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Formic Acid Market Size, Demand Analysis, Industry Report 2023-2028

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IMARC Group, a leading market research company, has recently releases report “Formic Acid Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global formic acid market size reached a volume of 879.9 Kilo Tons in 2022. Looking forward, IMARC Group expects the market to reach 1,126.24 Kilo Tons by 2028, exhibiting a growth rate (CAGR) of 3.60% during 2023-2028.

Formic acid, also known as methanoic acid, is a chemical compound that is colorless, highly soluble in water, and has a pungent smell. It is derived from naturally occurring sources, such as ants, which produce it as a defense mechanism. It is also produced synthetically through the reaction of carbon monoxide and sodium hydroxide. As a result, formic acid is widely utilized in the textile, food and beverage (F&B), and pharmaceutical industries across the globe.

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Formic Acid Market Trends and Drivers:

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At present, the increasing adoption of formic acid in the textile industry as a dyeing and finishing agent that facilitates the fixation of dyes onto fibers, enhances color fastness, and benefits in achieving uniform dyeing represents one of the primary factors supporting the growth of the market. Apart from this, the rising employment of formic acid in the pharmaceutical industry as a catalyst and intermediate in the synthesis of various drugs and pharmaceutical compounds is contributing to the market growth. In addition, the growing adoption of formic acid due to the rising demand for preservatives and additives in the food and beverage industry is offering a positive market outlook. Additionally, the increasing employment of formic acid, as it inhibits microbial growth and extends the shelf life of food products, is bolstering the growth of the market. Furthermore, the rising preference for sustainable and eco-friendly solutions is impelling the growth of the market.

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Formic Acid Market Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Type:

  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others

Breakup by Application:

  • Animal Feed and Silage Additives
  • Leather Tanning
  • Textile Dying and Finishing
  • Intermediary in Pharmaceuticals
  • Others

Breakup by End Use:

  • Agriculture
  • Leather and Textile
  • Rubber
  • Chemical and Pharmaceutical
  • Dyeing
  • Animal Feed
  • Others

Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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