The latest research study “Formic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global formic acid market size reached a volume of 879.9 Kilo Tons in 2022. Looking forward, IMARC Group expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.
Formic acid (HCO2H), also known as methanoic acid, represents a colorless liquid with a pungent odor. It is generally used in processing textiles and leather. In line with this, formic acid is utilized as an organic synthetic reagent that occurs naturally in several sources, including the venom of ant and bee stings. It acts as a preservative and antibacterial agent in livestock feed. As such, formic acid helps in countering the attacks of pathogenic fungi, bacteria, molds, etc. It also assists in manufacturing medicines for rheumatism or vasoconstriction. Consequently, formic acid finds wide-ranging applications in the preparation of pickled fish, juices, pickled fruits and vegetables, jelly candies, vegetable and fruit purees, etc., to increase their shelf life.
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Formic Acid Market Trends and Drivers:
The growing need for this liquid in the agriculture industry to limit microbial growth and control soil acidity is among the key factors driving the formic acid market. Moreover, it is extensively utilized in the textile and leather industries, on account of its eco-friendly nature, which is further positively influencing the global market. Besides this, the widespread adoption of antibacterial agents in cattle feed for treating clinically sick animals and controlling the incidences of infectious diseases is acting as another significant growth-inducing factor. Furthermore, the rising demand for formic acid in hay feed to decrease the total milk fat in milch cows is also stimulating the market growth. Apart from this, it is commonly available in various grade types, which is anticipated to bolster the formic acid market over the forecasted period.
Formic Acid Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- Grade 85%
- Grade 94%
- Grade 99%
Breakup by Application:
- Animal Feed and Silage Additives
- Leather Tanning
- Textile Dying and Finishing
- Intermediary in Pharmaceuticals
Breakup by End Use:
- Leather and Textile
- Chemical and Pharmaceutical
- Animal Feed
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Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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