Press release
Formic Acid Market to Develop New Growth Story 2024 - 2031 | BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd
Formic Acid Market
The global formic acid market is estimated to be valued at USD 2.34 Bn in 2024 and is expected to reach USD 3.43 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Market Dynamics:
The growth of the formic acid market is majorly driven by the increasing demand for preservatives and silage additives in the livestock industry. Formic acid is widely used as an effective preservative and silage additive in livestock feed to improve the nutritional value and increase shelf life of feed products. It inhibits the growth of harmful mold and prevents feed wastage. Additionally, growing meat consumption globally is also contributing to the increased demand for high-quality livestock feed stabilized with formic acid. The high demand from the rubber industry for natural rubber production is another key factor fueling the growth of the formic acid market over the forecast period.
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Major Growth Drivers Boosting the Demand for Formic Acid
Increasing Demand for Preservatives and Silage Additives in Agriculture Industry
Formic acid acts as an effective preservative and silage additive in animal feed which helps in the preservation of green fodder and animal feed. The rising meat consumption globally has led to increased demand for animal feed and fodder preservation. Formic acid as a preservative prevents the growth of harmful molds and bacteria in silage thereby increasing its shelf life. The growing agriculture industry and animal husbandry is expected to drive the demand for formic acid as a preservative and silage additive during the forecast period.
Notable Opportunity for Further Expansion of Formic Acid Market
Growing Applications in Rubber Processing Industry
Formic acid acts as an accelerator in rubber vulcanization which is the process of curing natural and synthetic rubber. It enhances the elasticity, tensile strength and resistance to heat and aging of vulcanized rubber. With rubber being used in varied industrial applications like tires, belts, hoses, seals etc. the demand from rubber processing industry is expected to present remunerative growth opportunities. Moreover, formic acid finds increasing usage as a tanning agent, preservative and coagulant in leather processing. Expansion of tire and leather industries worldwide will spur the demand for formic acid from these application sectors.
Prevailing Market Trend Revolutionizing the Formic Acid Domain
RisingEmphasis on Bio-Based and Green Formic Acid Production
Environmental concerns have shifted the focus towards more sustainable production technologies. Companies are investing in R&D to develop cost-effective methods of manufacturing formic acid from renewable feedstock like forestry and agricultural waste using microorganisms. The use of bio-based raw materials and green production techniques provides a greener alternative to conventional petroleum-based production routes. This emerging trend is expected to stimulate market growth and help producers cater to the growing demand for eco-friendly chemicals in the coming years.
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Top Companies Featured in This Report:
β BASF SE
β Eastman Chemical Company
β Shandong Acid Technology Co. Ltd
β Gujarat Narmada Valley Fertilizers & Chemicals Limited
β LUXI GROUP
β Perstorp Holdings ABPOLIOLI SpA
β PT Pupuk Kujang
β Wuhan Ruisunny Chemical Co. Ltd
β Prakash Chemicals Agencies Pvt. Ltd.
β GJ Chemical
β EMCO Dyestuff
β Kakadiya Chemicals
β Meru Chem Pvt. Ltd
β SGS & Company
β CDH Fine Chemical
β Rashtriya Chemicals and Fertilizers Limited
Market Segmentation:
By Product Type:
β By Type: Grade 85% , Grade 94% , Grade 99% , and Others
By Applications:
β By Application: Animal Feed and Silage Additive , Leather Tanning , Textile Dyeing and Finishing , Intermediary in Pharmaceuticals , and Other Applications
Key Regions/Countries Classified as Follows:
Β» North America (U.S., Canada, Mexico)
Β» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
Β» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
Β» South America (Brazil, Argentina, Rest of SA)
Β» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
π What was the size of the Formic Acid Market in 2024, and what is the projected value by 2031?
π What is the present global market landscape for the Formic Acid Market?
π What strategies offer optimal opportunities for growth maximization in the business?
π What recent trends are shaping the Formic Acid Market?
π How does the market share of Formic Acid Market revenue, sales, and size vary across specific geographical regions?
π Who are the prominent industry players in the Formic Acid Market?
π Which segment of the Formic Acid Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Formic Acid sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
π Request For Customization at: @ https://www.coherentmarketinsights.com/insight/request-customization/5180
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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