Dallas/Texas, Oct. 13, 2022 (GLOBE NEWSWIRE) — Due to the expansion of the application spectrum of formic acid in numerous end-use sectors, including leather, textile, rubber, chemical, pharmaceutical and agricultural, worldwide formic acid market is expected to increase significantly over the forecast period. According to forecasts, the demand for antibiotics and preservatives in cattle feed will increase over the forecast period. Asia-Pacific is expected to have the fastest growth in rubber and leather application markets due to increasing demand for tires and consumer products. The antibacterial properties found in the above applications further stimulate the global formic acid market for this sector.
The global formic acid market has been estimated at US$1.6 billion and is expected to grow at a CAGR of 4.01% to US$3.01 billion by 2031.
Likewise, formic acid is also used as an antibacterial agent that aids in the production of animal feed without affecting its nutritional content, increasing demand from dairy companies. This property of the acid will accelerate the expansion of the formic acid market. Another factor for market expansion will be the use of this acid in the chemical and industrial sectors.
top manufacturer
- BASF SE (Germany)
- Perstorp AB
- Eastman Chemical Company
- Gujarat Narmada Valley Fertilizers & Chemicals Limited (India)
- Feicheng acid chemical
- Chongqing Chuandong Chemical (Group) Co.Ltd
- LUXI Group Co.Ltd
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Formic acid is expected to be used more frequently in the pharmaceutical industry and is more in demand in the textile industry. These two developments are important drivers for the worldwide growth of the formic acid market. Formic acid is also used in rubber product manufacturing, leather tanning and food processing, all of which will contribute to the global formic acid market…
