According to ChemAnalyst report, “Global Formic Acid Market` Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Company Share, Foreign Trade, 2015-2035”, The Formic Acid market is likely to experience a significant increase by reaching 1300 thousand tonnes in 2035, at a CAGR of 4.45% during the forecast period. In the upcoming years, the market for formic acid is likely to grow due to the rising demand from end-use industries such as animal feed, silage, and pharmaceutical intermediates. Formic acid is majorly used as a preservative in animal feed. This in turn increases the rise of demand for Formic Acid as a preservative.
As of 2021, the production capacity of Formic Acid is approximately 1930 thousand tonnes. Aqueous (85%-99%) Formic Acid is formed by Carbonylation of methanol following hydrolysis of ester and rectification of the products produced. This is further used as a chemical reagent that aids chemical reactions.
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Moreover, across the globe, the surge in demand of Formic Acid is probably due to its properties such as preservation and anti-bacterial properties. However Formic Acid is also used for dying textiles, tanning leather, PH control, plastics, paper, rubber, electroplating, etc.
The Formic Acid market is segmented based on end-use, sales channel, and region. Due to its rising applications, Formic Acid is likely to have a strong position in the market in the forecast years.
Based on end-uses, the Formic Acid market is segregated into Pharmaceutical Intermediate, Silage and animal feeds, Leather and Tanning, Textile Dyeing, Oil and Gas, Rubber Chemicals, and others. The Silage and animal feeds industry dominates the Formic Acid market around the globe. It will likely stay the biggest end user industry during the forecast period, owing to its high demand as preservative.
Asia Pacific is the leading consumer of Formic Acid among all other regions, and it is anticipated that it will continue to maintain its dominance during the forecast period. Due to the growing demand for Formic Acid in pharmaceuticals industry, as China being the leading producer of Pharmaceuticals API the demand is expected to grow in China, Further China is also the top producers and exporter of Formic Acid across the globe.
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“Global Formic Acid Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Company Share, Foreign Trade, 2015-2035”, the significant players functional in the Formic Acid market include BASF SE, Shandong Feicheng Acid Chemicals Co.Ltd., Mudanjiang Fengda Chemicals Co., Ltd, LUXI Group, Polioli, Perstorp, Taminco Corporation, Rashtriya Chemicals and Fertilizers Limited, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Huanghua Pengfa Chemical Co., Ltd and others.
“The rapidly increasing demand for preservatives in Silage and Animal feed industry coupled with growing demand from pharmaceuticals industry is expected to boost the Formic Acid market in the forecast period until 2035. In the coming years, the market for formic acid will also develop as a result of steadily rising demand in European nations. Deicing is one of the common practices that encourage the consumption of formic acid. Above all, China produces and exports the largest volume globally. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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