Global — Formic Acid Market is expected to exhibit a robust CAGR of over 5% over the forecast period from 2019 to 2027, according to the latest research report from Market Research Future (MRFR). The market was valued at USD 570 million in 2018. The Global Formic Acid Market is profiled in great detail in the research report, providing readers with a comprehensive overview of the market through its historical growth trajectory, present conditions, and future growth prospects. The historical stats of the Formic Acid Market are detailed in the report, in order to provide readers with a complete overview of the market’s historical growth trajectory. The historical stats provided in the report also give analysts a solid platform to base future projections about the market. Based on this platform, future projections for the Formic Acid Market’s Growth trajectory over the forecast period are provided in the report. The leading players in the Global Formic Acid Market are also profiled in the report in order to give readers a comprehensive analysis of the leading players in the Global Formic Acid Market. The major drivers and restraints affecting the Global Formic Acid Market are also profiled in the report to provide readers a comprehensive overview of what’s making the market tick and what is holding the market back.
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Formic Acid is naturally extracted from the venom of ants and bees. However, it can also be produced synthetically. The growing demand for Formic Acid in animal feed applications as an additive is likely to be a major driver for the Global Formic Acid Market. In recent years, the use of antibiotics in animal feed has been banned by several governments due to concerns over its interaction with the human end consumers. This has led to a growing demand from the Formic Acid Market, as Formic Acid naturally acts as a barrier against pathogens. This is likely to be a major driver for the Global Formic Acid Market over the forecast period. The growing animal feed industry is thus likely to be a major driver for the Global Formic Acid Market over the forecast period.
Formic Acid is also used in the amalgamation of latex in the production of rubber sheets. This is also likely to be a major driver for the Global Formic Acid Market due to the growing demand for rubber sheets in various industries. Formic Acid has also gained an important end use application in recent years, in the hydrogen fuel cell industry, where Formic Acid is used as a highly efficient way of storing hydrogen fuel. The growing investment in hydrogen fuel cells is thus likely to be a major driver for the Global Formic Acid Market over the forecast period.
Leading players in the Global Formic Acid Market include Perstorp AB, Eastman Chemical Company, LUXI Group Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Gujarat Narmada Valley Fertilizers and Chemicals Ltd., Feicheng Acid Chemical, and BASF SE. Major players are likely to focus on production capacity expansion in the coming years due to the growing demand for formic acid in its various end uses.
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Global Formic Acid Market is segmented on the basis of Production Method, Application and Region.
By Production Method, Global Formic Acid Market is segmented into oxalic acid and carbonylation of methanol.
By Application, Global Formic Acid Market is segmented into finishing textiles, rubber and leather production, animal feed, dyeing, preservatives, cleaning agents, and others. The animal feed and rubber and leather production segments are likely to dominate the Global Formic Acid Market over the forecast period.
Asia Pacific holds the largest share in the Global Formic Acid Market, led by China. The growing animal feed industry in Asia Pacific is likely to be a major driver for the Formic Acid Market in the region over the forecast period. Europe accounts for the second largest share in the global market, followed by North America.
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