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Global Formic Acid Market Research With Size, Growth, Key Players, Segments And Forecast To 2032
Formic Acid Market
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. It is used as a preservative and antibacterial agent in livestock feed.
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., Kemira Oyj, Rashtriya Chemicals and Fertilizers Limited, HELM AG, Perstorp Holdings AB, PT Pupuk Kujang, GMM Pfaudler Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, Alfa Aesar, Wuhan Rui Sunny Chemical Co. Ltd., Fleurchem Inc., Noah Chemicals, Polioli S.p.A., Shandong Feicheng Acid Chemicals Co. Ltd., Anhui Asahikasei Chemical Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Hubei Yihua Group Co. Ltd., Zibo Xinglu Chemical Factory, Shandong Haili Chemical Industry Co. Ltd., and Vigon International
A key trend in the Formic Acid market includes The 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
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The Formic Acid market is segmented -
1) By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
2) By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
3) 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. Formic Acid Market Size And Growth
........
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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