Press release
Formic Acid Market Size, Share, Development by 2024
To analyze the Formic Acid with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
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Formic acid (also called methanoic acid) is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is an environmentally acceptable and highly efficient organic acid.
Scope of the Report:
Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022. In addition, the production regions of formic acid are mainly located in China, US, EU and India. China was the leader production regions, which achieved about 48% volume market share in 2016. In 2015, BASF bullied the first plant of formic acid in Geismar, Louisiana. It is the only formic acid production plant in USA.
As for the region consumption, China remained the largest market for formic acid in the world, with 34% market share consumption in 2016. Other major consuming regions include EU and US, which account for 29 % and 4% respectively. At present, the methyl formate hydrolysis technology is mainly adopted for producing formic acid and accounted for 81.59% in 2015.
The downstream demand of formic acid is rigidity. Major applications include silage and animal feed preservation, leather and tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals (antiozonants and coagulants), catalysts and plasticizers.In 2016, the largest use, accounting for about 42% of global demand, is in Leather & Textile. Other major uses are 27% in agriculture.
The worldwide market for Formic Acid is expected to grow at a CAGR of roughly 1.2% over the next five years, will reach 828.1 million US$ in 2024, from 778.4 million US$ in 2019, according to a new GIR (Global Info Research) study.
This report focuses on the Formic Acid in global market, especially in North America, Europe and Asia-Pacific, South America, Middle East and Africa. This report categorizes the market based on manufacturers, regions, type and application.
Market Segment by Manufacturers, this report covers
BASF
LUXI
Eastan
Rashtriya Chemicals and Fertilizers
Tianyuan Group
Gujarat Narmada Valley Fertilizers & Chemicals
Feicheng Acid
Perstorp
Wuhan Ruisunny Chemical
Shandong Rongyue Chemical
Chongqing Chuandong Chemical
Huaqiang Chemical
Shanxi Yuanping Chemicals
Shandong Baoyuan Chemical
Market Segment by Regions, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, UK, Russia and Italy)
Asia-Pacific (China, Japan, Korea, India and Southeast Asia)
South America (Brazil, Argentina, Colombia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Market Segment by Type, covers
0.85
0.98
Others
Market Segment by Applications, can be divided into
Agriculture
Leather and Textile
Rubber
Chemical and Pharmaceuticals
Other
For More Information On This Report, Please Visit @
https://www.globalinforesearch.com/global-formic-acid-market_p140781.html
Related Information:
North America Formic Acid Market Growth 2019-2024
United States Formic Acid Market Growth 2019-2024
Asia-Pacific Formic Acid Market Growth 2019-2024
Europe Formic Acid Market Growth 2019-2024
EMEA Formic Acid Market Growth 2019-2024
Global Formic Acid Market Growth 2019-2024
China Formic Acid Market Growth 2019-2024
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