Pune, June 26, 2023 (GLOBE NEWSWIRE) -- A global Material and Chemical research and business-consulting firm, Maximize Market Research, has published a market intelligence report on the “Formic Acid Market”. The report is a combination of primary data and secondary data and domain experts have analyzed the Formic Acid Market from a local as well as a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 1.96 Bn in 2022 to USD 2.85 Bn in 2029 at a CAGR of 4.8 percent.
Formic Acid Market Report Scope and Research Methodology
| Market Size in 2022 | USD 1.96 Bn. |
| Market Size in 2029 | USD 2.85 Bn. |
| CAGR | 4.8 percent (2023-2029) |
| Forecast Period | 2023-2029 |
| Base Year | 2022 |
| Number of Pages | 290 |
| No. of Tables | 116 |
| No. of Charts and Figures | 111 |
| Segment Covered | Grade Type, Application, and End-Users |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
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The report provides a detailed analysis of the data through segments: Grade Type, Application, and End-Users and their multiple sub-segments. The bottom-up approach is used to estimate the size of the Formic Acid Market by value and volume. The report involves investment feasibility, growth drivers, opportunities, and competitive landscape in major geographic regions such as North America, Asia Pacific, Europe, the Middle East and Africa, and South America. The report analyses the Formic Acid Market Key Competitors through their market size and share, mergers and acquisitions, and collaborations happening in the market. The report helps new and existing Formic Acid Market Key Players to develop their strategies based on competitive benchmarking included in the report. The data has been collected through primary and secondary research methods. Primary data were gathered from interviews with market leaders and opinions from senior research analysts. Whereas, secondary data were collected from annual reports from the organizations and public records. The Formic Acid Market data were later analyzed by SWOT analysis, PORTER’s five force model, and PESTLE analysis.
Formic Acid Market Overview
The formic acid market encompasses the worldwide industry engaged in the production, distribution, and commercialization of formic acid. This market includes the various stages of manufacturing, the intricate supply chain, and the consumption of formic acid in a wide range of sectors. These sectors encompass agriculture, chemicals, leather, textiles, and pharmaceuticals, where formic acid plays a vital role in diverse applications and processes. The formic acid market report focuses on the market's key drivers and restraints and discovers new opportunities and challenges in the forecasted period. It consists of comprehensive data analysis through many mediums such as primary and secondary data. The primary consists of telephonic interviews, and ground-level surveys to under the market in-depth and secondary data includes the annual reports, financial reports of key players, and government websites.
Formic Acid Market Dynamics
Formic acid finds extensive use as a feed preservative and acidifier in animal nutrition. Its ability to enhance feed quality, inhibit microbial growth, and improve animal performance drives the demand for formic acid in the agriculture sector. Formic acid serves as a crucial raw material for manufacturing various chemicals, including formate salts, esters, and pharmaceuticals. The expanding chemical industry and the rising demand for these downstream products fuel the growth of the formic acid market. Formic acid has significant applications in the leather and textile industries as a tanning and dyeing agent. Its eco-friendly characteristics, ability to enhance color fastness, and low environmental impact contribute to the growing adoption of formic acid in these sectors. The production of formic acid involves the utilization of raw materials like methanol or carbon monoxide. Fluctuations in the prices of these feedstocks can impact the cost of formic acid production, posing a challenge for manufacturers and potentially affecting market growth. Formic acid is a corrosive substance that requires careful handling to ensure worker safety and prevent environmental hazards. Stringent regulations and guidelines regarding the handling, storage, and transportation of formic acid may pose challenges for market players and impact overall market growth.
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Formic Acid Market Regional Insights
The formic acid market in North America is primarily driven by the strong presence of the agriculture industry and the increasing demand for animal feed additives. The region also witnesses significant consumption of formic acid in the chemicals and pharmaceutical sectors. Europe emerges as a major consumer and producer of formic acid. The region's stringent regulations promoting sustainable practices and eco-friendly solutions propel the demand for formic acid in industries such as textiles, leather, and chemicals. The Asia Pacific region represents a rapidly growing market for formic acid, propelled by the expanding agriculture and chemical industries. The increasing population, rising disposable income, and changing dietary patterns contribute to the demand for formic acid as an animal feed additive and preservative in various consumer products. The formic acid market in Latin America is influenced by the region's agricultural practices and the growing need for animal nutrition. The region also witnesses increasing adoption of formic acid in chemical manufacturing and leather industries. The Middle East and Africa region present potential growth opportunities for the formic acid market, driven by the expanding chemical industry and the increasing focus on sustainable solutions. The region's leather and textile sectors also contribute to the demand for formic acid.
Formic Acid Market Segmentation
By Grade Type
- Grade 85%
- Grade 94%
- Grade 99%
- Others
By Application
- Animal Feed
- Silage
- Leather tanning
- Textile dyeing
In 2021, the animal feed segment emerged as the dominant force in the formic acid market, and this trend is expected to continue during the forecast period of 2022-2029. The formic acid market, categorized by its Grade Type applications, includes segments such as Animal Feed, Silage, Leather Tanning, and Textile Dyeing. Among these, formic acid finds extensive usage in animal feed to maintain the nutritional balance of agricultural animals. Its antibacterial properties not only inhibit the growth of insects and bacteria but also contribute to improved feed digestion and conversion. The animal feed segment is projected to experience significant growth due to the increasing demand in the agriculture sector.
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By End-Users
- Agriculture
- Pharmaceutical
- Others
Formic Acid Market Key Competitors include:
- Dorel Industries Inc. (Canada)
- BASF Intermediate Division
- BASF SE
- Celanese Corporation
- Chongqing Chuandong Chemical (Group) Co., Ltd.
- Eastman Chemical Company
- Feicheng Acid Chemicals Co., Ltd.
- Fleurchem, Inc.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
- Kemira Oyj
- LUXI Group Co., Ltd.
- Perstorp Holding AB
- Yara International ASA
- Perstorp,
- Luxi Chemical Group Co. Ltd.
- Eastman Chemical Company
- Anhui Asahi Kasei Chemical
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Key questions answered in the Formic Acid Market are:
- What is Formic Acid Market?
- What was the Formic Acid Market size in 2022?
- What is the expected Formic Acid Market size during the forecast period?
- What are the global trends in the Formic Acid Market?
- What are the major restraints for the Formic Acid Market?
- Which segment dominated the Formic Acid Market growth?
- What is the demand pattern for the Formic Acid Market?
- What growth strategies are the players considering to increase their presence in the Formic Acid Market?
- What are the upcoming industry applications and trends for the Formic Acid Market?
- Who are the leading companies and what are their portfolios in Formic Acid Market?
- Which region dominates the largest market share in Formic Acid Market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Market Size, Share, Size & Forecast by different segment | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Opportunities, Organization Size, Application, and Industry Vertical
- Market Segmentation – A detailed analysis by Grade Type, Application, and End-Users
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
