Global Formic Acid Market 2024-2028
The formic acid market is forecasted to grow by USD 543.9 mn during 2023-2028, accelerating at a CAGR of 5.2% during the forecast period. The report on the formic acid market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by rising demand for formic acid as a preservative, silage preservation and ban on antibiotics bolstering market demand, and rising demand for natural rubber.
Technavio's formic acid market is segmented as below:
By Distribution Channel
By End-user
- Agriculture and animal feed
- Leather
- Textile
- Chemicals and pharmaceuticals
- Others
By Geographical Landscape
- APAC
- North America
- Europe
- Middle East and Africa
- South America
This study identifies the direct syntheses of formic acid in acidic media as one of the prime reasons driving the formic acid market growth during the next few years. Also, new applications of formic acid backed by innovations and establishment of new plants for increasing raw material production will lead to sizable demand in the market.
The report on the formic acid market covers the following areas:
- Formic acid market sizing
- Formic acid market forecast
- Formic acid market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading formic acid market vendors that include BASF SE, Eastman Chemical Co., GNFC Ltd., Joshi Agrochem Pharma Pvt. Ltd., Kakdiya Chemicals, Kemira Oyj, Luxi Chemical Group Co. Ltd., Merck KGaA, MERU CHEM PVT. LTD., NuGenTec, PETRONAS Chemicals Group Berhad, Pon Pure Chemicals Group, ProChem Inc., RXChemicals, Shandong Acid Technology Co. Ltd., Shandong Jiuan Chemical Industry Co. Ltd., Shijiazhuang Taihe Chemical Co. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., and Vizag Chemical International. Also, the formic acid market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.