According to a latest business intelligence report from IndustryARC, the demand in the global Formic acid market will increment profitably during the forecast period of 2018 to 2023, providing numerous opportunities to market players who invest in research and development. Geographically, Asia-Pacific dominates the formic acid market owing to its expansive agricultural industry. Asia-Pacific was followed by Europe and North America as the second and third largest markets for formic acid.
Formic acid is the simplest carboxylic acid. In nature, formic acid is found in the stings and bites of many insects including bees and ants. The principal use of formic acid is as a preservative and antibacterial agent in livestock feed. When sprayed fresh, it arrests certain decay processes and causes the feed to retain its nutritive value longer.
This formic acid is manufactured and imported in the European Economic Area in 10,00-100, 000 tonnes per year and holds a high share in the overall market demand. Additionally, formic acid market players are gaining formidable demand influx from the flourishing leather, textile, and agricultural industries. The emphasis on crop production and farmers to cater to the burgeoning food demand is projected to boost the market in the near future. This is nontoxic acid when used in lower concentration and hence used as a consumer base for washing and cleaning products, leather treatment products, textile treatment products, dyes, coating products, metal surface treatment products as well as in industrial site for production of thermoplastic, chemicals, textile, leather, fur and plastic products.
Growing demand preservatives and feed additives coupled with increasing demand from major end user industries is expected to be the key growth drivers for formic acid during the period of study. Moreover, this substance is being reviewed for use as a biocide in the EEA and Switzerland for disinfection, veterinary hygiene, food and animal feeds, drinking water, product preservation, preservation for liquid systems, controlling slimes.
Browse 50 Market Tables, 176 Figures spread through 140 slides and an in-depth TOC on “Formic Acid Market (2018 - 2023)”
Formic Acid market: Disruptive Trend
The use of formic acid on hay feed may reduce the total milk fat when given to cows. These applications of formic acid are on the rise due to the increase in demand for animal feed. Another revenue avenue opening up is the use of formic acid as a viable compound for storing hydrogen and designed to function in a hydrogen fuel cell. Use of formic acid in pH regulators, water treatment, and plant protection are some other trends in the market. Investments in developing economies to expand the production capacity are one of the major trends in the industry. Product diversification and implementation of advanced technology in feed acidifier segment including coatings and encapsulations is poised to provide growth avenues over the forecast period. Environment acceptability, high quality, and favorable legislations and regulations are expected to positively influence the formic acid market. Increasing usage of the compound in the amalgamation of latex for the production of rubber sheets is expected to augment demand for the formic acid market.
Some major key players in the formic acid market are Taminco Corporation, Perstorp AB, Feicheng Acid Chemicals Co. Ltd., Gujarat Narmada Valley Fertilizers Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd.
This substance is used by consumers such as professional workers in formulation or re-packing at industrial sites and in manufacturing. Expansions and investments play a major role in market growth. Rising investments in formic acid development across the value chain from suppliers to end-use industries are expected to positively impact market growth over the forecast period.
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