Formic Acid Market Price Analysis, Demand, Forecast Report 2023-2028

The global formic acid market size reached a volume of 879.9 Kilo Tons in 2022. Looking forward, IMARC Group expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

IMARC Group, a leading market research company, has recently releases report titled "Formic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global formic acid market price, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Formic acid is a colorless, pungent-smelling, and highly acidic organic compound that naturally occurs in ants. It is a hygroscopic liquid with a sharp, penetrating odor and is miscible with water and various organic solvents. It is commercially produced through the methanol carbonylation process or from various biomass sources, such as agricultural waste and wood. It is available as industrial grade and laboratory grade, which is used for analytical and research purposes in laboratories. It possesses efficient preservative properties which contribute to the prolonged shelf life of animal feed and silage, reducing wastage and ensuring a steady supply of nutritious fodder.

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Formic Acid Market Trends and Drivers:

At present, the increasing demand for formic acid in the textile and leather industries for enhancing the quality and durability of the final items, leading to increased customer satisfaction, represents one of the crucial factors impelling the growth of the market. Besides this, the rising production of formic acid from biomass sources for reducing dependence on fossil fuels is contributing to the growth of the market. In addition, the growing utilization of formic acid as a tanning agent and dyeing facilitator is positively influencing the market. Apart from this, the increasing employment of formic acid in the production of rubber is offering a favorable market outlook.

Formic Acid Market Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

• Grade 85%
• Grade 94%
• Grade 99%
• Others

Breakup by Application:

• Animal Feed and Silage Additives
• Leather Tanning
• Textile Dying and Finishing
• Intermediary in Pharmaceuticals
• Others

Breakup by End Use:

• Agriculture
• Leather and Textile
• Rubber
• Chemical and Pharmaceutical
• Dyeing
• Animal Feed
• Others

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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