Formic Acid Market Share Rising Rapidly with Recent Trends and Outlook 2021-2028
Formic Acid Market Size – USD 773.4 Million in 2020, Growth – 1.2% CAGR, Trends – Strong demand from Asia Pacific region.
NEW YORK CITY, NY, UNITED STATES, November 3, 2021 /EINPresswire.com/ – Growing demand for preservatives and antibacterials in animal feed and increasing applications in various industries are driving the market.
The global formic acid market is expected to reach $ 850.1 million by 2028, according to a new report from Reports and Data. Increasing demand for formic acid in pharmaceutical and food industries is driving global demand for formic acid. Application of the product in rubber manufacturing, leather tanning and food preservation drives demand during the forecast period.
Most of the income generated by the food and agriculture sector is attributable to livestock production, which helps support the livelihoods and food security of many people. The chemical is used as a preservative in animal feed because it prevents the growth of bacteria in it. Increasing livestock production for a sustainable food supply will create more demand for formic acid.
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The surge in demand for oil will resonate with the surge in demand in the formic acid market. This is because of the increasing application of the acid in the oil and gas industry, as the derivative of the chemical is added to drilling fluids to make them heavier. The Asia-Pacific region has experienced industrial growth in recent years. The growing pharmaceutical sector is experiencing an increase in developing countries like India, and formic acid is widely used in industry. The availability of cheap labor and the low cost of operating manufacturing units in the APAC region is another factor that attracts foreign investors and propels the industrial and pharmaceutical sectors.
The main participants include:
BASF SE, Perstorp, Eastman Chemical Company, Taminco, Feicheng Acid Chemical, LUXI Group Co. Ltd., Eastman Chemical Company, Helm Italia SRL, Gujarat Narmada Valley Fertilizers Co. Ltd. and Shanxiyuanping Chemicals Co. Ltd., among others.
Other key findings from the report suggest
It is also used as a coagulant and is widely used as a catalyst in the manufacture of various chemicals. It is an environmentally friendly deicing agent that is commonly used in airport runways to make them permanently ice free.
There is an increase in the growth of the leather industry. The increase in disposable income in developed and developing economies, along with the change in the way of life of the millennia, has led to a demand for the fashion industry, which in turn affects the demand for leather and, for example, therefore, the market. Leather is also used in vehicle interiors, and the growth of the automotive sector is driving market demand.
Formic acid is sprayed onto fresh hay, to stop or delay rotting, thus allowing the feed a longer survival period. This process is of particular importance in the conservation of winter livestock feed. Additionally, the use of formic acid on hay feed can reduce the total fat content of milk when fed to dairy cows.
The Asia-Pacific region leads the global formic acid market. The region is expected to dominate due to strong demand for poultry and meat, coupled with growing demand from the textile industry in countries like India and China.
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For the purpose of this report, reports and data have been segmented on the global Formic Acid market on the basis of quality, production process, applications, and region:
Note the outlook
Perspectives of the production process
Carbonylation of methanol
Textile dyeing and finishing
Intermediate in Pharmaceuticals
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