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The global formic acid market reached a volume of 879.9 Kilo Tons in 2022. Looking forward, IMARC Group expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Formic acid (HCO2H), also known as methanoic acid, is a colorless liquid with a pungent odor, which is used in processing textiles and leather. It is utilized as an organic synthetic reagent that occurs naturally in various sources, such as the venom of bee and ant stings. It finds applications in livestock feed as a preservative and antibacterial agent. It assists in manufacturing medicines for rheumatism or vasoconstriction. It is used in pickled fish, juices, pickled fruits and vegetables, jelly candies, and vegetable and fruit purées to increase their shelf life. It also helps counter the attacks of pathogenic fungi, molds, and bacteria in various foodstuffs.
At present, the growing demand for formic acid in the agriculture sector to limit microbial growth and control acidity represents one of the key factors driving the market across the globe. Moreover, the increasing employment of formic acid in textile and leather processing due to its eco-friendly nature is offering lucrative growth opportunities to industry investors. In addition, there is a rise in the adoption of antibacterial agents in cattle feed to treat clinically sick animals and prevent the incidence of infectious diseases around the world. This, along with the burgeoning cattle and poultry sector, is propelling the growth of the market. Besides this, the growing utilization of formic acid in hay feed to reduce the total milk fat in milch cows is positively influencing the market. Additionally, formic acid is used in producing high-quality forage silage to inhibit the proliferation of pathogens, which is contributing to the growth of the market. Apart from this, the increasing application of formic acid in cosmetic products as a fragrance ingredient, preservative, and pH adjuster, coupled with the expanding cosmetic industry, is strengthening the growth of the market.
IMARC Group provides an analysis of the key trends in each sub-segment of the global formic acid market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use.
Breakup by Type:
Breakup by Application:
Breakup by End Use:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Chongqing Chuandong Chemical Group Co. Ltd., Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals, Luxi Group Co. Ltd., Perstorp Holding AB (PETRONAS Chemicals International B.V.), Shandong Acid Chemicals Co. Ltd. and Thermo Fisher Scientific. Kindly, note that this only represents a partial list of companies, and the complete list has been provided in the report.
|Base Year of the Analysis||2022|
|Units||US$ Billion, Kilo Tons|
|Segment Coverage||Type, Application, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||BASF SE, Chongqing Chuandong Chemical Group Co. Ltd., Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals, Luxi Group Co. Ltd., Perstorp Holding AB (PETRONAS Chemicals International B.V.), Shandong Acid Chemicals Co. Ltd. and Thermo Fisher Scientific.|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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