Formic Acid Market Research Report - Forecast to 2023 Industry Survey, Growth, Competitive Landscape and Forecasts to 2023 PREPARED BY Market Research Future (Part of Wantstats Research & Media Pvt.) Ltd.)

Formic Acid Market Research Report- Forecast to 2023 Formic Acid is a colorless liquid which has high use in the animal feed sector due to its nutritional value. It is also known as methanoic acid. It is produced naturally from the venom of ants and bees. The Global Formic Acid Market report by Market Research Future (MRFR) uses historical data to make accurate forecasts for the period of 2017 to 2027 keeping in mind the growth drivers and challenges. Market Outlook: The Global Formic Acid Market is predicted to exhibit 4.94% CAGR from 2017 to 2027 (forecast period) to touch a size of USD million. The use of animal feedstocks for enhancing the health of animals is one of the biggest drivers of the market. Ban on antibiotics in animal feedstock as growth enhancers are likely to work in favor of the market. The use of Formic Acid in the production of rubber sheets is expected to bode well for the Global Formic Acid Market. The high demand for food and the focus on crop production is expected to drive the market demand during the forecast period. Investments by developing economies for expanding the range of application of Formic Acid can fuel the market growth. Formic Acid is being used for storing hydrogen in a hydrogen fuel cell. But the extensive use of Formic Acid in formulations may increase the toxicity of products and hamper the market growth. Formic Acid Market - Overview

Formic Acid Market Research Report- Forecast to 2023 The Global Formic Acid Market is segmented by Production Method and Application. By Production Method, it is segmented into oxalic acid and carbonylation of methanol. The carbonylation of methanol method accounted for over 70% market share in It can exhibit 4.97% CAGR during the assessment period due to the popularity of the method for substitution of high nutrient substances. By Application, it is segmented into dyeing and finishing textiles, rubber and leather production, cleaning agents, animal feed, preservatives, and others. The animal feed segment can generate significant revenue for the Global Formic Acid Market due to the use of the compound in poultries for ensuring the well-being of chickens in hatcheries. It is touted to dominate during the forecast period by exhibiting 5.29% CAGR during the assessment period. View Full Press Segmental Analysis

Formic Acid Market Research Report- Forecast to 2023 Regional Outlook The Middle East & Africa, Latin America, Asia Pacific (APAC), North America, and Europe are regions taken into consideration in the compilation of the Global Formic Acid Market Report. The APAC region accounted for over 70% market share due to the economic growth of developed countries. It can exhibit 5.97% CAGR during the forecast period due to the large population which require animal feed additives. Supportive government regulations as well as the high purchasing power of farmers and other end-users in Thailand, South Korea, China, and India can drive the Global Formic Acid Market revenues. Europe will assume the second position after APAC in the market and predicted to exhibit 5.31% CAGR during the assessment period. The use of the compound to prevent the proliferation of harmful pathogens which can affect animal health can drive the regional demand. The North America Formic Acid Market can display 4.73% CAGR over the forecast period. Presence of various feed manufacturing companies is likely to elevate the demand for the compound in the region. Cultivation of poultry and fishes in the region for sustenance is likely to push the demand for Formic Acid even higher in the coming years.

Formic Acid Market Research Report- Forecast to 2023 Major Players in this Research Formic Acid Market Prominent Players: Perstorp AB BASF SE Eastman Chemical Company Feicheng Acid Chemical LUXI Group Co., Ltd. Chongqing Chuandong Chemical (Group) Co., Ltd Gujarat Narmada Valley Fertilizers Chemicals Limited Get a Free

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