Formic Acid Market is Registering a CAGR of 9.53% by 2030

Pune, India, September, 2018 /press release/- Market Research Future Published a Cooked Research Report on Formic Acid Market Research Report.

Overview:

Agriculture and animal feed industries are experiencing a transformation due to the increasing implementation of formic acid. Formic acid is the simplest form of the carboxylic acid, and its eco-friendly features assist in protecting livestock feed, ensuring nutritional value and increasing shelf life of foods to maintain a continuous supply of the same during the winter season. Formic acid’s widespread use in livestock feed segment can ensure a 9.53% hike in CAGR and a global formic acid market valuation of USD 3.85 Billion during the forecast period (2023-2030). Market Research Future (MRFR) in an extensive study covers all the drivers and segments to ensure a better market prediction.

Antibiotics in the livestock feed industry are witnessing detraction as several government stipulations are prohibiting the sector from using the component. Formic acid is filling up the void by ensuring safer practices. Europe took the step against antibiotics in 2006, and North America is slowly adopting the trend. Formic acid’s use in silage preservatives and animal feed to reduce bacterial content has increased its popularity.

Rubber industry is also giving it significant momentum as the sector is experiencing formic acid’s demand for coagulating latex. Furthermore, the substance is cost-effective which has spurred its use in the rubber industry. Burgeoning automotive industry can also give the market substantial traction.

However, if it is used in high concentration, it can cause more harm than doing good. Its high density can aggravate corrosion and have antagonistic effects on health. But if its foray in end-user industries can be taken care of with efficient hands, the market would not experience a clogging for long.

Industry Trend:

Perstorp AB has a patent registered for formic acid manufacturing apparatus. BASF Aktiengesellschaft has also patented their formula to derive formic acid from carbon dioxide and hydrogen. These sort of innovations and experiments are driving the market forward.

Segmentation:

The global formic acid market is segmented by production method and application.

By production method, the market can be segmented into carbonylation of methanol and oxalic acid. Carbonylation of methanol, due to its high nutrient substitutes, controls almost 70% of the entire market. Its superiority is further ensured with a steady CAGR of 4.97% which is the highest in the segment.

Based on application, the market is segmented into animal feed, rubber and leather, finishing textile, dyeing, cleaning agents, and others. Formic acid’s proliferation in the animal feed industry has been so extensive that it is now dominating the segment and will continue to do in the coming years with an impressive 5.29% CAGR during the forecast period.

Regional Analysis

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Geographically, the global formic acid market can be segmented by Asia Pacific, Europe, North America, and Rest-of-the-World (RoW). 

The APAC region is earning the most, and with a market share of around 70%, it is going to sail further during the forecast period with a CAGR of 5.97%. The economic boom and huge population are driving the market ahead. Furthermore, supportive government regulations are aptly backing the market growth. India, China, South Korea, and China are the main contributors. The European market covers 24.9% of the global market and is expecting a 5.31% CAGR whereas North America has started implementing the technology which ensures a 4.73% CAGR during the forecast period.

Competitive Setup:

The global formic acid market is largely focusing on new product launches, acquisitions, innovations, and joint ventures. For instance, Eastman Chemical Company acquiring Taminco Corporation in 2014 is a step forward to boost the market. BASF, a global leader, opened a new plant to produce formic acid in Louisiana, U.S., with an annual capacity of 50,000 tons to gain substantially from North and South America market which can be considered exemplary.

The prominent players in the global formic acid market are Gujarat Narmada Valley Fertilizers & Chemicals Limited (India), Chongqing Chuandong Chemical (Group) Co., Ltd (China), Perstorp AB (Sweden), Eastman Chemical Company (US), BASF SE (Germany), Feicheng Acid Chemical (China), LUXI Group Co., Ltd (China), and others.Get Full Information about this Report: Formic Acid Market

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