New York, United States , Jan. 24, 2023 (GLOBE NEWSWIRE) -- The Global Formic Acid Market Size to grow from USD 1.6 billion in 2021 to USD 3.85 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. The formic acid market has grown due to the increasing demand for preservatives in animal feed. Formic acids possess antibacterial properties which make them a perfect fit for animal feed to be used as a preservative. The increasing demand for formic acid as a preservative propels the growth of the formic acid market in the coming years.
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The grade 85% segment to account for the largest market size during the forecast period.
Based on the grade, the formic acid market is categorized into grade 99%, grade 94%, grade 85% and others. The grade 85% segment to account for the largest market size during the forecast period. The increased demand for the grade 85% of formic acid is because it is less toxic and has less harmful effects on the environment. Moreover, grade 85% formic acid is used as a standard concentration in various applications.
The animal feed segment to hold a higher CAGR during the forecast period.
Based on the application, the formic acid market is categorized into silage additives, dyeing, animal feed, leather production, agriculture, pharmaceuticals, chemicals and others. The animal feed segment to hold a higher CAGR during the forecast period. The maximum share of the animal feed segment in the growth of the formic acid market is the result of increasing demand for preservatives in livestock because formic acid prevents the growth of bacteria in the feed.
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Browse key industry insights spread across 210 pages with 116 market data tables and figures & charts from the report “Global Formic Acid Market Size, Share, and COVID-19 Impact Analysis, By Type (Grade 99%, Grade 94%, Grade 85% and Others) By Application (Silage Additives, Dyeing, Animal Feed, Leather Production, Agriculture, Pharmaceuticals, Chemicals and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) Analysis and Forecast 2021 – 2030.” in detail along with the table of contents.
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Europe to hold a higher CAGR during the forecast period.
The Global Formic Acid Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. Asia Pacific is expected to be the largest market. The increase in the demand for animal feed in the region will propel the growth of the formic acid market. Moreover, the demand for formic acid in the pharmaceutical sector will also contribute a large share in the market's growth.
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Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Formic Acid Market include Gujarat Narmada Valley Fertilizers and Chemicals Limited, Feicheng Acid Chemicals Co. Ltd, BASF SE, Eastman Chemical Company, Perstorp, Wuhan Ruisunny Chemical Co. Ltd., Rashtriya Chemicals and Fertilizers Limited, Chongqing Chuandong Chemical Co., Anhui Asahi Kasei Chemical, GNFC Ltd., Polioli SpA, Beijing Chemical Industry Group Co. Ltd., Shandong Baoyuan Chemical Co. Ltd., and LUXI Group Co. Ltd.
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Some of the Key Developments:
In November 2020, BASF, as part of its expansion strategy, decided to raise the prices of acetic and propionic acid in all the regions.
In March 2021, BASF decided to increase the prices of all grades of formic acid in the North American region by USD 0.05/pound.
View a Detailed Table of Content Here: https://www.sphericalinsights.com/table-of-contents/formic-acid-market
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