Formic Acid Market Analysis With Key Players, Applications, Trends And Forecast To 2033

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Formic Acid Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The formic acid market size has grown strongly in recent years. It will grow from $1.7 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 6.0%. The growth in the historic period can be attributed to textile and leather industries, agricultural applications, chemical manufacturing, rubber industry, laboratory and research.

The formic acid market size is expected to see strong growth in the next few years. It will grow to $2.2 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to renewable energy storage, biofuel production, biodegradable polymers, hydrogen storage, formate salts for oil recovery. Major trends in the forecast period include formic acid in waste management, expansion in biotechnology, carbon-neutral chemical production, formate salts in oil industry, formic acid fuel cells.

Get Free Sample Of This Report-
https://www.thebusinessresearchcompany.com/sample.aspx?id=12173&type=smp

Market Segmentation:
The formic acid market covered in this report 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

Major Driver - Growing Demand For Animal Feed Fuels Formic Acid Market Expansion
The growing demand for animal feed is expected to boost the growth of the formic acid market going forward. 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. For instance, in 2022, according to the Animal Nutrition Association of Canada (ANAC), a Canada-based trade association, Canadian livestock consumed an estimated 28.9 million metric tons of feed (not including forages) in 2021, with approximately 19.3 million metric tons of that feed supplied by commercial mills across Canada. The Canadian commercial feed market grew over 20% in 2022, reaching a record $11.5 billion in sales . Therefore, the growing demand for animal feed is driving the growth of the formic acid market.

Competitive Landscape:
Major companies operating in the formic acid market report 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., Vigon International

Get Access To The Full Market Report -
https://www.thebusinessresearchcompany.com/report/formic-acid-global-market-report

Top Trend - Technological Advancements Transforming Formic Acid Market Landscape
The launch of innovative technologies is a key trend gaining popularity in the formic acid market. 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. This work is expected to promote the industrialization of carbon dioxide upcycling driven by green electricity, which has immense potential for practical application.

The Table Of Content For The Market Report 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
…..
27. Formic Acid Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx

About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.

This release was published on openPR.