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NEW YORK , July 20, 2022 /PRNewswire/ -- Formic acid is the simplest form of carboxylic acid. It is systemically referred to as methanoic acid. It plays an important role in chemical synthesis and acts as an intermediate. Formic acid occurs naturally.
The "Formic Acid Market by End User (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others) and Geography (APAC, North America , Europe , South America , and MEA) - Forecast and Analysis 2021-2025" report has been added to Technavio's offering. The potential growth difference for the formic acid market between 2020 and 2025 is USD 208.72 mn . To get the exact yearly growth variance and the Y-O-Y growth rate, Request a Sample Report.
To learn about additional key drivers, trends, and challenges of the formic acid rate available with Technavio. Read our Sample Report right now!
The formic acid market report is segmented by end-user (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others) and geography (APAC, North America , Europe , South America , and MEA). APAC will be the leading region with 57% of the market's growth during the forecast period. China and India are the key countries for the formic acid market in APAC.
By end-user, the agriculture and animal feed segment will contribute the largest market share growth during the forecast period. The animal feed industry constitutes the highest percentage of consumption of formic acid, which is widely used as a preservative, disinfectant, and miticide. Moreover, the strong acidification effect of formic acid helps in protecting animal feed against bacterial contamination. It also assimilates protein, retains minerals, and provides energy.
Learn about the contribution of each segment of the formic acid market summarized in concise infographics and thorough descriptions. View our Sample Report
BASF SE, Eastman Chemical Co., GNFC Ltd., Haviland Enterprises Inc., Kemira Oyj, LUXI Group Co. Ltd., NuGenTec, Perstorp Holding AB, Rashtriya Chemicals and Fertilizers Ltd., and Thermo Fisher Scientific Inc., among others, are some of the key vendors operating in the formic acid market. The formic acid market is concentrated, and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
This report provides a full list of key vendors, their strategies, and the latest developments of the formic acid market. View a Sample Report
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Accelerate at a CAGR of 4.49%
APAC, North America, Europe, South America, and MEA
China, US, India, Germany, and Spain
Leading companies, competitive strategies, consumer engagement scope
BASF SE, Eastman Chemical Co., GNFC Ltd., Haviland Enterprises Inc., Kemira Oyj, LUXI Group Co. Ltd., NuGenTec, Perstorp Holding AB, Rashtriya Chemicals and Fertilizers Ltd., and Thermo Fisher Scientific Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period.
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