Press release
Global Formic Acid Market to Witness a Pronounce Growth During 2024– Top Key players like BASF,LUXI,Eastan,Inc.
This report focuses on the key global Formic Acid players, to define, describe and analyze the value, market share, market competition landscape, SWOT analysis and development plans in next few years.
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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In this report, LP Information covers the present scenario (with the base year being 2017) and the growth prospects of global Formic Acid market for 2018-2023.
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. It is used in many areas, from leather processing to feed preservation.
Formic acid is soluble in water, various alcohols, acetone and ether. Most applications require formic acid in concentrations of 85%, 90%, 94% or 99%; the 85% product accounts for the major portion of global demand and is considered the industry standard.
Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022; at the same time, the global production value was 558 Million USD in 2016 and it will be 804 Million USD 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.
Over the next five years, LPI(LP Information) projects that Formic Acid will register a 1.5% CAGR in terms of revenue, reach US$ 830 million by 2023, from US$ 760 million in 2017.
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 Type, covers
0.85
0.98
Others
Market Segment by Applications, can be divided into
Agriculture
Leather & Textile
Rubber
Chemical & Pharmaceuticals
Other
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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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