The study on the global formic acid market provides granular assessments of key growth dynamics and opportunities in the market. These include a comprehensive analysis of the regulatory and strategic landscape during the historical period on the global level and across numerous regions. Fact.MR offers data-driven insights through the formic acid market sizing and projections of various segments—shares and size—during the forecast period. The insights offered in the report are aimed at guiding companies and players to identify new growth avenues, winning imperatives, and untapped regional markets.
The recently published research report by Fact.MR regarding the global formic acid market includes product classification and current synopsis, along with product grades and innovations. The increase in demand for oil will correlate significantly with the surging demand in the formic acid market estimated to reach over US$ 850 million by 2027. This is due to the application of formic acid in oil & gas as a derivative of the natural, potassium-format brine. The demand for formic acid in different industries will experience a compound annual growth rate (CAGR) of around 5%. APAC has witnessed industrial growth in the past decade. With a number of international companies investing in developing economies such as India, the pharmaceutical industry has made progress. The market for formic acid used in pharmaceutical industries is consequently on the rise. This is primarily due to the low supply of raw materials and operating costs for APAC’s manufacturing units, which generates more market space, and many vendors are benefiting from the same.
Formic acid is now being increasingly used in cold countries such as Austria, Switzerland, and Canada to combat slippery roads during winter snow. It is found that the chemical efficiently eliminates ice and makes the roads safer to use, thereby reducing the chances of an accident.
Interested market participants and readers can peruse the global formic acid market to get insights into and evaluation of:
- Key growth drivers and restraints, trends and opportunities, and major challenges influencing the adoption rate of offerings by various players in the formic acid market
- Major research and product development projects
- Promising technologies and favorable regulations in key regions
- Segments that will lose or gain shares in the next few years
- Value chain of key vendors and manufacturers
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The formic acid market report provides estimations and the market sizing and prospects of various regions. To this end, the study makes in-depth segmentation of the following key regions:
- North America
- Latin America
- Middle East
A Rise in the Leather Tanning Industry Escalates the Demand for Formic Acid.
Fact.MR opines that about two-thirds of the formic acid supplied is utilized as a tanning agent in the leather and textile industry. Formic acid’s industrial applications are seen in the agricultural sector, leather, textile, manufacturing of rubber, as intermediates for the production of other chemical substances and pharmaceuticals drugs, as well as a food preservative. Formic acid presently is being utilized in a wide range of industrial applications, including pharmaceuticals and chemicals, which hold a considerable market share. Formic acid is also used in food products as a preservative, solvent, and as a significant component of animal feed to prevent the growth of bacteria. Moreover, increasing livestock production for sustainable food supply would build more opportunities for the formic acid market.
Adoption of Green Chemical Processing Could Impede Market Growth
The biggest challenge facing vendors is chemical processing which is green and more sustainable. Soon there will be a change with nanotechnology, which uses atmospheric carbon to generate chemicals like formic acid. Another problem is that the formic acid manufacturing process uses steam that may come from a renewable source to reduce non-renewable resource usage. While the vendors are slowly overcoming these technical challenges, there are no huge barriers that diminish the size of the formic acid market.
The study also takes a closer look at the prevailing regulatory and macroeconomic frameworks and in the key country markets.
Fact.MR has been closely tracking shares and size, and factors shaping the demand and consumption dynamics of various offering by key players in the formic acid market over the past several years. To this end, the study segments the formic acid market on the following concentration:
- Formic Acid 85%
- Formic Acid 90%
- Formic Acid 94%
- Formic Acid 99%
The report, in order to offer a comprehensive assessment of the growth dynamics shaping the prospects of end users, segments the overall formic acid market into:
- Silage and Animal Feed
- Leather Tanning
- Textile Dyeing and Finishing
- Pharmaceuticals/Food Chemicals
- Rubber Products
- Others (Deicing Agents, Drilling Fluids, etc.)
Detailed profiling of the competitive landscape include following players:
- HELM ITALIA S.R.L.
- Shandong Baoyuan Chemical Co., Ltd.
- Polioli SpA
- Gujarat Narmada Valley Fertilizers & Chemicals Limited
- Rashtriya Chemicals and Fertilizers Limited
- Alfa Aesar (Thermo Fisher Scientific)
- Anhui Asahi Kasei Chemical Co., Ltd.
- Feicheng Acid Chemicals Co. Ltd.
- Luxi Chemical Group Co., Ltd.
- Taminco Corporation (Eastman Chemical Company)
- Perstorp Group
- BASF SE
Investments and Expansions Are the Key Strategies of This Market.
The global formic acid market is shifting to China and other Asian nations with continued high risk for consolidation and rationalization, which is affected by numerous small and medium scale competitors. High investments are being done by manufacturing companies, alliances, and end-product manufacturers for potential developments and improvements in formic acid technology to meet the new demands coming from various end-user industries.
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The formic acid market report will improve the revenue impact of businesses in various industries by:
- Providing a framework tailored toward understanding the attractiveness quotient of various products/solutions/technologies in the formic acid market
- Guiding stakeholders to identify key problem areas pertaining to their consolidation strategies in the global formic acid market and offers solutions
- Assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
- Provides understanding of disruptive technology trends to help businesses make their transitions smoothly
- Helping leading companies make strategy recalibrations ahead of their competitors and peers
- Offers insights into promising synergies for top players aiming to retain their leadership position in the formic acid market.