The global formic acid market is expected to grow at a CAGR of more than 4% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global formic acid market 2017-2021 under their chemicals and materials library. (Photo: Business Wire)
Global formic acid market segmentation by end-user and geography
Technavio’s report on the global formic acid market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by end-user, including agriculture and animal feed, textile, rubber, leather, and chemicals and pharmaceuticals. As projected in 2016, around 25% of the market share originated from agriculture and animal feed. In animal feed industry, formic acid is widely used as a preservative, disinfectant, and miticide. Due to the strong effect of acidification effect of formic acid, it protects animal feed against bacterial contamination.
Based on geography, the global formic acid market has been segmented into APAC, EMEA, North America and ROW. As of 2016, 38% of the market share came from APAC.
“Owing to the increasing demand from rubber, agriculture, leather, and textile industries in countries such as China and India, the formic acid market in APAC is anticipated to grow at a fast pace during the forecast period. Major players are expected to draw an increasing rate of investments due to the low initial capital and labor costs, along with the rapidly booming market in China,” says Kshama Upadhyay, a lead analyst at Technavio for specialty chemicals research.
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Formic acid market: competitive vendor landscape
As key players are constantly experimenting in terms of innovation and creative products, the global formic acid market is competitive. Key market players include BASF, Feicheng Acid Chemicals, Perstorp, GNFC, and Eastman Chemical Company. Fundamentally, the vendors operating in the market are focused on expanding or setting up their businesses at locations that offer affordable raw materials and labor.
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Other topics covered in the report:
Market drivers:
- Rising demand for formic acid as a preservative
- Silage preservation and ban on antibiotics bolstering market demand
Market challenges:
- Presence of cost effective substitutes
- Occupational health hazards
Market trends:
- Direct syntheses of formic acid in acidic media
- New applications of formic acid backed by innovations
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