Formic Acid Market

Formic acid is produced commercially in various products such as descalers, rust removers, and institutional laundry detergents. It is particularly useful in the textile industry, where it is used as a pH regulator and to neutralize alkaline solutions. Increasing fiber production and increasing living standards in Asia are expected to drive demand for the chemical in textile dyeing. In addition to its numerous industrial applications, formic acid is also used in the dyeing process of textiles.

Market Dynamics:

Increasing use of formic acid for producing animal feeds and silage additives is predominantly fueling growth of the market. Growing demand for animal protein worldwide is again augmenting growth of the market. Moreover, growing demand for formic acid from leather tanning is expected to offer significant growth opportunities over the forecast period. Furthermore, increasing rubber production is expected to shape the market growth positively in the near future. 

Key features of the study:

• This report provides in-depth analysis of the global formic acid market, and provides market size (US$ Million) and compound annual growth rate (CAGR%) for the forecast period (2021–2028), considering 2020 as the base year
• It elucidates potential revenue 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, Rashtriya Chemicals and Fertilizers Limited, and Wuhan Ruisunny Chemical Co. Ltd
• 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:

• Global Formic Acid Market, By Application:
• • Animal Feed and Silage Additive
  • Leather Tanning
  • Textile Dyeing and Finishing
  • Intermediary in Pharmaceuticals
  • Other Applications
• Global Formic Acid Market, By Geography:
• • Asia-Pacific
  • North America
  • Europe
  • South America
  • Middle East & Africa