Formic Acid Market Globally Grow at a CAGR of 4.5% by 2023 | Top Key Company’s (BASF SE, EASTMAN CHEMICAL COMPANY, PERSTORP HOLDING AB, ALFA AESAR)

Formic Acid Market Highlights:
The global formic acid market is expected to register a CAGR of nearly 4.5% during 2018 to 2023 (the forecast period). The major factor driving the market is the growing demand for preservatives and feed additives, combined with increasing automobile production in Asia-Pacific economies.

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Asia Pacific Dominating the Market Share
Asia-Pacific is the largest market for formic acid, with more than 40% market share, despite major producers located in Europe; due to industrialization, easy raw material availability, and large production base with minimal regulatory norms. China accounts for the largest share in the Asia-Pacific region, and it is expected to witness a CAGR of nearly 6%, due to the growing demand from end-user industries, like animal feed, textile, rubber & leather industries in the region. Increasing automobile production drives the rubber & leather industry, thereby, driving formic acid demand. In addition, low capital and labor costs are expected to drive the market growth in China.

Key Developments in the Market
March 2017: BASF and Balchem Corp. received the US FDA approval to launch Amasil formic acid in poultry diets, in the United States.

Major Players:
BASF SE, EASTMAN CHEMICAL COMPANY, PERSTORP HOLDING AB, ALFA AESAR amongst others.

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Rubber Industry a Potential Segment
The formic acid market, based on end users, can be divided into rubber, textile, leather, chemicals, agriculture, and pharmaceutical industries. The agriculture industry is the dominant sector in the market studied, due to its antibacterial properties, and it is expected to grow at a healthy rate because of the increasing use as animal feed additive. The rubber industry is expected to grow at a respectable rate, due to the growing automobile production in Asia-Pacific increasing demand for tires.

Cost Effective Substitutes Hampering the Market
The global formic acid market faces certain drawbacks, like the emergence of other cost-effective substitutes, such as urea sulfate for formic acid and high toxic levels of higher grade formic acid, which have a negative impact on the market. These factors may act as a roadblock to the growth of the market.

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This release was published on openPR.