Pune, India -- (SBWire) -- 02/21/2018 --Synopsis of Formic Acid:
Formic acid is a colorless liquid with high pungent odor and is soluble in alcohols, acetone, and ether. It belongs to carboxylic group and also known as methanoic acid. Formic acid can be synthetically produced as well as naturally found in ant venom. According to concentration grade, formic acid is available 85%, 90%, 94% and 99%. Global Formic Acid Market has witnessed significant growth over the forecasted period on account of increasing application including animal feed, preservatives, cleaning agents and leather production among others. Growing usage of formic acid as antibacterial agent in animal feed along with usage as silage preservative in agriculture is expected to augment the formic acid market growth.
Global Formic Acid Market is segmented according to production method and applications. According to production method carbonylation of methanol accounts for highest percentage of share. Though hydrolysis process step is complex and need competing technologies, carbonylation of methanol process are associated with companies such as Kemira and BASF. According to application, formic acid is used in silage preservative, animal feed, dyeing and finishing textiles, rubber & leather production and others. One of the prominent application of formic acid is animal feed owing to its natural antibacterial properties. These is followed by preservative such as silage, rubber & leather production and so on. According to MRFR analysis, cumulatively the global formic acid market was valued at USD 516.9 million in 2016 and is expected to be valued at USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%.
Get Sample of Report @ https://www.marketresearchfuture.com/sample_request/1132
Regional Analysis:
Geographically, Asia Pacific region is the largest market for formic acid and accounts for more than 35% of the volume share in the global market, owing to the rapid industrialization, easy availability of raw material supply and presence of largest production base with minimal regulatory norms. China is expected to reach USD 144.3 million by 2027 with CAGR of 5.50%. Lower capital and labor cost are expected to fuel the market growth of formic acid in China. Though, BASF is the largest producer of formic acid based in Germany, Asia Pacific still dominated the market as new capacity are added in countries like China and India. Growing production of commercial vehicles drives the demand of rubber and leather thereby driving the demand of formic acid. Moreover, developments in detergents and cleaning agents are further expected to drive the Formic Acid Market.
Based on revenue, Europe market accounts for the second-largest market share for formic acid, primarily owing to the presence of leading manufacturers like BASF and Perstorp AB with superior product offering in the region, which is followed by North America market.
Segmentation:
The Global Formic Acid Market is segmented on the basis of production method, application and region. On the basis of production method, global formic acid market is segmented into carbonylation of methanol, and oxalic acid. Based on application, the global formic acid market is segmented into— animal feed, preservatives, cleaning agents, dyeing and finishing textiles, rubber & leather production and others.
Key Findings:
Global Formic Acid Market is projected to reach USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%. Asia Pacific to account for largest share due to growing application industries in this region. Formic acid market is a semi-fragmented market, however, tier1 manufacturers dominate the market. European region is expected to witness substantial growth since ban on antibiotics by European Union has boosted animal feed industry. New product development and expansion of major players to the emerging markets are some of the noted trends in the global market.
Make an Enquiry before buying @ https://www.marketresearchfuture.com/enquiry/1132
Table of Contents:
10 Company Profiles
10.1 Basf Se (Germany)
10.1.1 Company Overview
10.1.2 Product/Business Segment Overview
10.1.3 Financial Update
10.1.4 Key Developments
10.2 Perstorp Holdings A.B (Sweden)
10.2.1 Company Overview
10.2.2 Product/Business Segment Overview
10.2.3 Financial Updates
10.2.4 Key Developments
10.3 Eastman Chemical Company (U.S)
10.3.1 Company Overview
10.3.2 Product/Business Segment Overview
10.3.3 Financial Updates
10.3.4 Key Developments
10.4 Gujarat Narmada Valley Fertilizers& Chemicals Limited (India)
10.4.1 Company Overview
10.4.2 Product/Business Segment Overview
10.4.3 Financial Update
10.4.4 Key Developments
10.5 Feicheng Acid Chemical (China)
10.5.1 Company Overview
10.5.2 Product/Business Segment Overview
10.5.3 Financial Updates
10.5.4 Key Developments
Access Complete Report @ https://www.marketresearchfuture.com/reports/formic-acid-market-1132
Formic Acid Market : Key Players, Product and Production Information Analysis and Forecast to 2027
Global Formic Acid Market - By Production Method (Carbonylation of Methanol, and Oxalic Acid), By Application (Animal Feed, Preservatives, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production and others), and By Region - Forecast Till 2027