Formic Acid Market Trends | Growing Demand, Applications & Forecast 2024-2031 | Top key players - BASF SE, Eastman Chemical Company, Luxi Chemical Group Co Ltd.

The Global Formic Acid Market reached US$ 1.1 billion in 2022 and is expected to reach US$ 1.4 billion by 2031, growing with a CAGR of 3.7% during the forecast period 2024-2031.

Formic Acid Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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The Formic Acid Market focuses on the production and use of formic acid, a versatile organic acid used in agriculture (as a preservative and pesticide), textiles, leather, and food industries, as well as in the manufacture of chemicals like methanol and acetic acid. Market growth is driven by rising demand in agriculture for feed preservation, increasing use in industrial applications, and the growth of the leather and textile industries.

List of the Key Players in the Formic Acid Market:

BASF SE, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Luxi Chemical Group Co Ltd., Perstorp Holdings AB. PT Sintas Kurama Perdana, Thermo Fisher Scientific, Spectrum Chemical Mfg. Corp., Lanxess AG and Alfa Chemistry.

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Industry Development:

On May 1, 2022, researchers from the Indian Institute of Technology Guwahati developed a catalyst capable of releasing hydrogen gas from wood alcohol without producing any additional carbon dioxide as a byproduct. This process also yields formic acid, a valuable industrial chemical. The development enhances methanol as a promising Liquid Organic Hydrogen Carrier (LOHC), advancing the concept of a hydrogen-methanol economy and contributing to environmentally friendly hydrogen production.

On July 13, 2023, Ingenza, a biotechnology company, partnered with Johnson Matthey to manufacture formic acid from industrial CO2 emissions. This initiative aims to apply formic acid in sectors such as agriculture and pharmaceuticals, and as a potential feedstock for other bioprocesses. Formic acid, one of the simplest carboxylic acids, can be produced by catalytically hydrogenating CO2, but overcoming the high activation barriers due to CO2's stability requires significant energy input.

Growth Forecast Projected:

The Global Formic Acid Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Formic Acid Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Segment Covered in the Formic Acid Market:

By Grade: Less than 80% to 89.5%, 89.5% to 90.5%, 91.6% to 99%, Above 99%.

By Production Method: Carbonylation of Methanol, Hydrolysis of Methyl Formate.

By Application: Leather Tanning, Animal Feed & Silage Additives, Pharmaceutical Intermediate, Cleaning Agents, Preservatives, Dyeing, Latex, Others.

By End-User: Agriculture, Leather, Textile and Apparels, Healthcare, Rubber, Chemical, Paper, Others.

Regional Analysis for Formic Acid Market:

The regional analysis of the Formic Acid Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Formic Acid market?

➠ Who are the leading manufacturers in the global Formic Acid industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Formic Acid industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Formic Acid market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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