Jan 08, 2021 (The Expresswire) -- Global “ Formic Acid Market ”Report 2021 studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis. Also, Formic Acid Market is predicted to grow at a CAGR of 4.5 during the forecast period. And report provides a complete market overview, a list of top manufactures, the scope of the report, key market trends of the Formic Acid market, and the main aspect of the report- why do you have to buy this research report? So don’t miss it.
The report gives - Who are the global key players in this keyword market? What are their company profile, product information, and contact information? What Was the Global Market Status of Formic Acid Market? What Was Capacity, Production Value, Cost and PROFIT of Formic Acid Market?
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Formic Acid Market Overview 2021:
The global formic acid market is expected to register a CAGR of nearly 4.5% during 2018 to 2023 (the forecast period). The major factor driving the market is the growing demand for preservatives and feed additives, combined with increasing automobile production in Asia-Pacific economies.
Asia Pacific Dominating the Market Share
Asia-Pacific is the largest market for formic acid, with more than 40% market share, despite major producers located in Europe; due to industrialization, easy raw material availability, and large production base with minimal regulatory norms. China accounts for the largest share in the Asia-Pacific region, and it is expected to witness a CAGR of nearly 6%, due to the growing demand from end-user industries, like animal feed, textile, rubber and leather industries in the region. Increasing automobile production drives the rubber and leather industry, thereby, driving formic acid demand. In addition, low capital and labor costs are expected to drive the market growth in China.
Rubber Industry a Potential Segment
The formic acid market, based on end users, can be divided into rubber, textile, leather, chemicals, agriculture, and pharmaceutical industries. The agriculture industry is the dominant sector in the market studied, due to its antibacterial properties, and it is expected to grow at a healthy rate because of the increasing use as animal feed additive. The rubber industry is expected to grow at a respectable rate, due to the growing automobile production in Asia-Pacific increasing demand for tires.
Cost Effective Substitutes Hampering the Market
The global formic acid market faces certain drawbacks, like the emergence of other cost-effective substitutes, such as urea sulfate for formic acid and high toxic levels of higher grade formic acid, which have a negative impact on the market. These factors may act as a roadblock to the growth of the market.
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Top Key-players/Leading Manufacturers of Formic Acid Market:
● Chongqing Chuandong Chemical (Group) Co. Ltd. ● BASF SE ● Alfa Aesar ● Perstorp Holding AB ● Helm Italia (S.R.L.) ● Eastman Chemical Company ● Feicheng Acid Chemicals Co. Ltd. ● ShanXi Yuanping Chemical Industries Corp.Ltd ● Gujarat Narmada Valley Fertilizers and Chemicals Ltd. ● LUXI GROUP CO. ● LTD. ● Kemira Oyj
With tables and figures helping analyze the worldwide Global Formic Acid market, this research provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
The Global Formic Acid market analysis is provided for the international markets including development trends, competitive landscape analysis, and key regions development status. Development policies and plans are discussed as well as manufacturing processes and cost structures are also analyzed.
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Key Developments in the Formic Acid Market:
This Formic Acid Market Research/analysis Report Contains Answers to your following Questions
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