Formic Acid Market Poised for 4.8% Growth Journey from 2023 to 2029

The global market for formic acid was valued at USD 1.96 billion in 2022, and it is expected to increase at a strong rate of 4.8% between 2023 and 2029, to reach over USD 2.85 billion. Formic acid is used in a variety of industries, such as agriculture, leather, textiles, and rubber production. It is known for its colorless and aromatic qualities. It is used as a preservative, antibacterial agent in animal feed, and disinfectant in household cleaning products. The name "formica" is derived from the Latin word "ant." Although it helps preserve animal feed, use caution because of its extreme corrosiveness. Growing demand for procedures like formylation and transfer hydrogenation in the chemical and industrial industries is another factor propelling the market.

Formic Acid Market Report Scope and Research Methodology

This report distinguishes itself in the field of Formic Acid Market research by offering unique key figures, accurate insights, and a sophisticated comprehension of trends and the competitive environment. It carefully analyzes the state of the Formic Acid market now and provides projections until 2029. Expected elements consist of comprehensive company profiles that cover elements like capacity, production, pricing, expenses, revenue, and contact information for top Formic Acid manufacturers globally. Because of the bottom-up methodology used, accurate estimates of the global and regional Formic Acid market sizes are guaranteed.

The analyst has focused on critical market trends that are likely to impact new venture investments and developments in the Formic Acid sector. These include cutting-edge uses, government investments, new technologies, changing laws, multinational market entry, and other dynamic industry dynamics. In-depth research of these trends is provided in this study, enabling clients to make well-informed decisions on how to position themselves in the competitive Formic Acid market.

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Formic Acid Market Segmentation:

Based on Grade Type,The 85% grade dominated the formic acid market and is expected to grow during the forecast period 2023-2029. Based on the grade Grade Typeformic acid market segment is divided into 85% grade, 94% grade, 99% grade, and others. The 94% grade segment dominated the market with a revenue share of around 48% in 2022. 94% grade forming acid has wide applications. It is used in the food and beverages, pharmaceuticals, textiles, rubber, and chemical industries. It is comparatively better for the environment, and therefore its popularity is on the rise. It is used to produce medicines, cosmetics, personal care products,and cleaners. Therefore, the wide variety of applications across numerous industries will propel the segment’s growth.

by Grade Type

Grade 85%
2. Grade 94%
3. Grade 99%
4. Others

by Application

Animal Feed
2. Silage
3. Leather tanning
4. Textile dyeing

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Formic Acid Market Key Players include:

BASF Intermediate Division
2. BASF SE
3. Celanese Corporation
4. Chongqing Chuandong Chemical (Group) Co., Ltd.
5. Eastman Chemical Company
6. Feicheng Acid Chemicals Co., Ltd.
7. Fleurchem, Inc.
8. Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
9. Kemira Oyj
10. LUXI Group Co., Ltd.
11. Perstorp Holding AB
12. Yara International ASA
13. Perstorp,
14. Luxi Chemical Group Co. Ltd.
15. Eastman Chemical Company

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Formic Acid Market, by Region

North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)

Table of content for the Formic Acid Marketincludes:

Global Formic Acid : Research Methodology
Global Formic Acid : Executive Summary

Market Overview and Definitions
Introduction to the Global Market
Summary
Key Findings
Recommendations for Investors
Recommendations for Market Leaders
Recommendations for New Market Entry

Global Formic Acid : Competitive Analysis

MMR Competition Matrix
Market Structure by region
Competitive Benchmarking of Key Players
Consolidation in the Market
M&A by region
Key Developments by Companies
Market Drivers
Market Restraints
Market Opportunities
Market Challenges
Market Dynamics
PORTERS Five Forces Analysis
PESTLE
Regulatory Landscape by region
North America
Europe
Asia Pacific
Middle East and Africa
South America
COVID-19 Impact

Company Profile: Key players

Company Overview
Financial Overview
Global Presence
Capacity Portfolio
Formic Acidiness Strategy
Recent Developments

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