The formic acid market is likely to grow at a 4.94% CAGR between 2022-2030, as per the recent Market Research Future (MRFR) report. Formic acid is a liquid that is colorless, having a pungent odor. Owing to its anti-microbial properties, it has an extensive range of applications. Also known as methanoic or carboxylic acid, it is found both naturally and produced synthetically. Owing to its alluring features, it is widely used as a preservative in food products and as a pesticide in the agriculture industry. Based on its high absorbing capability and high pH regulating quality, formic acid is used during the production of leather, and for its coagulating quality, it is used to manufacture rubber. Similarly, formic acid is also widely used for finishing processes and dyeing in the textile industry.
Numerous factors are adding to the global formic acid market growth. These factors, according to the recent MRFR report, include rising urbanization and industrialization, growing population, improved economy, and changing lifestyle. Additional factors adding to the global formic acid market growth include increasing use in silage preservatives and animal feed additives, growing rubber, leather textile industry in India and China, and increasing focus on RD activities to develop innovative products. Increasing use of formic acid in preservatives coupled with its high quality and eco-friendliness is also boosting the market growth. Rising living standards have resulted in the increase in meat consumption that in turn, is boosting the animal feed industry.
On the contrary, higher toxicity levels, fluctuating raw material prices, easy accessibility of substitutes at a cost-effective price, and changing climatic conditions are factors that may restrict the global formic acid market growth over the forecast period.
Competitive Leaderboard:
Leading players profiled in the global formic acid market report include Chongqing Chuandong Chemical (Group) Co., LUXI Group CO., Ltd, Gujarat Narmada Valley Fertilizers Chemicals Limited, Ltd, Feicheng Acid Chemical, Eastman Chemical Company, BASF SE, and Perstorp AB. Industry players have incorporated several strategies to strengthen their position in the market, such as extensive RD, mergers and acquisitions, strategic alliances, product innovations, and others.
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Market Segmentation:
The Market Research Future report provides an all-inclusive segmental analysis of the global formic acid market based on the application and production method.
By production method, the formic acid market is segmented into carbonylation of methanol and oxalic acid.
By application, the global formic acid market is segmented into preservatives, cleaning agents, dyeing, animal feed, finishing textile, rubber leather production, and others.
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Regional Analysis:
By region, the global formic acid market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Of these, the APAC region will spearhead the market during the forecast period. Factors adding to the formic acid market growth in the region include ample availability and supply of raw materials, growing industrialization, minimal regulatory norms, and the presence of a huge production base. China is the key contributor in the region. It is likely to touch USD 144.3 million at a 5.50% CAGR by 2027. Increasing use of formic acid in the rubber textile industry and the availability of cheap labor are also adding market growth.
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