Formic Acid Market Market size, Industry outlook, Market Forecast, Demand Analysis, Market Share, Market Report 2022-2027
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• The Formic Acid market size is forecasted to reach US$2.1 billion by 2027, after growing at a CAGR of 4.2% during the forecast period 2022-2027. • The formic agent is generally used as a reducing agent to reduce potassium dichromate and sodium.
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Key Takeaways • Asia-Pacific region dominated the formic acid market, owing to the growing livestock. For instance, according to the National Dairy Development Board of India, in 2019 the total livestock was 535.8 million, an increase of 4.6% over 2012. With the surge in livestock, the demand for feedstock is increasing, which is benefiting the market growth. • The surging adoption of formic acid in pharmaceutical intermediates is driving the formic acid market growth.
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Formic Acid Market Segment Analysis – By Application The animal feed and silage segment held the largest share in the formic acid market in 2021 and is forecasted to grow at a CAGR of 4.5% during the forecast period 2022-2027. Manufacturers of animal feed and silage additives utilize formic acid as a solid or liquid ingredient that is important for animal health. Formic acid has vital features, such as inhibiting unwanted microorganisms in feed by acidification and assisting digestion with higher feed conversion. Moreover, formic acid is also regarded as the second most potent organic acid that suppresses bacterial development. It is employed as an important component in the development of high-quality forage silage to limit pathogen proliferation and is effective in the inhibition of silage microorganism growth. Thus, due to these features of formic acid, its adoption in animal feed and silage additives is surging, which is resulting in the formic acid market growth. Contact: (+1) 970-2363677 Email: sales@industryarc.com
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Formic Acid Market Market Industry Outlook • BASF SE • Eastman Chemical Company • Shandong Baoyuan Chemical Co. Ltd • Gujarat Narmada Valley Fertilizers & Chemicals Limited • LUXI GROUP • Perstorp Holdings AB • POLIOLI SpA • PT PUPUK KUJANG
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Formic Acid Market- Forecast(2022 - 2027)
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