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

LONDON, GREATER LONDON , UK, July 16, 2024 /EINPresswire.com/ -- The formic acid market has experienced robust growth in recent years, expanding 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.

Strong Future Growth Anticipated
The formic acid market is projected to continue its strong growth, reaching $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.

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Growth Driver Of The Formic Acid Market
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.

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Formic Acid Market Major Players And Market Trends
Key players in the formic acid market include 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 Asahi Kasei 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.

Major companies operating in the formic acid market are increasing their focus on introducing energy generation systems, such as hydrozine, to gain a competitive edge in the market. Energy generation systems refer to various technologies and setups designed to produce electrical or mechanical energy.

Formic Acid Market Segments:
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

Geographical Insights: Asia-Pacific Leading The Market
Asia-Pacific was the largest region in the formic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of formic acid.

Formic Acid Market Definition
Formic acid, also known as methanoic acid, refers to a colorless and highly soluble liquid in water with a pungent odor that is considered a strong acid. It is the simplest carboxylic acid used to process textiles and leather.

The formic acid is available in distinct types of purity, such as less than 80% to 89.5%, 89.6% to 90.5%, 91.6% to 99%, and more than 99%. Purity, less than 80% to 89.5%, typically refers to a lower-purity formic acid, which may contain impurities and other substances. These are used in several applications, including animal feed, silage, leather tanning, and textile dyeing, and are used by various end-use industries, such as agriculture, leather, textiles and apparel, healthcare, rubber, chemicals, paper, and others.

Formic Acid Global Market Report 2024 from THE BUSINESS RESEARCH COMPANY covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Formic Acid Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on formic acid market size, formic acid market drivers and trends, formic acid market major players, formic acid competitors' revenues, formic acid market positioning, and formic acid market growth across geographies. The formic acid market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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