Formic Acid Market
Formic Acid Market Analysis by Formic Acid of 85% Concentration, 90% Concentration, 94% Concentration, and 99% Concentration from 2023 to 2033
Analysis of Formic Acid Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Formic Acid Market Outlook (2023 to 2033)
The global formic acid market is set to estimate a valuation of US$ 1.8 billion in 2023 and it is anticipated to grow at a CAGR of 4.6% to reach US$ 2.8 billion by the end of 2033.
The potential of formic acids to speed up the corrosion rate of different materials, their ability to transmit electricity, and their fungicidal and bactericidal capabilities have all caught the attention of manufacturers across a variety of industries.
| Report Attributes | Details |
|---|---|
| Formic Acid Market Size (2022A) | US$ 1.7 Billion |
| Estimated Market Value (2023E) | US$ 1.8 Billion |
| Forecasted Market Value (2033F) | US$ 2.8 Billion |
| Global Market Growth Rate (2023 to 2033) | 4.6% |
| Key Companies Profiled | Anhui Asahi Kasei Chemical Co. Ltd; BASF SE; Beijing Chemical Industry Group Co. Ltd; Eastman Chemical Company; Feicheng Acid Chemicals Co. Ltd; GNFC Limited; Luxi Chemical Group Co. Ltd; Perstorp; Polioli SpA; Rashtriya Chemicals and Fertilizers Limited |
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Market Buoyancy Analysis
Formic acid is identified as the simplest carboxylic acid, held together by a single carbon atom, yet used in a heap of applications including its usage as an intermediary to produce other chemicals. Furthermore, formic acid is an efficient alternative to other organic and inorganic acids. This makes formic acid a suitable substitute for cleaning and de-scaling application and increases its consumption across a broad range of products.
Lower concentration and reduced cost increase the demand across several applications (leather processing, cleaning, etc.), and are anticipated to escalate the growth of the formic acid market in near future.
- Short Term (2023 to 2026): Burgeoning demand from the agriculture sector, feed industry, and processed food industries is driving the market for formic acid.
- Medium Term (2026 to 2029): Increasing livestock production to meet the growing demand and growing leather industry, especially in India and China will boost the demand for formic acid.
- Long Term (2029 to 2033): Use of green technology in the manufacture of formic acid and the growing pharmaceutical industry is predicted to drive the market in the long term.
Over the 2018 to 2022 historical period, the global formic acid market registered a CAGR of 2.5%, according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 4.6% CAGR between 2023 and 2033.
Market Dynamics Overview
“Growing Packaged Food Consumption to Assist the Market Growth”
Carboxylic acids are very commonly used in the food industry and formic acid is used for food preservation. E236 is an additive that is included on the labels of goods such as pickled fish, pickled fruits and vegetables, juices, jelly sweets, and purees. E236 is an acronym for formic acid.
HCOOH preservation makes food storage and transportation easier, especially for products that are perishables with short shelf lives.
Formic acid helps food resist the attacks of pathogenic fungi, molds, and bacteria and keeps it fresher for longer. HCOOH preservation makes food storage and transportation easier, especially for products that are perishables with short shelf lives.
Packaged food accounts for around 35% of total food consumed globally. This number is expected to increase in the coming years due to rising disposable income and changing lifestyles.
The growing food industry and rising demand for processed and ultra-processed food are expected to boost the demand for formic acid during the forecast period.
“Factors Affecting the Market Growth”
Formic acid has replaced many of its various alternatives, but the biggest challenge facing formic acid producers is producing the chemical in a more environmentally friendly way.
Depending on its concentration, formic acid can either be barely perceptible or extremely harmful. Due to this substance's extreme corrosiveness, it is crucial to exercise caution when working with it because it occasionally causes serious damage when inhaled, contacted directly, or ingested.
Formic acid can irritate the eyes, nose, throat, upper respiratory tract, and skin after short exposures. These frequently come with coughing, nasal discharge, and watering in the eye. Contact with concentrated liquids on the skin results in intense stinging and blistering.
Formic acid exposure over an extended period of time poses many health risks. It can lead to chronic kidney damage and skin allergies that manifest after repeated exposure. This is anticipated to hinder the market's progress.
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Country-wise Insights
What is the Market Scenario for Formic Acid in US?
Formic acid is a suitable substitute for cleaning and de-scaling applications vis-à-vis other acids, such as acetic acid, citric acid, and other such chemicals. Moreover, increasing livestock production for sustainable food supply is anticipated to create lucrative opportunities for formic acid producers.
