Global Formic Acid Market Size to grow USD 3.85 Billion by 2030 | CAGR of 4.6%Category: Chemicals & Materials
Global Formic Acid Market worth $3.85 billion by 2030
According to a research report published by Spherical Insights & Consulting, the Global Formic Acid Market Size to grow from USD 1.6 billion in 2021 to USD 3.85 billion by 2030, at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. The formic acid market has grown due to the increasing demand for preservatives in animal feed. Formic acids possess antibacterial properties which make them a perfect fit for animal feed to be used as a preservative. The increasing demand for formic acid as a preservative propels the growth of the formic acid market in the coming years.
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Browse key industry insights spread across 210 pages with 116 market data tables and figures & charts from the report “Global Formic Acid Market Size, Share, and COVID-19 Impact Analysis, By Type (Grade 99%, Grade 94%, Grade 85% and Others) By Application (Silage Additives, Dyeing, Animal Feed, Leather Production, Agriculture, Pharmaceuticals, Chemicals and Others) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) Analysis and Forecast 2021 – 2030.“ in detail along with the table of contents. https://www.sphericalinsights.com/reports/formic-acid-market
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On credit portfolios, the COVID-19 epidemic has had a negative effect. The enormous growth has hampered the solvency of customers and business in unemployment and interruption of economic activity. Central banks have adopted a proactive strategy of injecting money into the market by decreasing interest rates and implementing asset purchase programmes. With persistent geopolitical tensions, global trade battles, and sporadic hurricanes and earthquakes, managing and monitoring credit, market, liquidity, and operational risk across financial markets was challenging enough. Chief risk officers and their teams have had to reevaluate outdated methods and assumptions used to manage and monitor risk due to the present pandemic crisis. The global repercussions of COVID-19 have demonstrated the significance of interconnection in international cooperation. As a result, many governments have been hurrying to find, assess, and buy trustworthy AI-powered solutions.
The grade 85% segment to account for the largest market size during the forecast period
Based on the grade, the formic acid market is categorized into grade 99%, grade 94%, grade 85% and others. The grade 85% segment to account for the largest market size during the forecast period. The increased demand for the grade 85% of formic acid is because it is less toxic and has less harmful effects on the environment. Moreover, grade 85% formic acid is used as a standard concentration in various applications.
The animal feed segment to hold a higher CAGR during the forecast period.
Based on the application, the formic acid market is categorized into silage additives, dyeing, animal feed, leather production, agriculture, pharmaceuticals, chemicals and others. The animal feed segment to hold a higher CAGR during the forecast period. The maximum share of the animal feed segment in the growth of the formic acid market is the result of increasing demand for preservatives in livestock because formic acid prevents the growth of bacteria in the feed.
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Europe to hold a higher CAGR during the forecast period.
The Global Formic Acid Market has been segmented into five major regions: North America, Europe, Asia-Pacific, South America, The Middle East and Africa. Asia Pacific is estimated to account for the highest market share in 2022. Asia Pacific is expected to be the largest market. The increase in the demand for animal feed in the region will propel the growth of the formic acid market. Moreover, the demand for formic acid in the pharmaceutical sector will also contribute a large share in the market's growth.
Major vendors in the Global Formic Acid Market include Gujarat Narmada Valley Fertilizers and Chemicals Limited, Feicheng Acid Chemicals Co. Ltd, BASF SE, Eastman Chemical Company, Perstorp,
Wuhan Ruisunny Chemical Co. Ltd., Rashtriya Chemicals and Fertilizers Limited, Chongqing Chuandong Chemical Co., Anhui Asahi Kasei Chemical, GNFC Ltd., Polioli SpA, Beijing Chemical Industry Group Co. Ltd., Shandong Baoyuan Chemical Co. Ltd., and LUXI Group Co. Ltd.
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