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Stressing On R&D Efforts To Amplify Contactless Biometrics Market Growth By 2031
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Formic acid is made artificially through different strategies like hydrogenation of carbon dioxide and oxidation of biomass. HCOOH is the chemical formula of formic acid. It is chemically manufactured through various methods such as hydrogenation of carbon dioxide and oxidation of biomass.
Formic acid is one of the basic organic chemical raw materials widely used in pesticide, leather, dyes, pharmaceuticals and rubber industries.
Formic acid is a suitable substitute for cleaning and de-scaling applications, increasing its application across a broad range of products, especially those requiring low concentration. These factors will propel the growth of the market.
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Key Takeaways from Market Study
Global formic acid market to top US$ 3 Bn by 2031.
Formic acid of 85% concentration valuation projected to reach around US$ 2 Bn by 2031.
Formic acid of 99% concentration sales projected to record above 2% CAGR over the next 10 years.
Market in Japan to record 1.5% CAGR over forecast period of 2021- 2031.
China forecast to reach projected market size above US$ 365 Mn by 2031
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Key Segments Covered in Formic Acid Industry Research
Concentration
Formic Acid of 85% Concentration
Formic Acid of 90% Concentration
Formic Acid of 94% Concentration
Formic Acid of 99% Concentration
Others
Methanoic Acid
Carboxylic Acid
Application
Formic Acid For Animal Feed
Formic Acid For Agricultural Products
Formic Acid For Leather Tanning
Formic Acid For Textile Dyeing and Finishing
Formic Acid For Pharmaceuticals/Food Chemicals
Formic Acid For Rubber Products
Formic Acid For Coatings
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Competitive Landscape
The global market is moderately consolidated with a few chemical industry giants capturing a large part of the market share.
Foremost strategies for expanding the formic acid industry are product launches, mergers & acquisitions, and contracts & collaborations. These strategies would deliver effective goods and high-performance goods, supporting market laws, and lastly, better client satisfaction.
Manufacturers of formic acid are planning to move their companies to locations offering cheap raw materials and labor. Growing emphasis on R&D activities and business expansion would improve the competitive environment between manufacturers of formic acid.
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