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Formic Acid Market Size, Growth, Industry Demand, Emerging Trends, Revenue, Challenges, and Forecast Till 2033: SPER Market Research

admin September 6, 2024 Business, Chemical

Formic acid, chemically represented as HCOOH, is a colorless, strong liquid that is also referred to as methanolic acid. It was first isolated from ants in the 18th century, and its name, “Formica,” comes from the Latin word for ant. It is the most basic carboxylic acid. Many different creatures, including certain insects, plants, and animals, naturally contain formic acid. It is made commercially by catalyzing the oxidation of methanol, and it has several uses in industry.

According to SPER market research, ‘Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82%.

Drivers:

The market for formic acid is growing due to a variety of factors that are indicative of its wide range of industrial uses. The growing usage of formic acid in agriculture as a feed additive and preservative to improve the development and health of animals is one of the main factors driving the market. Furthermore, formic acid is becoming more and more in demand as a necessary component of renewable energy technologies like fuel cells due to the growing interest in environmentally friendly and sustainable solutions. Its application in the textile industry’s dyeing and finishing procedures aids in the growth of the market.

Challenges:

A number of challenges could hinder the formic acid market’s expansion and general uptake. Its caustic character is a major obstacle. Because formic acid is a powerful acid, it can harm machinery, pipes, and storage facilities if safety measures are not followed. One further obstacle is the production expense. Although methanol and other renewable resources can be used to produce formic acid, costly precious metal catalysts like cobalt or rhodium are frequently used in the process.

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Impact of COVID-19 on Global Formic Acid Market

The market for formic acid has seen conflicting effects from the COVID-19 epidemic. Lockdown measures implemented to restrict the virus’s spread and the worldwide economic recession caused interruptions in the formic acid industry, similar to those experienced by many other businesses. Travel, trade, and manufacturing limitations led to lower production capacity, logistical difficulties, and supply chain disruptions that impacted formic acid distribution and availability. Moreover, the pandemic significantly affected the formic acid end-use sectors. The construction, automotive, textile, and leather industries all saw declines in demand, which lowered the need for formic acid in these industries.

Formic Acid Market Key Players:

Additionally, some of the market key players are; BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company.

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Formic Acid Market Growth

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Formic Acid Market Size 2023, Growth, Industry Demand, Emerging Trends, Revenue, Growing Status, Challenges, Business Opportunities and Forecast Till 2033: SPER Market Research

admin December 18, 2023 Business, Chemical, News

Formic acid, which has the molecular formula HCOOH, is a colourless, strong-smelling, and very caustic organic acid. Also referred to as methanoic acid, it is the most basic carboxylic acid. It is often utilised in many different industries, including rubber manufacture, textiles, leather goods, and agriculture. Additionally, formic acid is utilised in various household cleaning products as a disinfecting agent and as an antibacterial and preservative in animal feed. Formic acid may be hazardous in large amounts and has to be handled carefully.

According to SPER market research, ‘Formic Acid Market Size– By Product Type, By Application, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82%.

In order to lessen the industry’s carbon footprint, there is a trend towards bio-based formic acid manufacture that uses renewable resources like biomass and waste streams. This puts an increasing focus on ecologically friendly and sustainable production processes. Formic acid’s growing market reach is being facilitated by growing knowledge of its antibacterial qualities, which are propelling its use in a variety of industries, such as animal feed additives and as a natural preservative for dietary goods. Because formic acid has the potential to be a safe and effective hydrogen carrier, it is becoming more and more popular in energy storage applications, growing market reach is being facilitated by growing knowledge of its antibacterial qualities, especially as a hydrogen storage medium. This is in line with the rising interest in clean energy solutions. Strict laws and policies pertaining to animal welfare and food safety are increasing demand for premium formic acid.

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However, the main constraints expected to limit the target industry’s growth during the projected period are the introduction of more affordable alternatives and the very dangerous amounts of higher-grade formic acid. A number of variables, including the availability of raw materials, environmental laws, and competitive pricing, may have an impact on market dynamics. In the upcoming years, the sector is probably going to witness consistent growth and diversity as long as it keeps innovating and adjusting to changing consumer expectations.

COVID-19 Impact on Global Formic Acid Market

Globally, the COVID-19 epidemic caused a serious health disaster in several nations. Given its significance as a primary node in several international value chains, China was the first nation to experience the pandemic’s effects, which made supply issues worse. Global supply chains were impacted by travel restrictions, labour and material shortages, logistical issues brought on by tighter controls, and border and hub closures. The supply of essential goods was significantly disrupted by the supply chain disruptions that started in China.

Formic Acid Market Key Players:

Geographically, the largest and fastest-growing market at the moment is Asia Pacific. The region holds a substantial portion of the market due to factors including growing demand for formic acid in different applications, expansion in the leather and textile industries, and rising need for additives for animal feed. With a sizable portion of the Asia-Pacific market, China is the world’s biggest producer and user of formic acid. The nation’s sizable and expanding population, together with the rising demand for meat and other animal products, are propelling the expansion of the animal feed sector, which in turn is fueling the need for formic acid as a preservative and antibacterial agent. The leading companies in the industry include BASF SE, Eastman Chemical Company, LUXI Group, Shandong Acid Technology Co. Ltd. and others

Global Formic Acid Market Segmentation:

By Production Method: Based on the Production Method, Global Formic Acid Market is segmented as; Carbonylation of Methanol, Oxalic Acid.

By Application: Based on the Application, Global Formic Acid Market is segmented as; Animal Feed, Cleaning Agent, Dyeing, Finishing Textile, Leather Production, Preservatives, Rubbers, Others

By End User: Based on the End User, Global Formic Acid Market is segmented as; Agriculture, Pharmaceutical, Others

By Concentration: Based on the Concentration, Global Formic Acid Market is segmented as; 85%, 90%, 94%, 99%

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

For More Information, refer to below link: –

Formic Acid Market Outlook

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Formic Acid Market Growth 2023- Global Industry Share, Emerging Trends, Growing Demand, Revenue, Business Challenges, Opportunities and Future Strategies Report 2033: SPER Market

admin November 9, 2023 Business

Formic acid, often known as methanolic acid, is a colorless, smelly liquid having the formula HCOOH. The term “Formica,” which comes from the Latin word for ant, refers to this most basic carboxylic acid, which was first identified in ants during the 18th century. Numerous organisms, including insects, plants, and animals, naturally contain formic acid. It has many industrial uses and is produced commercially through the catalytic oxidation of methanol. Formic acid’s highly reactive and caustic nature makes it useful as a reducing, preserving, and coagulating agent.

According to SPER market research, ‘Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82 %.

Formic acid has a broad range of uses and diverse qualities, which present various market potential. The increasing need for animal feed preservation and cleanliness presents a huge market opportunity. To increase feed quality and inhibit microbial growth, formic acid is used as a preservative in livestock feed. This improves animal productivity and health. The growing interest in eco-friendly and sustainable products presents another market potential. Given its biodegradability and sourcing from renewable resources like methanol, formic acid is a suitable chemical to meet the increasing need for eco-friendly products. It can be utilized in place of some harsh chemicals in a variety of industries, such as cleaning goods, leather tanning, and textile processing.

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A number of challenges could hinder the formic acid market’s expansion and general uptake. Its caustic character is a major obstacle. Because formic acid is a powerful acid, it can harm machinery, pipes, and storage facilities if safety measures are not followed. One further obstacle is the production expense. Although methanol and other renewable resources can be used to produce formic acid, costly precious metal catalysts like cobalt or rhodium are frequently used in the process.

Impact of COVID-19 on Global Formic Acid Market

The pandemic of COVID-19 has had an uneven influence on the formic acid market. The formic acid market, like many others, was disrupted by the worldwide economic slump and lockdown measures enacted to prevent the spread of the virus. Travel, trade, and industrial limitations caused supply chain disruptions, limited production capacity, and logistical issues, hurting formic acid availability and distribution. Furthermore, the pandemic had a considerable influence on the formic acid end-use sectors. Automobile, textile, leather, and construction industries also experienced downturns, resulting in lower demand for formic acid in these industries.

Formic Acid Market Key Players:

Furthermore, Asia Pacific’s high feed production is likely to make it the region’s dominant market over the next years. China regained its top spot as the world’s largest producer of animal feed in 2020, with an output of 252.76 million metric tons, according to the Coherent Market Insights report.. Additionally, some of the market key players are BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company, Fei Cheng Acid Chemicals Co., Ltd., Fleur hem, Inc., Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC), LUXI Group Co., Ltd, Yara International ASA.

