Persistence Market Research is released new forthcoming report on title "Formic Acid Market: Global Industry Analysis and Forecast to 2020".
New York, NY -- (SBWIRE) -- 12/08/2014 -- Formic acid, also known as methanoic acid or formylic acid or aminic acid, is a simplest form of carboxylic acid. It is a colorless liquid having a strong and penetrating odor. Formic acid is use widely as an antibacterial agent and preservative in cattle feeds. The various other application of formic acid is found in manufacturing process of pesticide, leather, color dyes, and pharmaceuticals. It is used during the process of pickling in leather industries.
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On the basis of the various applications, the formic acid market can be broadly categorized as agriculture, leather, textile, rubber, chemical & pharmaceuticals and others. Leather and rubber industry was the fasted growing segment of formic acid in 2013, whereas the agriculture segment holds the largest market segment.
Based on the various grade the formic acid market is divided in four categories namely, 85% grade, 94% grade, 99% grade and other grades.
Growing trend towards health and food safety, increasing consumption of meat and poultry products, ban on use of antibiotics as a growth agent in fodder preservation and animal feedstock, coupled with increasing use of formic acid in industrial manufacturing of pesticide, leather, dyes, and pharmaceuticals is driving the market of global formic acid.
Formic acid has high degree of threat from its cost effective counterparts such as metabolic, microflora enhancers, and peptites. This is acting as a challenge for formic acid industry.
Ongoing product diversification and use of sophisticated technology in the feed acidifier segments such as encapsulations and coatings are expected to provide new growth opportunity for the formic acid market.
Asia Pacific region is the largest market for formic acid followed by North America and Europe. Asia Pacific is also the fasted growing market of formic acid attributed to the increased demand of feedstock from China and India. Chemical and pharmaceuticals industry are also growing in Asia Pacific region which in turns helping the formic acid market.
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Some of the leading global players operating in formic acid market include BASF SE, Taminco Corporation, Perstorp AB, Feicheng Acid Chemicals Co. Ltd., Gujarat Narmada Valley Fertilizers Co. Ltd., Alfa Aesar., Chongqing Chuandong Chemical (Group) Co. Ltd., Samsung Fine Chemicals Co. Ltd., Helm Italia S.R.L., and Shanxiyuanping Chemicals Co. Ltd.
Key points covered in the report:
1) Report segments the market on the basis of types, application, products, technology, etc (as applicable)
2) The report covers geographic segmentation
3) The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
4) The report provides company profiles of some of the leading companies operating in the market
The report also provides porters five forces analysis of the market.
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