Formic Acid Market Size
Market Outlook:
Base Year Value (2023)
USD 2.2 Billion
CAGR (2024-2032)
5.1%
Forecast Year Value (2032)
USD 3.44 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:Formic acid market is expected to witness significant growth in the coming years due to increasing demand from end-use industries such as agriculture, leather, and textile. The rising use of formic acid as a preservative and antibacterial agent in animal feed additives is also contributing to market growth. Additionally, the growing adoption of formic acid in the production of various chemicals and pharmaceuticals is further driving market expansion.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Application, End-User |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | BASF Intermediate Division, BASF SE, Celanese, Chongqing Chuandong Chemical, Eastman Chemical Company, Feicheng Acid Chemicals, Fleurchem,, Gujarat Narmada Valley Fertilizers & Chemicals., Kemira Oyj, LUXI Group, Perstorp Holding AB, Yara International ASA |
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Despite the positive growth prospects, the formic acid market is facing challenges in terms of stringent regulations imposed by government authorities regarding the use of formic acid in certain applications. The fluctuating prices of raw materials used in the production of formic acid is another major restraint impacting the market growth. These factors are expected to hinder the overall market growth in the near future.
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