Formic Acid Industry Overview-Market Trends, Impact of Drivers, Key Venders, Research Methodology Showing Expected Growth of 4.94 % by 2023
Formic Acid Market Study Report covers the existing scenario and the development scenarios of the Formic Acid Industry for 2017-2023. Formic Acid Market, has been organized based on an in-depth market analysis with inputs from industry professionals.
The global Formic Acid market is expected to reach USD 878.7 million by 2023 at a CAGR of 4.94 % during the forecasted period.
Formic Acid Market report covers the market landscape and its growth prospects over the coming years and discussion of the key vendors effective in this market. To calculate the market size, the report considers the revenue generated from the sales of Formic Acid globally.
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Formic acid is best quality chemical liquid belonging to group of carboxylic acids with scientific name called Methanoic acid. At room temperature, it is a colorless liquid with high pungent odor and is soluble in alcohols, acetone, and ether. According to various application, formic acid is found in concentration grade such as 85%, 90%, 94% and 99%. Global formic acid market has witnessed significant growth over the forecasted period on account of increasing application including animal feed, preservatives, cleaning agents and leather production among others. With stringent regulation on usage of growth promoters in animal feedstock is anticipated to drive the market growth.
Key Players of the Formic Acid Market Reports are: BASF SE, Perstorp AB, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers& Chemicals Limited, Feicheng Acid Chemical, Chongqing Chuandong Chemical (Group) Co., Ltd and LUXI Group CO., LTD among others.
Report also presents Geographical Segmentation analysis of Formic Acid Market Report:
North America (US, Canada)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe, Eastern Europe)
Asia Pacific (Japan, China, India, Republic of Korea, Rest of Asia-Pacific)
Middle East & Africa (Middle East, Africa)
Formic Acid Uses
Formic acid ants
Formic acid hplc
Formic acid purchase
Formic acid sale
Formic acid production
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Global formic acid market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%.
China to account for largest share in Asia Pacific region due to growing application industries like animal feed, textile, rubber & leather industry in this region.
Formic acid market is a semi-fragmented market, however, tier1 manufacturers dominate the market. With rising ban on antibiotics in animal feedstock and substantial growth of agriculture industry is expected to boost the global formic acid market.
European region is expected to witness substantial growth since ban on antibiotics by European Union has boosted animal feed industry.
New product development and expansion of major players to the developing regions are some of the noted trends in the global market.
Study Objectives of Formic Acid Market Report:
To study detail of Formic Acid market by type, by formulation, by distribution channel and by region in forecasted period 2023.
To identify the Formic Acid market dynamics of Formic Acid market dynamics by drivers, restrains, opportunities and challenges.
To analyse various factors like value chain analysis and porters five forces model.
To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and Row.
To provide strategic profiling of key players in the Formic Acid market, comprehensively analysing their core competencies, and drawing a competitive landscape for the market.
To track mergers and acquisitions, strategic alliances, new product development of specified company.
No of Pages: 109
Price of Report: $ 4450 (Single User License)
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