Formic Acid Market Trends, Industry Trends, Segments 2023 To 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Formic Acid Global Market Report 2023 identifies growing demand for animal feed as the major driver for the Formic Acid market's growth in the forecast period. Animal feed is a substance that refers to the food grown or developed for livestock and poultry. It is an edible item that an animal consumes and uses to supplement its diet with energy, minerals, or both. Formic acid is commonly used as an additive in animal feed to improve preservation, nutritional value, and overall animal health.

The global formic acid market is expected to grow from $1.60 billion in 2022 to $1.70 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The formic acid market is expected to reach $2.08 billion in 2027 at a CAGR of 5.2%.

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Major competitors in the Formic Acid market are BASF SE, Honeywell International Inc., Yara International ASA, Evonik Industries AG, Eastman Chemical Company, Luxi Chemical Group Co. Ltd.

A key trend in the Formic Acid market includes launch of innovative technologies. Major companies operating in the formic acid market are focused on launching recent technologies to meet specific demands and sustain their position in the market. For instance, in January 2022, the University of Science and Technology of China, a China-based university, and a collaborative team of researchers developed an innovative system to directly utilize renewable electricity to reduce carbon dioxide into pure formic acid. This system uses a copper-based single-atom alloy catalyst and a novel electrochemical device based on solid-state electrolytes to generate refined formic acid liquid fuels with carbon dioxide and water as raw feedstocks.

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The Formic Acid market is segmented -
• By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
• By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
• By End-Use Industry: Agriculture, Leather, Textiles And Apparel, Healthcare, Rubber, Chemical, Paper, Other End-Use Industries
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the Formic Acid market.

The Business Research Company's "Global Formic Acid Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Formic Acid Market Include:

1. Executive Summary
2. Formic Acid Market Characteristics
3. Formic Acid Market Trends And Strategies
4. Formic Acid Market - Macro Economic Scenario
5. Global Formic Acid Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
………………………………………………………………..
32. Global Formic Acid Market Competitive Benchmarking
33. Global Formic Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Formic Acid Market
35. Formic Acid Market Future Outlook and Potential Analysis
36. Appendix

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