Market Overview of Formic Acid Market: The report provides a global analysis of Formic Acid Market 2019 Report provides Insightful information to the clients enhancing their basic leadership capacity identified. This Report is segmented into Manufactures, Types, Applications, and Regions. The market covers the wide spectrum of the factors governing future growth including drivers, challenges, emerging trends, technology changes, and environmental factors.
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Formic acid (also called methanoic acid) is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is an environmentally acceptable and highly efficient organic acid.
Scope of the Report:
Globally, the global production was 1015 K MT in 2016 and it will reach 1217 K MT in 2022. In addition, the production regions of formic acid are mainly located in China, US, EU and India. China was the leader production regions, which achieved about 48% volume market share in 2016. In 2015, BASF bullied the first plant of formic acid in Geismar, Louisiana. It is the only formic acid production plant in USA.
The downstream demand of formic acid is rigidity. Major applications include silage and animal feed preservation, leather and tanning, textiles, formate salts, pharmaceuticals/food chemicals, rubber chemicals (antiozonants and coagulants), catalysts and plasticizers.In 2016, the largest use, accounting for about 42% of global demand, is in Leather & Textile. Other major uses are 27% in agriculture.
The worldwide market for Formic Acid is expected to grow at a CAGR of roughly 1.2% over the next five years, will reach 828.1 million US$ in 2024, from 778.4 million US$ in 2019, according to our study.
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The Formic Acid market report analyses the growth opportunities as well as the threats to the Formic Acid market w.r.t Business Tactics, Sales Volume and Latest Developments that are taking place in Formic Acid Industry. Facts such as the Product launch events, Formic Acid industry news, growth drivers, challenges and investment scope have been analyzed at depth in Formic Acid research report.
Some of the most prominent Key Vendors: BASF, LUXI, Eastan, Rashtriya Chemicals and Fertilizers, Tianyuan Group, Gujarat Narmada Valley Fertilizers & Chemicals, Feicheng Acid, Perstorp, Wuhan Ruisunny Chemical, Shandong Rongyue Chemical, Chongqing Chuandong Chemical, Huaqiang Chemical, Shanxi Yuanping Chemicals, Shandong Baoyuan Chemical
Formic Acid Market
Regions covered in the market report: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia etc.), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Applications Segment Analysis: Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceuticals, Other
Product Segment Analysis: 0.85, 0.98, Others
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The report provides insights on the following pointers:
1: Market Penetration: Comprehensive information on different types of Formic Acid market offered by the top players operating in the market.
2: Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and new product launches in the market.
3: Market Development: Comprehensive information about emerging markets as the report analyzes the markets for the across varied regions.
4: Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Formic Acid market.
5: Competitive Assessment: In-depth assessment of the market shares, strategies, products, and manufacturing capabilities of the leading players operating in the market.
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Our experts and analysts evaluate the vendors in the Formic Acid market and provide understandings to articulate current and future market trends, innovation, customer expectations and competitive forces. The overviews, SWOT analysis and strategies of each vendor in the market provide understanding about the Formic Acid market forces and how those can be oppressed to create future opportunities.