COVID-19 Impact Analyzer for Formic Acid Market | BASF SE, Feicheng Acid Chemical, Shandong Liaocheng Luxi Chemical, Taminco, Perstorp

The recently published research report by Fact.MR regarding the global formic acid market includes product classification and current synopsis, along with product grades and innovations. The increase in demand for oil will correlate significantly with the surging demand in the formic acid market estimated to reach over US$ 850 million by 2027. This is due to the application of formic acid in oil & gas as a derivative of the natural, potassium-format brine. The demand for formic acid in different industries will experience a compound annual growth rate (CAGR) of around 5%. APAC has witnessed industrial growth in the past decade. With a number of international companies investing in developing economies such as India, the pharmaceutical industry has made progress. The market for formic acid used in pharmaceutical industries is consequently on the rise. This is primarily due to the low supply of raw materials and operating costs for APAC's manufacturing units, which generates more market space, and many vendors are benefiting from the same.

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Formic acid is now being increasingly used in cold countries such as Austria, Switzerland, and Canada to combat slippery roads during winter snow. It is found that the chemical efficiently eliminates ice and makes the roads safer to use, thereby reducing the chances of an accident.

A Rise in the Leather Tanning Industry Escalates the Demand for Formic Acid.

Fact.MR opines that about two-thirds of the formic acid supplied is utilized as a tanning agent in the leather and textile industry. Formic acid's industrial applications are seen in the agricultural sector, leather, textile, manufacturing of rubber, as intermediates for the production of other chemical substances and pharmaceuticals drugs, as well as a food preservative. Formic acid presently is being utilized in a wide range of industrial applications, including pharmaceuticals and chemicals, which hold a considerable market share. Formic acid is also used in food products as a preservative, solvent, and as a significant component of animal feed to prevent the growth of bacteria. Moreover, increasing livestock production for sustainable food supply would build more opportunities for the formic acid market.

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Adoption of Green Chemical Processing Could Impede Market Growth

The biggest challenge facing vendors is chemical processing which is green and more sustainable. Soon there will be a change with nanotechnology, which uses atmospheric carbon to generate chemicals like formic acid. Another problem is that the formic acid manufacturing process uses steam that may come from a renewable source to reduce non-renewable resource usage. While the vendors are slowly overcoming these technical challenges, there are no huge barriers that diminish the size of the formic acid market.

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Investments and Expansions Are the Key Strategies of This Market. 

The global formic acid market is shifting to China and other Asian nations with continued high risk for consolidation and rationalization, which is affected by numerous small and medium scale competitors. High investments are being done by manufacturing companies, alliances, and end-product manufacturers for potential developments and improvements in formic acid technology to meet the new demands coming from various end-user industries. The key players that are striving to garner the formic acid market share are BASF SE, Feicheng Acid Chemical, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Pestrop AB and others. 

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This release was published on openPR.