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The Formic Acid (HCOOH) Market size is estimated to grow at a CAGR of 4.88% between 2022 and 2027. The market size is forecast to increase by USD 485.04 million. The growth of the market depends on several factors such as the rising demand for formic acid as a preservative, the silage preservation and ban on antibiotics bolstering market demand, and the rising demand for natural rubber.
This formic acid market report extensively covers market segmentation by distribution channel (offline and online), end-user (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for formic acid as a preservative is driving growth in the formic acid market. Its excellent preservation characteristics make formic acid an ideal silage preservative. Silage refers to green fodder or grass that is stored to be used as animal feed during winter months. The silage production shall be aimed at supporting the material with no or minimal loss of nutrients.
However, it is a common practice to use molasses to provide energy for the fermentation of lactic acid and to assist the silage-making process. But formic acid's addition to silage material will significantly influence the fermentation process. Few factors will significantly contribute to the growth of the global formic acid market during the forecast period.
The new applications of formic acid backed by innovations are a key trend in the formic acid market. Formic acid is used traditionally in end-user industries that include animal feed, leather, rubber, and textiles. However, recent applications of formic acid have broadened the scope of the HCOOH market in focus. This is backed by new-age research and development activities to test the suitability of formic acid across different fields.
Formic acids are also finding their applications in hydrogen fuel cells. In order to maintain the required temperatures, formic acid is helping reduce greenhouse gas emissions, which are generally released due to methane used in hydrogen fuel cells. Owing to the growing innovations and applications of formic acid, the market in focus is expected to grow significantly during the forecast period
The presence of cost-effective substitutes is a major challenge faced by the formic acid market. Although formic acid has an extensive range of uses, its high cost has paved the way for cost-effective substitutes, which are threatening the growth of the global formic acid market. Peptide and microflora enhancers are some of the emerging cost-effective alternatives to fampic acid.
However, potassium sorbate, sodium sorbate, and acetic acid also pose a considerable threat of substitution to formic acid when used as a preservative. The existence of cost-effective substitutes will adversely affect the growth of the global formic acid market during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Formic Acid Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
BASF SE - The company offers formic acid in Europe under the Protectol FM brand.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The offline segments are estimated to witness significant growth during the forecast period. When it comes to distribution via offline channels, formic acid is available through chemical suppliers, distributors, or manufacturers who deal with industrial chemicals. Formic acid is commonly supplied to various industries by companies specialized in the distribution of chemicals, such as agriculture, leather, and textile, that require formic acid for their processes of production.
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The offline segment was the largest segment and was valued at USD 1,332.13 million in 2017. The offline distribution of formic acid requires close coordination between manufacturers, wholesalers, retailers, and end-users to ensure the seamless supply of chemicals while adhering to safety standards and regulations. Increasing demand for phosphoric acid from end users and easy availability of phosphoric acid in offline stores will drive the growth of the segment and propel the growth of the global formic acid (HCOOH) market during the forecast period.
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APAC is estimated to contribute 57% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The formic acid (HCOOH) market in APAC is anticipated to grow at a fast pace during the forecast period, mainly owing to the increasing demand from rubber, agriculture, leather, and textile industries in China and India. Low initial capital and labor costs, along with the rapidly booming market in China, are expected to draw an increasing rate of investments from major players.
Moreover, APAC offers to be a lucrative market for both animal feed and leather industries. More projects are expected for the development of buildings and infrastructure in countries such as China and Japan. These developments will propel the demand for leather products, which, in turn, will lead to healthy prospects for the regional market in focus during the forecast period.
The COVID-19 outbreak in APAC negatively impacted the HCOOH market in the region in 2020. However, the countries in the region initiated vaccination drives in the first half of 2021 and reported a decline in the number of COVID-19 cases. Lockdown restrictions were lifted, allowing various businesses including formic acid manufacturing units to resume operations. Such factors are expected to increase the demand for formic acid, which, in turn, will drive the growth of the regional formic acid market during the forecast period.
The formic acid market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Formic Acid Market Scope |
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Report Coverage |
Details |
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Page number |
172 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.88% |
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Market growth 2023-2027 |
USD 485.04 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
4.69 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 57% |
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Key countries |
US, Canada, China, India, and Germany |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
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 |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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