Formic Acid Trends and Forecast
The future of the global formic acid market looks promising with opportunities in the pharmaceutical intermediate, silage & animal feed, leather & tanning, textile dyeing, oil & gas, rubber chemical markets. The global formic acid market is expected to grow with a CAGR of 3.2% from 2024 to 2030. The major drivers for this market are increasing demand for additives for silage and animal feed, growing need for preservation and the agricultural industry, along with using formic acid sustainably in a fuel cell.Formic Acid by Segment
The study includes a forecast for the global formic acid by sale channel, end use, and region.Formic Acid Market by Sale Channel [Shipment Analysis by Value from 2018 to 2030]:
- Direct Sale
- Indirect Sale
Formic Acid Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
- Pharmaceutical Intermediate
- Silage & Animal Feeds
- Leather & Tanning
- Textile Dyeing
- Oil & Gas
- Rubber Chemicals
- Others
Formic Acid Market by Region [Shipment Analysis by Value from 2018 to 2030]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
List of Formic Acid Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies formic acid companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base.Some of the formic acid companies profiled in this report include:
- BASF SE
- Shandong Feicheng Acid Chemicals
- Mudanjiang Fengda Chemicals
- LUXI Group
- Polioli
- Perstorp
- Taminco Corporation
- Rashtriya Chemicals and Fertilizers
- Gujarat Narmada Valley Fertilizers & Chemicals
- Huanghua Pengfa Chemical
Formic Acid Market Insights
The publisher forecasts that direct sale is expected to witness higher growth over the forecast period.Within this market, silage & animal feed will remain the largest segment.
APAC is expected to witness the highest growth over the forecast period due to growing nations like China, Japan, and India, the demand for agriculture and the rubber sector will only grow due to rising urbanization.
Features of the Global Formic Acid Market
- Market Size Estimates: Formic acid market size estimation in terms of value ($B).
- Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
- Segmentation Analysis: Formic acid market size by sale channel, end use, and region in terms of value ($B).
- Regional Analysis: Formic acid market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
- Growth Opportunities: Analysis of growth opportunities in different sale channel, end use, and regions for the formic acid market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape of the formic acid market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for formic acid market?Answer: The global formic acid market is expected to grow with a CAGR of 3.2% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the formic acid market?
Answer: The major drivers for this market are increasing demand for additives for silage and animal feed, growing need for preservation and the agricultural industry, along with using formic acid sustainably in a fuel cell.
Q3. What are the major segments for formic acid market?
Answer: The future of the global formic acid market looks promising with opportunities in the pharmaceutical intermediate, silage & animal feed, leather & tanning, textile dyeing, oil & gas, rubber chemical markets.
Q4. Who are the key formic acid market companies?
Answer: Some of the key formic acid companies are as follows:
- BASF SE
- Shandong Feicheng Acid Chemicals
- Mudanjiang Fengda Chemicals
- LUXI Group
- Polioli
- Perstorp
- Taminco Corporation
- Rashtriya Chemicals and Fertilizers
- Gujarat Narmada Valley Fertilizers & Chemicals
- Huanghua Pengfa Chemical
Answer: The publisher forecasts that direct sale is expected to witness higher growth over the forecast period.
Q6. In formic acid market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period due to growing nations like China, Japan, and India, the demand for agriculture and the rubber sector will only grow due to rising urbanization.
Q7. Do we receive customization in this report?
Answer: Yes, the publisher provides 10% customization without any additional cost.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the formic acid market by sale channel (direct sale and indirect sale), end use (pharmaceutical intermediate, silage & animal feeds, leather & tanning, textile dyeing, oil & gas, rubber chemicals, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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Table of Contents
1. Executive Summary
2. Global Formic Acid Market : Market Dynamics
3. Market Trends and Forecast Analysis from 2018 to 2030
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
5. Competitor Analysis
6. Growth Opportunities and Strategic Analysis
7. Company Profiles of Leading Players
Companies Mentioned
- BASF SE
- Shandong Feicheng Acid Chemicals
- Mudanjiang Fengda Chemicals
- LUXI Group
- Polioli
- Perstorp
- Taminco Corporation
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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