Formic acid has achieved very high use as both a pesticide and antibacterial preservative. Approval of the Environmental Protection Agency (EPA) for the use of formic acid as an active ingredient in pesticide production increased its consumption in the agriculture sector.
The United States formic acid market will expand at a CAGR of 5.0% over the projected period.
Why is China Dominating the Global Formic Acid Market?
China is one of the world's biggest producers of meat. The top three categories are beef, pork, and chicken. The National Bureau of Statistics of China estimates that 6.98 million metric tons of beef and veal were produced in China in 2021.
The rapidly expanding Chinese market, combined with lower labor and capital costs, is anticipated to attract significant investment from producers of formic acid.
Due to such favorable factors, China’s market for formic acid is expected to register a CAGR of 5.3% over the forecast.
Category-wise Insights
Why is the Demand for Formic Acid of 85% Concentration Increasing?
The formic acid market is dominated by the 85% grade segment with a market share of 43.2%. It has several applications and is widely used. Over the years, the adoption of formic acid has gained momentum in several applications such as agricultural, leather, textile, rubber manufacturing, chemical intermediates production, and pharmaceutical drugs.
Since formic acid is less dangerous to the environment and human life at low concentrations, there is a huge demand for it at 85% concentration. 85% formic acid content is regarded as the standard concentration for many applications.
Due to all of these factors, the demand for formic acid of 85% concentration is anticipated to grow at a CAGR of 4.9% over the forecast period.
Will the Market Be Driven by Bolstering Livestock Industry?
Formic acid is added as a commercial animal feed additive as a preservative in order to make the animal diet more acidic. It is utilized as an additive to animal feed for fisheries, livestock, and poultry. The rise of livestock and poultry is higher in developing economies. Fresh hay is sprinkled with formic acid to prevent or delay deterioration and extend the feed's shelf life.
Formic acid is sprinkled on fresh hay to prevent or delay the deterioration of fresh hay, thus extending its shelf life. The preservation of winter cow feed is a major consideration for this technique. Formic acid is added to the feed of poultry to kill salmonella species bacteria.
Owing to the above-mentioned facts and the ban on the use of antibiotics in animal feed in some countries will propel the market. The demand for formic acid as a silage and feed additive is expected to expand at a CAGR of 5.1% in the upcoming period.
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Competitive Landscape
Prominent formic acid manufacturers are Anhui Asahi Kasei Chemical Co. Ltd, BASF SE, Beijing Chemical Industry Group Co. Ltd, Rashtriya Chemicals and Fertilizers Limited, and Shandong Baoyuan Chemical Co.
Green manufacturing is being embraced by manufacturers as a way to lower total operating costs through the use of energy-efficient methods that can significantly lower energy and electricity expenses. All end-user industries, including aerospace, automotive, building & construction, and others, have kept green production as a top priority.
Formic acid producers intend to relocate their operations to regions with inexpensive labor and raw materials. The competitive landscape would be improved by the increased emphasis on R&D initiatives and business expansion.
Fact.MR has provided detailed information about the price points of key manufacturers of formic acid positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Formic Acid Industry Research
-
Formic Acid Market by Concentration :
- 85%
- 90%
- 94%
- 99%
-
Formic Acid Market by Application :
- Silage and Animal Feed
- Leather Tanning
- Textile Dyeing and Finishing
- Pharmaceuticals/Food Chemicals
- Rubber Products
- Coatings
- Others (Deicing Agents, Drilling Fluids, etc.)
-
Formic Acid Market by Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Table of Content
- 1. Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Demand (Tons) Analysis and Forecast
- 5. Global Market - Pricing Analysis
- 6. Global Market Value (US$ million) Analysis and Forecast
- 7. Global Market Analysis and Forecast, By Concentration
- 7.1. 85%
- 7.2. 90%
- 7.3. 94%
- 7.4. 99%
- 8. Global Market Analysis and Forecast, By Application
- 8.1. Silage and Animal Feed
- 8.2. Leather Tanning
- 8.3. Textile Dyeing and Finishing
- 8.4. Pharmaceuticals/Food Chemicals
- 8.5. Rubber Products
- 8.6. Coatings
- 8.7. Others (Deicing Agents, Drilling Fluids, etc.)
