NEW YORK, March 18, 2024 /PRNewswire/ — The formic acid market is expected to grow by USD 485.04 million from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 4.88% during the forecast period. We provide a detailed analysis of 20 companies operating in the formic acid market including BASF SE, Eastman Chemical Co., GNFC Ltd., Joshi Agrochem Pharma Pvt. Ltd., Kakdiya Chemicals, Kemira Oyj, Luxi Chemical Group Co. Ltd., Merck KGaA, MERU CHEM PVT. LTD., NuGenTec, PETRONAS Chemicals Group Berhad, Pon Pure Chemicals Group, ProChem Inc., RXChemicals, Shandong Acid Technology Co. Ltd., Shandong Jiuan Chemical Industry Co. Ltd., Shijiazhuang Taihe Chemical Co. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., and Vizag Chemical International.
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
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Market growth 2023-2027 |
USD 485.04 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.69 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 57% |
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Key countries |
US, Canada, China, India, and Germany |
BASF SE – The company offers formic acid in Europe under the Protectol FM brand.
Rising demand for formic acid as a preservative is notably driving the formic acid market. However, factors such as the Presence of cost-effective substitutes may impede the market growth.
Segmentation Overview
The market is segmented by distribution channel (offline and online), end-user (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
Distribution Channel
- The offline segment is estimated to witness significant growth during the forecast period. Formic acid is available from chemical suppliers, distributors, and producers who are involved in the processing of industrial chemicals when it comes to distribution via offline channels. Companies specializing in the distribution of chemicals, such as agriculture, leather, and textile industries that need to use fissile acid during the production process often supply this material to other industrial sectors. In addition, offline distribution of formic acid requires close coordination between manufacturers, wholesalers, retailers, and end users to ensure continuous chemical supply while complying with safety standards and regulations. full. Hence, these factors are expected to drive segment growth during the forecast period.
Geography
- APAC is estimated to contribute 57% to the growth of the global market during the forecast period.
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Analyst Review
Formic acid (HCOOH) stands as a pivotal component in various industrial sectors, driving progress and innovation while addressing environmental concerns. Its versatile applications span across agriculture, textile dyeing, rubber and leather manufacturing, pharmaceutical chains, and the dairy sector. As an essential silage additive and animal feed preservative, formic acid plays a crucial role in maintaining the nutritive value of animal feed and dairy products, ensuring the well-being of livestock.
The market dynamics of formic acid reflect its significance across industries. With the livestock industry witnessing rapid industrialization and the rising demand for dairy products, the need for effective silage preservation and antibacterial properties provided by formic acid becomes paramount. Moreover, its usage in the textile dyeing, rubber, and leather industries contributes to enhancing product quality and performance, meeting the standards set by global manufacturers.
Formic acid production methods, such as hydrogenation of carbon dioxide and oxidation of biomass, align with environmental concerns, mitigating carbon dioxide emissions and reducing reliance on fossil fuels. The shift towards sustainable practices resonates with growing global awareness regarding climate change and greenhouse gas emissions. Moreover, the adoption of formic acid in fuel cells reflects its potential to transform the energy landscape, harnessing sunlight to produce chemical energy and promoting cleaner alternatives to traditional fuel sources.
Key market players in the formic acid industry are investing in research and development to enhance production methods and explore new applications, catering to the evolving needs of end-users. However, challenges such as health risks associated with formic acid, including skin irritation, headaches, and nausea, necessitate adherence to stringent occupational health guidelines and regulatory frameworks.
Regional segmentation analysis highlights the significance of formic acid in various geographical regions. From the rapid urbanization driving demand in the Asia Pacific to the established markets in North America and Europe, formic acid finds diverse applications across industries, fueling market growth.
In conclusion, the formic acid market presents promising opportunities for industrial growth, driven by its versatile applications, sustainable production methods, and growing global demand. By addressing environmental concerns, meeting regulatory standards, and fostering innovation, formic acid continues to play a pivotal role in shaping the future of industries worldwide.
Market Overview
The Formic Acid (HCOOH) Market is experiencing robust growth driven by its versatile applications across various sectors. Amidst industrialization, demand surges from the manufacturing sector as formic acid finds extensive use in textile, rubber, and leather industries. Its significance is further pronounced in pharmaceutical chains, where it serves as a crucial component. The livestock industry benefits from its application in feed preservation, enhancing productivity. Additionally, bee-keeping ventures utilize formic acid for hive maintenance. Global manufacturers are keenly observing this market, with grade-type segment analysis guiding strategic decisions. As per capita income rises, the consumption of formic acid is expected to escalate, reflecting its indispensable role in diverse industries.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
About Technavio
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