Formic Acid Market is to grow by USD 485.04 million from 2022 to 2027, BASF SE, Eastman Chemical Co., GNFC Ltd., and more among key companies - Technavio

NEW YORK, Sept. 28, 2023 /PRNewswire/ -- The formic acid market is expected to grow by USD 485.04 million from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 4.88% during the forecast period, according to Technavio. Rising demand for formic acid as a preservative is notably driving the formic acid market. However, factors such as the Presence of cost-effective substitutes may impede the market growth. The market is segmented by distribution channel (offline and online), end-user (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America). We provide a detailed analysis of 20 companies operating in the formic acid market including BASF SE, Eastman Chemical Co., GNFC Ltd., Joshi Agrochem Pharma Pvt. Ltd., Kakdiya Chemicals, Kemira Oyj, Luxi Chemical Group Co. Ltd., Merck KGaA, MERU CHEM PVT. LTD., NuGenTec, PETRONAS Chemicals Group Berhad, Pon Pure Chemicals Group, ProChem Inc., RXChemicals, Shandong Acid Technology Co. Ltd., Shandong Jiuan Chemical Industry Co. Ltd., Shijiazhuang Taihe Chemical Co. Ltd., Thermo Fisher Scientific Inc., Tokyo Chemical Industry Co. Ltd., and Vizag Chemical International. The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a FREE Sample Report.

Formic Acid Market 2023-2027: Company Analysis

BASF SE - The company offers formic acid in Europe under the Protectol FM brand.

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Formic Acid Market 2023-2027: Segmentation

Distribution Channel

• The offline segment is estimated to witness significant growth during the forecast period. Formic acid is available from chemical suppliers, distributors, and producers who are involved in the processing of industrial chemicals when it comes to distribution via offline channels. Companies specializing in the distribution of chemicals, such as agriculture, leather, and textile industries that need to use fissile acid during the production process often supply this material to other industrial sectors. In addition, offline distribution of formic acid requires close coordination between manufacturers, wholesalers, retailers, and end users to ensure continuous chemical supply while complying with safety standards and regulations. full. Hence, these factors are expected to drive segment growth during the forecast period. 

Geography 

• APAC is estimated to contribute 57% to the growth of the global market during the forecast period.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View FREE PDF Sample Report

Formic Acid Market 2023-2027: Key Highlights

• Historic Market Size 2017-2021
• CAGR of the market during 2023-2027
• Detailed information on factors that will assist formic acid market growth during the next five years
• Estimation of the formic acid market size and its contribution to the parent market
• Forecasts on upcoming trends and changes in consumer behavior
• The growth of the formic acid market
• Analysis of the competitive landscape and detailed information on companies
• Comprehensive details of factors that will impede the growth of formic acid market companies

FAQS

• How do the major trends impact the market?
• How big is the APAC market?
• How do the key drivers and challenges impact the market?

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by End-User

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio