Austin, TX, USA, Nov. 14, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled "Formic Acid Market Size, Trends and Insights By Grade Type (Grade 85%, Grade 94%, Grade 99%, Others), By Application (Animal Feed, Silage, Leather tanning, Textile dyeing), By End-Users (Agriculture, Pharmaceutical, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024-2033" in its research database.
"According to the latest research study, the demand of global Formic Acid Market size & share was valued at approximately USD 2,110 Million in 2023 and is expected to reach USD 2,310 Million in 2024 and is expected to reach a value of around USD 5,240 Million by 2033, at a compound annual growth rate (CAGR) of about 9.53% during the forecast period 2024 to 2033."
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Formic Acid Market: Growth Factors and Dynamics
Rising Demand from the Animal Feed Industry: Formic acid is widely utilized as a preservative and acidifier in animal feed to help prevent the formation of harmful microbes and bacteria. This is especially essential in the cattle business, where preserving feed quality and extending shelf life are critical. The rising global consumption of meat and protein, particularly in developing countries such as China and Brazil, is driving demand for high-quality animal feed, increasing the requirement for formic acid. Expansion of the Rubber Industry: Formic acid is used extensively in processing both natural and synthetic rubber. It is used to coagulate latex and in the final synthesis of numerous rubber types, specifically those used to make tires. With rising vehicle ownership and replacement tire demand, the rubber industry is expanding, increasing formic acid use. Increased Usage in Agriculture: Formic acid is used in agriculture as a silage preservative, which helps to preserve the nutritional value of livestock feed while also improving food safety. This is especially important in regions focused on high-value agricultural production and food security. Pharmaceutical and Chemical Industries: Formic acid is an important intermediary in producing several compounds and medications. It regulates pH levels in chemical reactions and acts as a catalyst in the manufacturing of certain chemicals. The continued development in these industries adds to the growing need for formic acid. Eco-Friendly Applications: Formic acid is known for its environmentally favourable characteristics. It is used for de-icing airport runways, providing a more environmentally friendly alternative to standard chemicals. This use is gaining popularity, particularly in regions with harsh winters.
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Formic Acid Market: Partnership and Acquisitions
In May 2023, Thermo Fisher Scientific announced a partnership with BRIN to improve research infrastructure and capabilities in Indonesia. The connection will include direct engagements between the two organisations, strengthening their partnership. Thermo Fisher will use its expertise and vast portfolio to assist BRIN in increasing its research competencies and capacity. In October 2022, PETRONAS Chemicals Group Berhad (PCG) announced that it had completed the acquisition of Perstorp Holding AB (Perstorp). The acquisition is part of PCG's plan to increase its footprint in the specialty chemicals market. PCG aims to strengthen its position in Asia Pacific markets by preserving and growing Perstorp's value, and leveraging its knowledge and staff. PCG also intends to support Perstorp's expansion plans, including the introduction of Project Air, which aims to reduce carbon emissions through the manufacture of sustainable methanol. In June 2021, Incipio Group announced a strategic sustainability relationship with Eastman Chemical Company. This collaboration will allow Incipio Group to include recycled materials in its brand portfolio while also pursuing sustainable alternatives that preserve durability, clarity, and performance. In May 2022, The Nitto Group emphasizes ESG (Environment, Society, Governance) in its management, committing to carbon neutrality by May 2022. They focus on CO2 capture and storage technologies to reduce emissions. A key project involves producing carbon-negative formic acid from biomass-derived feedstock using CO2 and hydrogen. Nitto's advanced catalyst enhances production efficiency and lowers costs. This formic acid, used in dairy farming silage, addresses social issues and generates economic value.
Report Scope
Feature of the Report Details Market Size in 2024 USD 2,310 Million Projected Market Size in 2033 USD 5,240 Million Market Size in 2023 USD 2,110 Million CAGR Growth Rate 9.53% CAGR Base Year 2023 Forecast Period 2024-2033 Key Segment By Grade Type, Application, End-Users and Region Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America Buying Options Request tailored purchasing options to fulfil your requirements for research.
(A free sample of the Formic Acid report is available upon request; please contact us for more information.)
Our Free Sample Report Consists of the following:
Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.About 220+ Pages Research Report (Including Recent Research)Provide detailed chapter-by-chapter guidance on the Request.Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024Includes Tables and figures have been updated.The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis Custom Market Insights (CMI) research methodology
(Please note that the sample of the Formic Acid report has been modified to include the COVID-19 impact study prior to delivery.)
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Formic Acid Market: COVID-19 Analysis
The COVID-19 pandemic has significantly impacted the Formic Acid Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:
Supply Chain Disruptions: Like many industries, the formic acid market faced supply chain disruptions during the pandemic. Restrictions on movement, reduced workforce availability, and logistical challenges affected the production and distribution of formic acid. Decreased Industrial Activity: Certain industries, such as leather processing and textile manufacturing, which use formic acid in their processes, experienced downturns during the pandemic due to reduced consumer demand and operational disruptions. This led to decreased demand for formic acid in these sectors. Impact on Export/Import: International trade was significantly affected by the pandemic, leading to fluctuations in the availability and pricing of raw materials required for formic acid production. This could have impacted the overall stability of the market. Increased Demand for Disinfectants: Formic acid is used in the production of disinfectants and sanitizers. During the pandemic, there was a surge in demand for these products, leading to increased demand for formic acid. Rising Demand in Pharmaceuticals: Formic acid is also used in pharmaceuticals, such as in the production of certain medications and treatments. The pandemic increased the need for pharmaceutical products, which likely boosted demand for formic acid in this sector. Growth in Animal Feed Preservation: Formic acid is used as a preservative in animal feed. With disruptions in supply chains and concerns about food security during the pandemic, there may have been increased usage of formic acid to preserve animal feed.
