Worldwide Demand for Formic Acid is anticipated to reach US$ 2.8 Billion by 2033-End

The formic acid market is the industry that deals with the production, distribution, and sale of formic acid. Formic acid, with the chemical formula HCOOH, is a colorless liquid with a strong pungent odor. It is the simplest carboxylic acid and is naturally found in the venom of some ants, hence the name "formic" derived from the Latin word for ant, "formica."
Formic acid has a wide range of applications across various industries. Here are some key uses of formic acid:
1. Agriculture: Formic acid is used as a preservative and antibacterial agent in animal feed. It helps in preventing the growth of bacteria and molds, thereby enhancing the shelf life of feed and improving animal health.
2. Leather and Textile Industry: Formic acid is used in the leather industry for tanning and dyeing processes. It helps in preserving and softening the leather. In the textile industry, it is used as a dyeing and finishing agent.
3. Chemical Industry: Formic acid is used as a raw material in the production of various chemicals, including acetic acid, sodium formate, and formamide. It is also used as a reducing agent and in the synthesis of pharmaceuticals, pesticides, and rubber chemicals.
4. Cleaning and Household Products: Formic acid is used in cleaning products, such as descaling agents and toilet bowl cleaners, due to its ability to remove mineral deposits and dissolve limescale.
5. Energy Storage: Formic acid is being explored as a potential energy storage medium, particularly for hydrogen fuel cells. It can release hydrogen gas upon decomposition, offering a safer and more convenient method for storing and transporting hydrogen.

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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.

Market Buoyancy Analysis

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.
• Anhui Asahi Kasei Chemical Co. Ltd
• BASF SE
• Beijing Chemical Industry Group Co. Ltd
• Eastman Chemical Company
• Feicheng Acid Chemicals Co. Ltd
• GNFC Limited
• Luxi Chemical Group Co. Ltd
• Perstorp
• Polioli SpA
• Rashtriya Chemicals and Fertilizers Limited

Workflow Optimization

• Formic Acid Market by Concentration :
o 85%
o 90%
o 94%
o 99%

• Formic Acid Market by Application :
o Silage and Animal Feed
o Leather Tanning
o Textile Dyeing and Finishing
o Pharmaceuticals/Food Chemicals
o Rubber Products
o Coatings
o Others (Deicing Agents, Drilling Fluids, etc.)

• Formic Acid Market by Region :
o North America
o Latin America
o Europe
o East Asia
o South Asia & Oceania
o MEA

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Key Question answered in the survey of Formic Acid market report:

• Sales and Demand of Formic Acid
• Growth of Formic Acid Market
• Market Analysis of Formic Acid
• Market Insights of Formic Acid
• Key Drivers Impacting the Formic Acid market
• Which are the Key drivers impacted by Formic Acid market
• Restraints Shaping Market Growth
• Market Survey of Formic Acid

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This release was published on openPR.