of its acquisition of the Formulated Solutions business of Marlotherm.
- In March 2021, Perstorp Holding AB announced that it had acquired the Formox formaldehyde plant in Prenzlau, Germany, from AkzoNobel.
- In January 2021, Taminco Corporation announced that it had increased the price of its formic acid products in Europe, Middle East, and Africa due to the rising raw material costs.
The report profiles some of the key players operating in the global formic acid market, including Chongqing Chuandong Chemical (Group) Co. Ltd., BASF SE, Alfa Aesar, Perstorp AB, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. Ltd., Feicheng Acid Chemicals Co. Ltd., Shanxiyuanping Chemicals Co. Ltd., Samsung Fine Chemicals Co. Ltd., and Taminco Corporation
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The growth of the global formic acid market is driven by various factors such as increasing demand for preservatives and animal feed, growing use of formic acid in leather tanning and textile industries, and rising demand for organic acids in various applications. Moreover, the rising demand for bio-based products and increasing adoption of eco-friendly products are expected to create significant opportunities for the market in the coming years.
The report also provides a detailed analysis of the key segments of the market, including application and region. The application segment is further segmented into animal feed, preservatives, rubber and leather, cleaning agents, and others. The region segment is further segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Among the application segments, the animal feed segment is expected to account for the largest share of the market during the forecast period, owing to the increasing demand for organic acid-based animal feed additives. Among the regions, Asia Pacific is expected to hold the largest share of the market during the forecast period, owing to the growing demand for formic acid in various end-use industries.
Overall, the global formic acid market is expected to witness significant growth during the forecast period, driven by various factors such as increasing demand for organic acids, rising adoption of eco-friendly products, and growing use of formic acid in various end-use industries.
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