In conclusion, the COVID-19 pandemic has had a mixed impact on the Formic Acid Market, with some challenges and opportunities arising from the pandemic.
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Key questions answered in this report:
What is the size of the Formic Acid market and what is its expected growth rate?What are the primary driving factors that push the Formic Acid market forward?What are the Formic Acid Industry's top companies?What are the different categories that the Formic Acid Market caters to?What will be the fastest-growing segment or region?In the value chain, what role do essential players play?What is the procedure for getting a free copy of the Formic Acid market sample report and company profiles?
Key Offerings:
Market Share, Size & Forecast by Revenue | 2024-2033Market Dynamics - Growth Drivers, Restraints, Investment Opportunities, and Leading TrendsMarket Segmentation - A detailed analysis by Types of Services, by End-User Services, and by regionsCompetitive Landscape - Top Key Vendors and Other Prominent Vendors
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Formic Acid Market - Regional Analysis
The Formic Acid Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:
North America: The Key trends driving the growth of the formic acid market in North America include its increasing use as a preservative and antibacterial agent in livestock feed, growing demand in agriculture for silage and animal feed preservation, rising applications in leather and textile industries for tanning and dyeing processes, and the shift towards eco-friendly and sustainable chemicals in various industrial processes. Additionally, the expanding pharmaceutical and food processing sectors also bolster the market's expansion. Europe: The growth of the Formic Acid market in Europe is supported by several key factors. These include increasing demand from end-use industries such as agriculture, leather, and textiles due to its diverse applications as a preservative, pH adjuster, and antibacterial agent. Additionally, stringent regulations favouring sustainable and eco-friendly products have boosted its adoption. Moreover, ongoing research and development efforts aimed at enhancing production efficiency and expanding application scope are further driving market expansion in the region. Asia-Pacific: The Formic Acid market in Asia-Pacific is buoyed by several key trends. Increasing demand in agriculture for feed preservation and pest control drives growth, alongside its use in leather and textile industries. Rising environmental concerns favour formic acid's role as a green alternative in industrial processes. Additionally, the region's robust manufacturing sector and expanding applications in pharmaceuticals and rubber production further propel market expansion. Regulatory support for sustainable practices and technological advancements in production methods are also contributing factors in its increasing adoption across Asia-Pacific. LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the growth of the Formic Acid market is supported by factors such as increasing industrial applications in agriculture and leather industries, rising demand for preservatives and antibacterial agents, and expanding animal feed additives sector. Additionally, advancements in production technologies and government initiatives promoting sustainable agricultural practices further drive market expansion.
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List of the prominent players in the Formic Acid Market:
BASF SECelanese CorporationChongqing Chuandong Chemical (Group) Co. Ltd.Eastman Chemical CompanyFeicheng Acid Chemicals Co. Ltd.Fleurchem Inc.Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)Kemira OyjLUXI Group Co. Ltd.Perstorp Holding ABYara International ASAPerstorpEastman Chemical CompanyAnhui Asahi Kasei ChemicalShandong Acid Technology Co.Others
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The Formic Acid Market is segmented as follows:
By Grade Type
Grade 85%Grade 94%Grade 99%Others
By Application
Animal FeedSilageLeather tanningTextile dyeing
By End-Users
AgriculturePharmaceuticalOthers
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Regional Coverage:
North America
U.S.CanadaMexicoRest of North America
Europe
GermanyFranceU.K.RussiaItalySpainNetherlandsRest of Europe
Asia Pacific
ChinaJapanIndiaNew ZealandAustraliaSouth KoreaTaiwanRest of Asia Pacific
The Middle East & Africa
Saudi ArabiaUAEEgyptKuwaitSouth AfricaRest of the Middle East & Africa
Latin America
BrazilArgentinaRest of Latin America
This Formic Acid Market Research/Analysis Report Contains Answers to the following Questions.
Which Trends Are Causing These Developments?Who Are the Global Key Players in This Formic Acid Market? What are Their Company Profile, Product Information, and Contact Information?What Was the Global Market Status of the Formic Acid Market? What Was the Capacity, Production Value, Cost and PROFIT of the Formic Acid Market?What Is the Current Market Status of the Formic Acid Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Formic Acid Market by Considering Applications and Types?What Are Projections of the Global Formic Acid Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?What Is Formic Acid Market Chain Analysis by Upstream Raw Materials and Downstream Industry?What Is the Economic Impact On Formic Acid Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?What Are Market Dynamics of Formic Acid Market? What Are Challenges and Opportunities?What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Formic Acid Industry?
Click Here to Access a Free Sample Report of the Global Formic Acid Market @ https://www.custommarketinsights.com/report/formic-acid-market/
Reasons to Purchase Formic Acid Market Report
Formic Acid Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.Formic Acid Market report outlines market value (USD) data for each segment and sub-segment.This report indicates the region and segment expected to witness the fastest growth and dominate the market.Formic Acid Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.Formic Acid Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.
Reasons for the Research Report
The study provides a thorough overview of the global Formic Acid market. Compare your performance to that of the market as a whole. Aim to maintain competitiveness while innovations from established key players fuel market growth.
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What does the report include?
Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Formic Acid market analysis. The competitive environment of current and potential participants in the Formic Acid market is covered in the report, as well as those companies' strategic product development ambitions. According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions. For each segment mentioned above, actual market sizes and forecasts have been given.
Who should buy this report?
Participants and stakeholders worldwide Formic Acid market should find this report useful. The research will be useful to all market participants in the Formic Acid industry.Managers in the Formic Acid sector are interested in publishing up-to-date and projected data about the worldwide Formic Acid market.Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Formic Acid products' market trends.Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.
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