The Global Formic Acid Market report gives a holistic view of the prevalent trends in the industry, market valuation, and the leading vendors to help the readers assess the products and services, hence realizing their revenue generation goals and cost-effectiveness of their investment. The recent trends observed in the packaging industry include sustainable material, environmentally-friendly packaging, smart packaging, vintage packaging designs, and minimalist packaging.
The global Formic Acid market is forecast to reach USD 850.1 Million by 2028, according to a new report by Reports and Data. The rise in demand for formic acid in pharmaceutical and food processing industries are driving the worldwide demand for formic acid. The application of the product in the manufacture of rubber, leather tanning, and for the preservation of food is boosting the demand during the forecast period.
Most of the revenues generated from the food and agricultural sector is attributable to the production of livestock, and it aids in supporting the livelihood and provide food security for a lot of people. The chemical is used as a preservative in the animal feed, for it prevents the growth of the bacteria in the same. The increase in the production of the livestock for a sustainable supply of food will create more demand in the formic acid.
The upsurge in demand for oil will resonate with the influx of demand in the formic acid market. This attributes to the growing application of the acid in the oil & gas sector as the derivative of the chemical is added to the drilling fluids to make them heavier. The Asia Pacific region is witnessing industrial growth for the past few years. The growing pharmaceutical sector is witnessing a rise in developing nations like India, and formic acid is used extensively in the industry. The availability of cheap labor and low operational cost of the manufacturing units in the APAC region is another factor that is attracting investors from abroad and propelling industrial and pharmaceutical sectors.
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Top Companies Profiled in the Report:
BASF SE, Perstorp, Eastman Chemical Company, Taminco, Feicheng Acid Chemical, LUXI Group Co. Ltd., Eastman Chemical Company, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. Ltd, and Shanxiyuanping Chemicals Co. Ltd., among others.
Growth Prospects:
The packaging sector has been attempting to gain momentum in the past couple of years on the back of the massive boom of the e-commerce industry. The market growth will be credited to the e-commerce transport and shipment, personal care, household, food and beverage, and healthcare sectors for convenience packaging.
These aspects have pushed leading players to dedicate their resources towards new packaging designs or to reinvent existing packaging designs to accommodate higher convenience and manageability, which will drive the global Formic Acid market growth. The vintage packaging sector is also experiencing high demand, and even though it targets a limited consumer base, it is expected to grow at a rapid pace in the coming years.
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Global Formic Acid Market Segmentation:
Grade Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- 75%
- 80%
- 85%
- 94%
- 99%
Production Process Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Carbonylation of Methanol
- Oxalic Acid
Applications Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Animal Feed
- Leather Tanning
- Textile Dyeing and Finishing
- Intermediary in Pharmaceuticals
- Others
Regional Analysis covers:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Reasons for Purchasing the Global Formic Acid Market Report:
- The report gives a detailed description of different market elements and the changing competitive landscape, helping the reader gain a competitive edge.
- It also takes a holistic approach to give a 360° view of the industry, listing the drivers and restraints existing in the market.
- The Global Formic Acid Market intelligence report offers accurate market insights for a period of eight years, which have been derived after an in-depth evaluation of industry-wide data.
- The data provided in the report is intended to help readers make business decisions to capitalize on the existing opportunities in the key market segments and sub-segments.
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