Formic Acid Market Growth 2023- Global Industry Share, Emerging Trends, Growing Demand, Revenue, Business Challenges, Opportunities and Future Strategies Report 2033: SPER Market
Formic acid, often known as methanolic acid, is a colorless, smelly liquid having the formula HCOOH. The term “Formica,” which comes from the Latin word for ant, refers to this most basic carboxylic acid, which was first identified in ants during the 18th century. Numerous organisms, including insects, plants, and animals, naturally contain formic acid. It has many industrial uses and is produced commercially through the catalytic oxidation of methanol. Formic acid’s highly reactive and caustic nature makes it useful as a reducing, preserving, and coagulating agent.
According to SPER market research, ‘Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82 %.
Formic acid has a broad range of uses and diverse qualities, which present various market potential. The increasing need for animal feed preservation and cleanliness presents a huge market opportunity. To increase feed quality and inhibit microbial growth, formic acid is used as a preservative in livestock feed. This improves animal productivity and health. The growing interest in eco-friendly and sustainable products presents another market potential. Given its biodegradability and sourcing from renewable resources like methanol, formic acid is a suitable chemical to meet the increasing need for eco-friendly products. It can be utilized in place of some harsh chemicals in a variety of industries, such as cleaning goods, leather tanning, and textile processing.
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A number of challenges could hinder the formic acid market’s expansion and general uptake. Its caustic character is a major obstacle. Because formic acid is a powerful acid, it can harm machinery, pipes, and storage facilities if safety measures are not followed. One further obstacle is the production expense. Although methanol and other renewable resources can be used to produce formic acid, costly precious metal catalysts like cobalt or rhodium are frequently used in the process.
Impact of COVID-19 on Global Formic Acid Market
The pandemic of COVID-19 has had an uneven influence on the formic acid market. The formic acid market, like many others, was disrupted by the worldwide economic slump and lockdown measures enacted to prevent the spread of the virus. Travel, trade, and industrial limitations caused supply chain disruptions, limited production capacity, and logistical issues, hurting formic acid availability and distribution. Furthermore, the pandemic had a considerable influence on the formic acid end-use sectors. Automobile, textile, leather, and construction industries also experienced downturns, resulting in lower demand for formic acid in these industries.
Formic Acid Market Key Players:
Furthermore, Asia Pacific’s high feed production is likely to make it the region’s dominant market over the next years. China regained its top spot as the world’s largest producer of animal feed in 2020, with an output of 252.76 million metric tons, according to the Coherent Market Insights report.. Additionally, some of the market key players are BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company, Fei Cheng Acid Chemicals Co., Ltd., Fleur hem, Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), LUXI Group Co., Ltd, Yara International ASA.
Global Formic Acid Market Segmentation:
By Production Method: Based on the Production Method, Global Formic Acid Market is segmented as; Carbonylation of Methanol, Oxalic Acid.
By Application: Based on the Application, Global Formic Acid Market is segmented as; Animal Feed, Cleaning Agent, Dyeing, Finishing Textile, Leather Production, Preservatives, Rubbers, Others
By End User: Based on the End User, Global Formic Acid Market is segmented as; Agriculture, Pharmaceutical, Others
By Concentration: Based on the Concentration, Global Formic Acid Market is segmented as; 85%, 90%, 94%, 99%
By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Formic Acid Market Future Growth
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