Global Formic Acid Market Segmentation:

By Production Method: Based on the Production Method, Global Formic Acid Market is segmented as; Carbonylation of Methanol, Oxalic Acid.

By Application: Based on the Application, Global Formic Acid Market is segmented as; Animal Feed, Cleaning Agent, Dyeing, Finishing Textile, Leather Production, Preservatives, Rubbers, Others

By End User: Based on the End User, Global Formic Acid Market is segmented as; Agriculture, Pharmaceutical, Others

By Concentration: Based on the Concentration, Global Formic Acid Market is segmented as; 85%, 90%, 94%, 99%

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

For More Information, refer to below link: –

Formic Acid Market Future Growth

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Formic Acid Market Growth 2023- Global Industry Share, Upcoming Trend, Growing Demand, Revenue, Business Challenges, Opportunities and Future Strategies Report 2033: SPER Market Research

admin August 2, 2023 Business, Chemical

Formic acid is a colourless and smelly liquid having the chemical formula HCOOH. It is the most basic carboxylic acid and gets its name from the Latin word for ant, “Formica,” because it was discovered in ants in the 18th century. Formic acid is found naturally in a variety of creatures, including insects, plants, and animals. It is commercially generated by catalytic oxidation of methanol and has numerous industrial applications. Formic acid is used as a reducing agent, preservative, and coagulating agent due to its extremely reactive and caustic character. It is also used in leather tanning, textile colouring, and as a cleaning product component. Furthermore, formic acid has grown in importance in the field of organic synthesis and as a versatile building block for a variety of chemical processes.

According to SPER market research, ‘Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82%.

Several factors contribute to formic acid consumption and growth in various sectors. One key motivator is the growing need for environmentally friendly and sustainable solutions. Formic acid, which is obtained from renewable sources and biodegradable in nature, is consistent with the increased emphasis on environmental awareness and sustainable practises.

Formic acid market confronts a number of hurdles that could have an impact on its widespread adoption and commercial expansion. One major issue is that it is corrosive. Because formic acid is a powerful acid, it can damage equipment, pipelines, and storage facilities, if necessary, measures are not taken. This creates difficulties for handling, shipping, and storage, necessitating the use of specialised materials and infrastructure to assure safe operations.

Impact of COVID-19 on Global Formic Acid Market

The COVID-19 pandemic has had a mixed impact on the formic acid market. Like many other industries, the formic acid market faced disruptions due to the global economic slowdown and lockdown measures imposed to contain the spread of the virus. The restrictions on travel, trade, and manufacturing activities resulted in supply chain disruptions, reduced production capacities, and logistical challenges, affecting the availability and distribution of formic acid. Furthermore, the pandemic had a significant impact on the end-use industries of formic acid. Sectors such as automotive, textiles, leather, and construction experienced a downturn, leading to reduced demand for formic acid in these applications.

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Formic Acid Market Key Players:

Geographically, formic acid is produced and consumed globally, with its demand spread across various regions. Some notable regions where formic acid production and consumption are prominent include North America, Europe, Asia Pacific, and Latin America. In North America, the United States and Canada are significant players in the formic acid market. These countries have a well-developed chemical industry, and formic acid finds applications in various sectors such as animal feed, textiles, and cleaning products. Additionally, some of the market key players are BASF SE, per torp Holding AB, Eastman Chemical Company, and Fei Cheng Acid Chemicals Co., Ltd.

Global Formic Acid Market Segmentation:

By Production Method: Based on the Production Method, Global Formic Acid Market is segmented as; Carbonylation of Methanol, Oxalic Acid.

By Application: Based on the Application, Global Formic Acid Market is segmented as; Animal Feed, Cleaning Agent, Dyeing, Finishing Textile, Leather Production, Preservatives, Rubbers, Others

By End User: Based on the End User, Global Formic Acid Market is segmented as; Agriculture, Pharmaceutical, Others

By Concentration: Based on the Concentration, Global Formic Acid Market is segmented as; 85%, 90%, 94%, 99%

By Region: This report also provides the data for key regional segments of Asia-Pacific, Europe, Middle East and Africa, North America, Latin America.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

For More Information, refer to below link: –

Formic Acid Market Growth

USA Lubricants Market Size- By Product Type, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

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