Worldwide Demand for Formic Acid is anticipated to reach US$ 2.8 Billion by 2033-End
According to Fact.MR’s latest industry analysis on formic acid, the market was valued at US$ 1.5 Bn in 2020, and is expected to accelerate at a CAGR of 4% to top US$ 3 Bn by 2031. Demand for formic acid of 85% concentration is set to increase at a CAGR of 3% across the assessment period of 2021 to 2031.
The potential of formic acids to speed up the corrosion rate of different materials, their ability to transmit electricity, and their fungicidal and bactericidal capabilities have all caught the attention of manufacturers across a variety of industries.
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Key Takeaways from Market Study
- Global formic acid market to top US$ 3 Bn by 2031.
- Formic acid of 85% concentration valuation projected to reach around US$ 2 Bn by 2031.
- Formic acid of 99% concentration sales projected to record above 2% CAGR over the next 10 years.
- Market in Japan to record 1.5% CAGR over forecast period of 2021- 2031.
- China forecast to reach projected market size above US$ 365 Mn by 2031.
“Silage preservative / animal feed and leather tanning applications largely define the demand growth of formic acid. APAC would continue its winning streak over the forecast period, with market players in China expected to increase production capacity in the near future,” according to a Fact.MR analyst.
Market Buoyancy Analysis
The global market is moderately consolidated with a few chemical industry giants capturing a large part of the market share.
Foremost strategies for expanding the formic acid industry are product launches, mergers & acquisitions, and contracts & collaborations. These strategies would deliver effective goods and high-performance goods, supporting market laws, and lastly, better client satisfaction.
Manufacturers of formic acid are planning to move their companies to locations offering cheap raw materials and labor. Growing emphasis on R&D activities and business expansion would improve the competitive environment between manufacturers of formic acid.
- Anhui Asahi Kasei Chemical Co. Ltd
- BASF SE
- Beijing Chemical Industry Group Co. Ltd
- Eastman Chemical Company
- Feicheng Acid Chemicals Co. Ltd
- GNFC Limited
- Luxi Chemical Group Co. Ltd
- Perstorp
- Polioli SpA
- Rashtriya Chemicals and Fertilizers Limited
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Workflow Optimization
- Formic Acid Market by Concentration :
- 85%
- 90%
- 94%
- 99%
- Formic Acid Market by Application :
- Silage and Animal Feed
- Leather Tanning
- Textile Dyeing and Finishing
- Pharmaceuticals/Food Chemicals
- Rubber Products
- Coatings
- Others (Deicing Agents, Drilling Fluids, etc.)
- Formic Acid Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Question answered in the survey of Formic Acid market report:
- Sales and Demand of Formic Acid
- Growth of Formic Acid Market
- Market Analysis of Formic Acid
- Market Insights of Formic Acid
- Key Drivers Impacting the Formic Acid market
- Which are the Key drivers impacted by Formic Acid market
- Restraints Shaping Market Growth
- Market Survey of Formic Acid
More Valuable Insights on Formic Acid Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Formic Acid, Sales and Demand of Formic Acid, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
Check out more related studies published by Fact.MR Research: https://www.globenewswire.com/news-release/2023/03/01/2618530/0/en/Paper-Dyes-Market-Is-Projected-To-Expand-At-A-CAGR-Of-2-5-To-Reach-A-Valuation-Of-US-1-3-Billion-In-2033-States-Fact-MR.html
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