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Formic Acid Market Size

Report ID: GMI2583
Published Date: Oct 2023
Report Format: PDF

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Formic Acid Market Size

Formic Acid Market was valued at around USD 1.01 billion in 2022 and is anticipated to grow at a CAGR of over 5.1% between 2023 and 2032.

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Formic acid, a colourless, pungent liquid with a wide range of chemical properties, finds extensive use in agriculture, leather production, textile, and chemical manufacturing. In agriculture, it serves as a vital component in animal feed additives, promoting growth and health in livestock. Additionally, its role as a preservative and antibacterial agent in animal feed further enhances its significance. In the leather industry, formic acid plays a crucial role in tanning processes, aiding in the production of high-quality leather products. It also acts as an essential intermediate in chemical synthesis, facilitating the production of various chemicals, including formate salts and esters.

Formic Acid Market Report Attributes
Report Attribute	Details
Base Year:	2022
Formic Acid Market Size in 2022:	USD 1.01 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5.1%
2032 Value Projection:	USD 1.65 Billion
Historical Data for:	2018 to 2022
No. of Pages:	120
Tables, Charts & Figures:	136
Segments covered:	Grade, Application, Region
Growth Drivers:	Growing demand for animal feed & silage preservatives Regulations prohibiting the use of antibiotics as growth promoters Booming rubber & leather industries
Pitfalls & Challenges:	Adverse effects of the formic acid

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With increasing demand for sustainable and eco-friendly solutions, the formic acid industry is poised for further growth as it aligns with trends favouring environmentally friendly and renewable chemicals, such as bio-based formic acid production methods. However, market dynamics may be influenced by factors like raw material availability, environmental regulations, and competitive pricing. As the industry continues to innovate and adapt to evolving market demands, it is likely to see sustained expansion and diversification in the coming years.

Authors: Kiran Pulidindi, Kunal Ahuja

Frequently Asked Questions (FAQ) :

Market size for formic Acid was valued at around USD 1.01 billion in 2022 and is estimated to reach USD 1.65 billion by the end of 2032.

The leather and textile processing segment held a notable share of around 43.58% in 2022 and is expected to grow at a lucrative pace through 2032 due to the use of formic acid as a tanning agent and pH adjuster.

The U.S. formic acid industry was worth USD 0.10 billion in 2022 and is anticipated to expand at a significant pace from 2023-2032, driven by the diverse range of applications that rely on formic acid, including agriculture, animal feed additives, textiles, and chemical manufacturing.

Perstorp, Feicheng Acid Chemicals Co., Ltd., Chongqing Chuandong Chemical (Group) Co., Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), LUXI GROUP among others.