The formic acid market growth is majorly driven due to the increasing demand for food preservatives as well as feed additives. Moreover, rising meat consumption because of the improved standards of living is also fueling the demand for formic acid in animal feeds & silage preservatives. On the other hand, high cost and higher toxicity in high grade product may challenge the growth of the market. Besides, there are lot of low cost alternatives such as urea sulfate can also hamper market’s growth. In addition, unfavorable weather conditions may impact silage preservative as well as animal feed additives market demand negatively.
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The global formic acid market has been segmented by different application or end-user and geography. Further, end-user segment of the market is sub-divided into leather, rubber, agriculture, chemicals, pharmaceutical and others. Since past few years agriculture segment held noteworthy formic acid market share, followed by rubber and leather segments respectively. Moreover, growth in the consumption of the product as an antibacterial agent for animal feed as well as use as silage preservative in agriculture sector are likely to augment the fuel the formic acid market in upcoming years.
Geographical segmentation of the global formic acid market is segregated to several key region including Europe, North America, Asia Pacific, Middle East & Africa and Latin America. The market has been dominated by Asia Pacific region since past few years, as the key producer as well as consumer of formic acid across the globe is China. In addition, rubber and textile industries are two prominent consumers of formic acid in the region. Furthermore, other major reason positively impacting the growth of Asia-Pacific market is economic development and ease in availability of raw materials. Besides regulatory standards of the region are also negligible.
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Asia-Pacific region is followed by North America and Europe respectively. On the other hand, Latin America and Middle East & Africa accounted for lowest formic acid market share but, demand for the product in these regions is expected to grow at a significant CAGR of xx% over the forecast period. Additionally, Leather as well as tanning applications account for major s formic acid market share in Middle East & Africa.
The global formic acid market is competitive as well as moderately fragmented in several regions. Some of the key players operating in the competitive landscape of the market include Feicheng Acid Chemical (China), BASF SE (Germany), Chongqing Chuandong Chemical (Group) Co., Ltd (China), LUXI Group Co., Ltd. (China), Gujarat Narmada Valley Fertilizers & Chemicals Limited (India), Perstorp AB (Sweden), Eastman Chemical Company (U.S) and others. Further, several manufacturing corporations, companies as well as end-product manufacturers are investing aggressively in innovation and technological developments of formic acid in order to meet the rising demand from many end-user industries. This is predictable to push the formic acid market demand over the forecast period.
Key segments of the global formic acid market include:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
What to expect from the upcoming report on ‘Global Formic Acid market’:
– Analyzes about future prospects as well as Global Formic Acid market trends market over the forecast period (2018-2025)
– Information regarding technological progressions as well as innovations taking place in developing as well as developed economies.
– Supportive initiatives by government likely to influence the market dynamics.
– Key drivers influencing market’s growth, opportunities, restraints, sales channels and distributors.
– In-depth analysis of different market segmentations including regional segmentations and application or end-users.
– Deep analysis about the competitive landscape of the market and the initiatives by them to improve this market.
Who should buy this report?
– Report is especially designed for Venture capitalists, Investors, financial institutions, Analysts, Government organizations, regulatory authorities, policymakers, researchers, strategy managers and academic institutions looking for insights into the market to determine future strategies.
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