Dublin, July 30, 2024 (GLOBE NEWSWIRE) -- The "Formic Acid - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Formic Acid is estimated at US$1.7 Billion in 2023 and is projected to reach US$2.4 Billion by 2030, growing at a CAGR of 4.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the formic acid market is driven by several factors. The increasing demand for animal feed preservatives, particularly in the agricultural sector, is a significant driver, as formic acid helps in enhancing the quality and shelf life of feed. The expansion of the leather and textile industries, particularly in emerging economies, has also boosted the demand for formic acid, given its crucial role in processing and manufacturing.
Additionally, the rise in environmental regulations and the push for eco-friendly chemicals have increased the adoption of formic acid as a sustainable alternative in various applications, including cleaning and descaling agents. Technological advancements in production methods have reduced costs and improved the availability of high-purity formic acid, making it more accessible for industrial use.
The growing research into new applications, such as hydrogen storage and pharmaceuticals, further propels market growth. These factors, coupled with the global trend towards sustainable industrial practices, ensure the continued expansion and innovation in the formic acid market.
Key Questions Answered:
- How is the Global Formic Acid Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Key Insights:
- Market Growth: Understand the significant growth trajectory of the 85% Formic Acid segment, which is expected to reach US$918.6 Million by 2030 with a CAGR of a 4.2%. The 90% Formic Acid segment is also set to grow at 4.9% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, estimated at $461.3 Million in 2023, and China, forecasted to grow at an impressive 7.1% CAGR to reach $516.2 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as BASF Intermediate Division, BASF SE, Celanese Corporation, and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 279 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $1.7 Billion |
| Forecasted Market Value (USD) by 2030 | $2.4 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | Global |
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Global Economic Update
- Formic Acid - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Rising Demand for Animal Feed Preservatives Drives Growth in Formic Acid Market
- Technological Advancements in Production Processes Propel Market Efficiency
- Expanding Leather and Textile Industries Strengthen Business Case for Formic Acid
- Innovations in High-Purity Formic Acid Expand Addressable Market Opportunity
- Growing Use of Formic Acid as a Hydrogen Storage Material Throws the Spotlight on Sustainability
- Increasing Application of Formic Acid in Pharmaceuticals Generates New Market Opportunities
- Advances in Catalytic Oxidation Methods Enhance Production Economies
- Expansion of Rubber Production Accelerates Demand for Formic Acid as a Coagulant
- Rising Use in Cleaning Products and Descaling Agents Propels Market Growth
- Influence of Emerging Economies on Leather and Textile Manufacturing Boosts Market
- Impact of Global Agricultural Trends on Demand for Livestock Feed Preservatives
- Advances in Chemical Recycling Methods Expand Market for Sustainable Formic Acid
- Increasing Awareness of Formic Acid`s Role in Green Chemistry Expands Market Adoption
FOCUS ON SELECT PLAYERS (Total 32 Featured)
- 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
For more information about this report visit https://www.researchandmarkets.com/r/bn0yk1
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