- 9. Global Market Analysis and Forecast, By Region
- 9.1. North America
- 9.2. Latin America
- 9.3. Europe
- 9.4. East Asia
- 9.5. South Asia & Oceania
- 9.6. Middle East & Africa
- 10. North America Market Analysis and Forecast
- 11. Latin America Market Analysis and Forecast
- 12. Europe Market Analysis and Forecast
- 13. East Asia Market Analysis and Forecast
- 14. South Asia & Oceania Market Analysis and Forecast
- 15. Middle East & Africa Market Analysis and Forecast
- 16. Country-level Market Analysis and Forecast
- 17. Market Structure Analysis
- 18. Competition Analysis
- 18.1. Anhui Asahi Kasei Chemical Co. Ltd
- 18.2. BASF SE
- 18.3. Beijing Chemical Industry Group Co. Ltd
- 18.4. Eastman Chemical Company
- 18.5. Feicheng Acid Chemicals Co. Ltd
- 18.6. GNFC Limited
- 18.7. Luxi Chemical Group Co. Ltd
- 18.8. Perstorp
- 18.9. Polioli SpA
- 18.10. Rashtriya Chemicals and Fertilizers Limited
- 18.11. Shandong Baoyuan Chemical Co. Ltd
- 18.12. Shanxi Province Yuanping Chemicals Co. Ltd
- 18.13. Wuhan Rui Fuyang Chemical Co. Ltd
- 19. Assumptions & Acronyms Used
- 20. Research Methodology
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List Of Table
Table 01. Global Market Value (US$ million), by Region, 2018 to 2022
Table 02. Global Market Value (US$ million) and Forecast by Region, 2023 to 2033
Table 03. Global Market Volume (Tons), by Region, 2018 to 2022
Table 04. Global Market Volume (Tons) and Forecast by Region, 2023 to 2033
Table 05. Global Market Value (US$ million), By Concentration, 2018 to 2022
Table 06. Global Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 07. Global Market Volume (Tons), By Concentration, 2018 to 2022
Table 08. Global Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 09. Global Market Value (US$ million), By Application, 2018 to 2022
Table 10. Global Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 11. Global Market Volume (Tons), By Application, 2018 to 2022
Table 12. Global Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 13. North America Market Value (US$ million), by Country, 2018 to 2022
Table 14. North America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 15. North America Market Volume (Tons), by Country, 2018 to 2022
Table 16. North America Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 17. North America Market Value (US$ million), By Concentration, 2018 to 2022
Table 18. North America Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 19. North America Market Volume (Tons), By Concentration, 2018 to 2022
Table 20. North America Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 21. North America Market Value (US$ million), By Application, 2018 to 2022
Table 22. North America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 23. North America Market Volume (Tons), By Application, 2018 to 2022
Table 24. North America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 25. Latin America Market Value (US$ million), by Country, 2018 to 2022
Table 26. Latin America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 27. Latin America Market Volume (Tons), by Country, 2018 to 2022
Table 28. Latin America Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 29. Latin America Market Value (US$ million), By Concentration, 2018 to 2022
Table 30. Latin America Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 31. Latin America Market Volume (Tons), By Concentration, 2018 to 2022
Table 32. Latin America Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 33. Latin America Market Value (US$ million), By Application, 2018 to 2022
Table 34. Latin America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 35. Latin America Market Volume (Tons), By Application, 2018 to 2022
Table 36. Latin America Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 37. Europe Market Value (US$ million), by Country, 2018 to 2022
Table 38. Europe Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 39. Europe Market Volume (Tons), by Country, 2018 to 2022
Table 40. Europe Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 41. Europe Market Value (US$ million), By Concentration, 2018 to 2022
Table 42. Europe Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 43. Europe Market Volume (Tons), By Concentration, 2018 to 2022
Table 44. Europe Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 45. Europe Market Value (US$ million), By Application, 2018 to 2022
Table 46. Europe Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 47. Europe Market Volume (Tons), By Application, 2018 to 2022
Table 48. Europe Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 49. East Asia Market Value (US$ million), by Country, 2018 to 2022
Table 50. East Asia Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 51. East Asia Market Volume (Tons), by Country, 2018 to 2022
Table 52. East Asia Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 53. East Asia Market Value (US$ million), By Concentration, 2018 to 2022
Table 54. East Asia Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 55. East Asia Market Volume (Tons), By Concentration, 2018 to 2022
Table 56. East Asia Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 57. East Asia Market Value (US$ million), By Application, 2018 to 2022
Table 58. East Asia Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 59. East Asia Market Volume (Tons), By Application, 2018 to 2022
Table 60. East Asia Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 61. South Asia & Oceania Market Value (US$ million), by Country, 2018 to 2022
Table 62. South Asia & Oceania Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 63. South Asia & Oceania Market Volume (Tons), by Country, 2018 to 2022
Table 64. South Asia & Oceania Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 65. South Asia & Oceania Market Value (US$ million), By Concentration, 2018 to 2022
Table 66. South Asia & Oceania Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 67. South Asia & Oceania Market Volume (Tons), By Concentration, 2018 to 2022
Table 68. South Asia & Oceania Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 69. South Asia & Oceania Market Value (US$ million), By Application, 2018 to 2022
Table 70. South Asia & Oceania Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 71. South Asia & Oceania Market Volume (Tons), By Application, 2018 to 2022
Table 72. South Asia & Oceania Market Volume (Tons) and Forecast By Application, 2023 to 2033
Table 73. MEA Market Value (US$ million), by Country, 2018 to 2022
Table 74. MEA Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 75. MEA Market Volume (Tons), by Country, 2018 to 2022
