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The global formic acid market is estimated to be valued at USD 2.34 Bn in 2024, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031. The market is expected to witness a significant growth rate over the forecast period owing to the growing demand from several end-use industries. Formic acid, also known as methanoic acid, is a colorless acid with a pungent sour odor. It is one of the simplest carboxylic acids and finds applications as preservatives, animal feed additives, leather tanning, textile dying, and rubber vulcanization among others. Rapid industrialization along with the growth of the agriculture and food processing industries in developing economies are the major drivers propelling the growth of the global formic acid market. However, strict environment regulations over emissions of volatile organic compounds during the production process may hamper the market growth.

 Market Dynamics:

The global formic acid market is projected to observe impressive growth during the forecast period primarily driven by factors such as increasing demand from silage production and chemical intermediates manufacturing. As formic acid is widely used as an animal feed additive in silage production to inhibit the growth of unwanted molds and improve the quality of silage. Rising meat consumption worldwide has augmented the market growth. Moreover, formic acid serves as an important chemical intermediate in the production of various chemicals including rubber accelerators, pharmaceuticals, dyes, and gum inhibitors.

 Key Features of the Study:

  • This report provides an in-depth analysis of the global formic acid market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
  • It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
  • It profiles key players in the global formic acid market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
  • Key companies covered as a part of this study include BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Wuhan Ruisunny Chemical Co. Ltd, Prakash Chemicals Agencies Pvt. Ltd., GJ Chemical, EMCO Dyestuff, Kakadiya Chemicals, Meru Chem Pvt. Ltd, SGS & Company, CDH Fine Chemical, Rashtriya Chemicals, and Fertilizers Limited.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
  • The global formic acid market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global formic acid market.

Detailed Segmentation-

  • By Type:
    • Grade 85%
    • Grade 94%
    • Grade 99%
    • Others
  • By Application:
    • Animal Feed and Silage Additive
    • Leather Tanning
    • Textile Dyeing and Finishing
    • Intermediary in Pharmaceuticals
    • Other Applications
  • By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

 Company Profiles:

    • BASF SE
    • Eastman Chemical Company
    • Shandong Acid Technology Co. Ltd
    • Gujarat Narmada Valley Fertilizers & Chemicals Limited
    • LUXI GROUP
    • Perstorp Holdings ABPOLIOLI SpA
    • PT Pupuk Kujang
    • Wuhan Ruisunny Chemical Co. Ltd
    • Prakash Chemicals Agencies Pvt. Ltd.
    • GJ Chemical
    • EMCO Dyestuff
    • Kakadiya Chemicals
    • Meru Chem Pvt. Ltd
    • SGS & Company
    • CDH Fine Chemical
    • Rashtriya Chemicals and Fertilizers Limited

Detailed Segmentation-

  • By Type:
    • Grade 85%
    • Grade 94%
    • Grade 99%
    • Others
  • By Application:
    • Animal Feed and Silage Additive
    • Leather Tanning
    • Textile Dyeing and Finishing
    • Intermediary in Pharmaceuticals
    • Other Applications
  • By Region:
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa

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