As per Fact.MR, a market research and competitive intelligence provider, the global formic acid market is set to expand at a CAGR over 4% to be valued at more than US$ 3 Bn by the end of the 2021-2031 assessment period.
Formic acid is made artificially through different strategies like hydrogenation of carbon dioxide and oxidation of biomass. HCOOH is the chemical formula of formic acid. It is chemically manufactured through various methods such as hydrogenation of carbon dioxide and oxidation of biomass.
Formic acid is one of the basic organic chemical raw materials widely used in pesticide, leather, dyes, pharmaceuticals and rubber industries.
Formic acid is a suitable substitute for cleaning and de-scaling applications, increasing its application across a broad range of products, especially those requiring low concentration. These factors will propel the growth of the market.
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Key Takeaways from Market Study
- Global formic acid market to top US$ 3 Bn by 2031.
- Formic acid of 85% concentration valuation projected to reach around US$ 2 Bn by 2031.
- Formic acid of 99% concentration sales projected to record above 2% CAGR over the next 10 years.
- Market in Japan to record 1.5% CAGR over forecast period of 2021- 2031.
- China forecast to reach projected market size above US$ 365 Mn by 2031.
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“Silage preservative / animal feed and leather tanning applications largely define the demand growth of formic acid. APAC would continue its winning streak over the forecast period, with market players in China expected to increase production capacity in the near future,” according to a Fact.MR analyst.
The formic acid market has reached its maturity sage. Increasing demand for formic acid from several applications and the constant supply-demand gap will create incremental opportunities for new entrants. The market is moderately consolidated, with a few chemical industry giants capturing a large part of the market share.
Companies such as BASF and Perstop are focusing on strengthening their market position in formic acid with continuous collaborations and innovations related to patents and pricing of formic acid.
Recently, BASF collaborated with Addcon to develop a solution for online distribution of its Viafoam brand in the formic acid segment. This has enabled BASF to increase its online visibility and enhance personalization.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the formic acid market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of concentration (85%, 90%, 94%, and 99%) and application (animal feed, leather tanning, textile dyeing and finishing, pharmaceuticals/food chemicals, rubber products, and coatings), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Fact.MR’s Domain Knowledge in Chemicals and Materials
Our chemical and material consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the chemical and material sector. Our expertise in recognizing the challenges and trends impacting the global chemical and material industry provides indispensable insights and support – encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
Formic Acid Market Report Scope
|Market size value in 2020||USD 1.5 Billion|
|Market forecast value in 2031||USD 3 Billion|
|Growth Rate||CAGR of 4% from 2021 to 2031|
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Market Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
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What are some of the latent areas of investments in the Formic Acid market?
Which region is expected to emerge as showing the most attractive growth rate during the forecast period and which factors will be crucial to its growth?
What trends are likely to change the status quo of the positions held by leading players of the Formic Acid market in the not-so-distant future?
Which product/service/technology segments holds game-changing potential to dramatically shape the competitive dynamic in the Formic Acid market?
What are the strategies adopted by top players to retain their stronghold in the Formic Acid market?
Which strategic moves will new entrants adopt to gain a strong foothold in the Formic Acid market?
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