Pune, Sept. 22, 2022 (GLOBE NEWSWIRE) — The global formic acid market size is set to gain momentum from the consistently increasing demand for this chemical. This information is given by Fortune Business Insights™ in an upcoming report, titled, “Formic Acid Market, 2022-2029.” Additionally, the product is also used as an anti-bacterial agent, which helps in the feedstock of animal fodder without affecting its nutritional value, increasing the demand from dairy industries.
List of Key Players Present in the Formic Acid Market:
- BASF SE (Germany)
- Feicheng Acid Chemicals Co. Ltd. (China)
- Taminco Corporation (China)
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (India)
- Perstorp AB (Sweden)
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Report Scope & Segmentation:
Report Attribute Details Base Year 2021 Historic Years 2018 – 2020 Forecast Years 2022 – 2029 Segments Covered By Product Type, By Application, and By End Use Forecast Units Value (USD Billion), and Volume (Units) Quantitative Units Revenue in USD million/billion and CAGR from 2022 to 2029 Regions Covered North America, Latin America, Europe, Asia Pacific, and Middle East & Africa Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others Number of Companies Covered BASF SE (Germany), Feicheng Acid Chemicals Co. Ltd. (China), Taminco Corporation (China), Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (India), Perstorp AB (Sweden) and more players profiled. Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. Customization Scope Avail customized purchase options to meet your exact research needs.
The market is split into 85%, 94%, 99%, and others by grade.
On the basis of end-use, the market is segregated into agriculture, leather & textile, chemical, rubber, pharmaceuticals, and other applications.
Geographically, the market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.
- The key developments adopted by the key countries and regions are included in the report.
- It also includes a ranking of major players in the global market.
- The adoption of new technologies by the major market players is depicted in this report.
- Insights of market data on the incidences of hearing loss are presented in the report.
- Factors responsible for the growth of the market and the factors obstructing the development of the market are represented in the report.
Drivers & Restraints:
Rising Demand for Preservatives from Agricultural Sectors to Drive Market Growth
The market is expected to show exponential growth by the consistently increasing demand for formic acid, which is used as a preservative. Moreover, formic acid is also used as an anti-bacterial agent, which helps in the feedstock of animal fodder without affecting its nutritional value, increasing the demand from dairy industries. This attribute of the acid will boost the formic acid market growth. Application of this acid in the chemical and industrial sectors will be an additional factor driving the market growth.
Whereas formic acid has an effective risk on the health due to prolonged exposure. The potential health hazards will become a factor to disrupt market growth. Moreover, prolonged exposure to this chemical may cause skin allergies or chronic kidney damage. All these health hazards may limit the market growth.
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Exhibiting Demand for Chemicals in India and China to Help Asia Pacific in Leading Market
Asia Pacific will witness maximum market growth supported by rising demand for chemicals in India and China. The base of large chemical manufacturers in India and China elevates the chemical demand, and its derivatives demand in the region. North America is forecasted to show significant growth from the rising demand for chemical feedstock and preservatives for chemical manufacturing.
Moreover, substantial growth is estimated to be noticed in Europe due to the demand for preservatives to collect livestock feed. Latin America and Middle East & Africa are forecasted to exhibit exponential growth in the forecast period.
Major Market Players Focus on Expanding Market by Gaining Acquisitions and Mergers
The key market players are scattered into various regions and are upgrading their aspects. The market’s major players are striving to gain global leadership by adopting advanced technologies. Moreover, companies are trying to achieve mergers and acquisitions in the regional market to uphold their global ranking. The increasing demand for chemicals being used as preservatives in the agricultural industries is helping the companies gain a competitive advantage in the market among other competitors.
Key Industry Developments:
- November 2020- BASF raised the acetic acid cost and propionic acid cost in all the regions as their expansion strategy.
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