Table 76. MEA Market Volume (Tons) and Forecast by Country, 2023 to 2033
Table 77. MEA Market Value (US$ million), By Concentration, 2018 to 2022
Table 78. MEA Market Value (US$ million) and Forecast By Concentration, 2023 to 2033
Table 79. MEA Market Volume (Tons), By Concentration, 2018 to 2022
Table 80. MEA Market Volume (Tons) and Forecast By Concentration, 2023 to 2033
Table 81. MEA Market Value (US$ million), By Application, 2018 to 2022
Table 82. MEA Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 83. MEA Market Volume (Tons), By Application, 2018 to 2022
Table 84. MEA Market Volume (Tons) and Forecast By Application, 2023 to 2033
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List Of Figures
Figure 01. Global Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 02. Global Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 03. Global Market Value (US$ million) and Volume (Tons) by Region, 2023 & 2033
Figure 04. Global Market Y-o-Y Growth Rate by Region, 2023 to 2033
Figure 05. Global Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 06. Global Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 07. Global Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 08. Global Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 09. North America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 10. North America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 11. North America Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 12. North America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 13. North America Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 14. North America Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 15. North America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 16. North America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 17. North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 18. North America Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 19. North America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 20. Latin America Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 21. Latin America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 22. Latin America Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 23. Latin America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 24. Latin America Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 25. Latin America Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 26. Latin America Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 27. Latin America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 28. Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 29. Latin America Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 30. Latin America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 31. Europe Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 32. Europe Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 33. Europe Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 34. Europe Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 35. Europe Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 36. Europe Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 37. Europe Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 38. Europe Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 39. Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 40. Europe Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 41. Europe Market Attractiveness Analysis By Application, 2023 to 2033
Figure 42. East Asia Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 43. East Asia Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 44. East Asia Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 45. East Asia Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 46. East Asia Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 47. East Asia Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 48. East Asia Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 49. East Asia Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 50. East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 51. East Asia Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 52. East Asia Market Attractiveness Analysis By Application, 2023 to 2033
Figure 53. South Asia & Oceania Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 54. South Asia & Oceania Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 55. South Asia & Oceania Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 56. South Asia & Oceania Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 57. South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 58. South Asia & Oceania Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 59. South Asia & Oceania Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 60. South Asia & Oceania Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 61. South Asia & Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 62. South Asia & Oceania Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 63. South Asia & Oceania Market Attractiveness Analysis By Application, 2023 to 2033
Figure 64. MEA Market Value (US$ million) and Volume (Tons) Forecast, 2023 to 2033
Figure 65. MEA Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 66. MEA Market Value (US$ million) and Volume (Tons), by Country, 2023 & 2033
Figure 67. MEA Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 68. MEA Market Value (US$ million) and Volume (Tons) By Concentration, 2023 & 2033
Figure 69. MEA Market Y-o-Y Growth Rate By Concentration, 2023 to 2033
Figure 70. MEA Market Value (US$ million) and Volume (Tons) By Application, 2023 & 2033
Figure 71. MEA Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 72. MEA Market Attractiveness Analysis by Country, 2023 to 2033
Figure 73. MEA Market Attractiveness Analysis By Concentration, 2023 to 2033
Figure 74. MEA Market Attractiveness Analysis By Application, 2023 to 2033
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the Global Formic Acid Market Size?
The global formic acid market is expected to be valued at US$ 1.8 billion in 2023.
How is the Market for Formic Acid Expected to Fare Going Forward?
Worldwide demand for formic acid is anticipated to reach US$ 2.8 billion by 2033-end.
How did the Market Perform Over the Last Few Years?
During 2018-2022, sales of formic acid increased at 2.5% CAGR.
What is the Growth Outlook for Formic Acid in Europe?
Europe is estimated to grow at a CAGR of 10.0% during the forecast period.
Which end use holds the highest market share?
The silage and animal feed segment accounts for 44.8% share of global sales.
Formic Acid Market