Formic Acid Market Price Analysis 2023, Size, Industry Demand, Top Manufacturers, Report To 2028

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Published March 13, 2023

The latest research study by IMARC Group, "Formic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" offers a comprehensive analysis of the industry, which comprises insights on global formic acid market price. The 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 (HCO₂H), also known as methanoic acid, represents a colorless liquid with a pungent odor. It is generally used in processing textiles and leather. In line with this, formic acid is utilized as an organic synthetic reagent that occurs naturally in several sources, including the venom of ant and bee stings. It acts as a preservative and antibacterial agent in livestock feed. As such, formic acid helps in countering the attacks of pathogenic fungi, bacteria, molds, etc. It also assists in manufacturing medicines for rheumatism or vasoconstriction. Consequently, formic acid finds wide-ranging applications in the preparation of pickled fish, juices, pickled fruits and vegetables, jelly candies, vegetable and fruit purees, etc., to increase their shelf life.

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Formic Acid Market Trends and Drivers:

The growing need for this liquid in the agriculture industry to limit microbial growth and control soil acidity is among the key factors driving the formic acid market. Moreover, it is extensively utilized in the textile and leather industries, on account of its eco-friendly nature, which is further positively influencing the global market. Besides this, the widespread adoption of antibacterial agents in cattle feed for treating clinically sick animals and controlling the incidences of infectious diseases is acting as another significant growth-inducing factor. Furthermore, the rising demand for formic acid in hay feed to decrease the total milk fat in milch cows is also stimulating the market growth. Apart from this, it is commonly available in various grade types, which is anticipated to bolster the formic acid market over the forecasted period.

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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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IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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