Press release
Global Formic Acid Market Research Report 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.
The global Formic Acid market was valued at US$ 244 million in 2022 and is anticipated to reach US$ 333.3 million by 2029, witnessing a CAGR of 4.5% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Major factors driving the growth of the formic Acid market are
The formic acid market is expanding as it is used more frequently in the production of pesticides, leather, dyes, pharmaceuticals, and rubber.
The size of the formic acid market is anticipated to increase further due to the formic acid's environmental acceptability. Given that it evaporates completely without leaving any traces, formic acid is thought to be a very effective organic acid compared to mineral acids.
The market expansion of formic acid is further fueled by its superior antibacterial characteristics.
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Formic Acid Market Trends
One of the main factors anticipated to propel the growth of the formic acid market worldwide is the rising demand for formic acid in the pharmaceutical and food processing industries. The formic acid market is additionally anticipated to be driven throughout the forecast period by formic acid's use in food preservatives, rubber manufacturing, and leather tanning.
The demand for preservatives, feed additives, and increased meat and poultry consumption are all expected to drive market growth for formic acid. Commercial animal feed additives like formic acid are used to make the animal's diet more acidic. Formic acid is used in cow feed as a preservative, antibacterial, and antimicrobial ingredient.
Formic Acid Market By Type
Content 85%
Content 90%
Content 98%
Others
Formic Acid Market By Application
Agriculture
Leather and Textile
Rubber
Chemical and Pharmaceuticals
Other
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SIMILAR REPORT
https://reports.valuates.com/market-reports/QYRE-Auto-17B9604/global-industrial-formic-acid
https://reports.valuates.com/market-reports/QYRE-Auto-6N4056/global-formic-acid-hydrazide
https://reports.valuates.com/market-reports/QYRE-Auto-9B7445/global-polyethylene-naphthalate-two-formic-acid-glycol-ester-pen
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