The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Formic Acid Global Market Report 2023, the formic acid market is expected to show significant growth in the forecast period.

Key insights from the formic acid market forecast include:

1. Market Size

The global formic acid market is expected to grow from $1.60 billion in 2022 to $1.70 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The formic acid market is expected to reach $2.08 billion in 2027 at a CAGR of 5.2%.

2. Major Driver

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 2020, according to the American Feed Industry Association (AFIA), a US-based not-for-profit organization, animal food consumption would increase by 2.5% to 254.6 million tons, worth approximately $48.8 billion by 2025. Therefore, the growing demand for animal feed is driving the growth of the formic acid market.

View More On The Formic Acid Market Report 2023 – https://www.thebusinessresearchcompany.com/report/formic-acid-global-market-report

3. Key Trend

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.

4. Major Players

Major players in the formic acid market 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., and Vigon International.

5. Top Market Segments

The global formic acid market 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

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The Formic Acid Global Market Report 2023  provides an in-depth analysis on the formic acid market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the formic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Acid Dyes Global Market Report 2023

Feed Acidifiers Global Market Report 2023

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