The global Formic Acid market is forecast to reach USD 850.1 Million by 2028, according to a new report by Reports and Data. The rise in demand for formic acid in pharmaceutical and food processing industries are driving the worldwide demand for formic acid. The application of the product in the manufacture of rubber, leather tanning, and for the preservation of food is boosting the demand during the forecast period.
Most of the revenues generated from the food and agricultural sector is attributable to the production of livestock, and it aids in supporting the livelihood and provide food security for a lot of people. The chemical is used as a preservative in the animal feed, for it prevents the growth of the bacteria in the same. The increase in the production of the livestock for a sustainable supply of food will create more demand in the formic acid.
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Market Scenario:
The materials and chemicals sector has significantly grown over the recent years and is expected to register robust revenue CAGR over the forecast period. The materials and chemicals sector comprises daily wear products such as detergents, perfumes, soaps, and other raw materials and chemicals used in the manufacturing of other products. There has been a significant increase in the demand for raw materials and chemicals across various industrial sectors such as healthcare and pharmaceuticals, automotive, agriculture, manufacturing, paint, and food and beverages among others. Factors such as increasing awareness about green energy and excess carbon emission, changing consumer preference, growing adoption of biodegradable, sustainable and eco-friendly products, and rapidly expanding industries and building and construction sector are expected to boost global market revenue growth going ahead.
Major Companies:
- BASF SE
- Perstorp
- Eastman Chemical Company
- Taminco
- Feicheng Acid Chemical
- LUXI Group Co. Ltd.
- Eastman Chemical Company
- Helm Italia S.R.L
- Gujarat Narmada Valley Fertilizers Co. Ltd
- Shanxiyuanping Chemicals Co. Ltd.
Competitive Landscape:
The report further sheds light on the competitive landscape and provides in depth information about each market player including its global position, product portfolio, financial standing, revenue growth and company overview. The market players are focused on adopting various inorganic and organic growth strategies such as mergers and acquisitions, joint ventures, collaborations, product launches and partnerships to gain a robust footing in the market.
Key questions addressed in the report:
- What is the expected market size of the global Formic Acid market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Formic Acid market?
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Formic Acid Market Segmentation:
Grade Outlook:
- 75%
- 80%
- 85%
- 94%
- 99%
Application Outlook:
- Animal Feed
- Leather Tanning
- Textile Dyeing and Finishing
- Intermediary in Pharmaceuticals
- Others
Regional Outlook:
- North America
- S.
- Canada
- Mexico
- Europe
- Germany
- K.
- Italy
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- A.E.
- South Africa
- Rest of MEA
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