Fact.MR’s Formic Acid Market Research provides convincing insights into the key growth drivers and restraints impacting the market through 2031.The survey provides an outlook for formic acid demand and examines the opportunities that exist in key areas, including concentrations and applications.It also highlights key strategies adopted by market players to increase formic acid sales.
NEW YORK, Aug. 27, 2021 /PRNewswire/ — The global formic acid market is expected to be valued at over $3 billion by the end of 2031 compared to the U.S. dollar by 1.5% in 2020, according to the latest insights from Fact.MR .
The high quality and environmental acceptability of formic acid are the key factors driving the market to grow at a CAGR of 4% during the forecast period 2021-2031.
During the forecast period, the market will benefit from the expanding application scope in various vertical industries such as pharmaceuticals, textiles, leather, and agriculture.
In addition to this, rising global living standards have led to an increase in meat consumption, which in turn has increased the demand for formic acid in animal feed and preservatives.Implementation of various safety regulations for formic acid production is also expected to be one of the key factors driving the market growth.
The widespread use of formic acid as a catalyst in the production of different chemicals is expected to stimulate the sales outlook.In addition, the increasing utilization of formic acid in rubber manufacturing due to strong cohesive properties is also driving the demand.
The Asia-Pacific market is expected to dominate the global formic acid sales, growing at a healthy CAGR during the forecast period.The growth outlook for the Asia-Pacific market is likely to remain positive, driven by rapid industrialization, abundant and cheap raw material availability, and the strong presence of a large number of chemical manufacturing companies.
“Increased investment in R&D activities and a focus on expanding production capacity are key strategies employed by leading market players as they focus on expanding their global footprint,” said Fact.MR analysts.
Some of the leading market players operating in the formic acid market include BASF, Beijing Chemical Group Co., Ltd., Feicheng Acid Chemicals Co., Ltd., GNFC Limited, Luxi Chemical Group Co., Ltd., Perstorp, Polioli SpA, Rashtriya Chemicals and Fertilizers Co., Ltd., Shandong Baoyuan Chemical Co., Ltd., Shanxi Yuanping Chemical Co., Ltd., Wuhan Ruifuyang Chemical Co., Ltd., etc.
Formic acid manufacturers are focusing on various organic and inorganic strategies, including partnerships, new product offerings, collaborations and acquisitions, to expand their global footprint.In addition to this, increasing emphasis on R&D activities and business expansion will improve the competitive environment among formic acid manufacturers.
Fact.MR provides an unbiased analysis of the global formic acid market in its new report, analyzing forecast statistics to 2021 and beyond.The survey reveals the growth forecast of the formic acid market with a detailed breakdown:
Oleic Acid Market – Oleic acid can replace saturated fat in the diet and reduce the risk of cardiovascular disease (CVD).As a result, people with high cholesterol are turning to olive oil, and the oleic acid industry is ramping up its olive oil manufacturing capacity.In the medium term, greater use of oleic acid as a scouring, wetting, emulsifying and dispersing agent in the textile and leather industry will support the oleic acid market.Drilling and exploration for oil and gas is also expected to be a lucrative specialty application of oleic acid.
Tungstic Acid Market – Tungstic acid has a variety of uses in manufacturing.Used as mordant, analytical reagent, catalyst, water treatment agent, used in the production of fireproof and waterproof materials, as well as phosphotungstate and boron tungstate, etc.Tungstic acid has great potential in the global catalyst industry, and it has a competitive value market share compared to other catalyst alternatives.Furthermore, during the long-term forecast period, significant use of tungstic acid as a reagent will be observed.
Fumaric Acid Market – The expanding use of fumaric acid aided the expansion of the global market during the period under review.In recent years, the use of fumaric acid has increased in various end-use industries.The food and beverage industry is a major driver of fumaric acid sales as it is used in food processing and ready-to-drink beverages.Demand for energy drinks has peaked as more and more athletes express a strong preference for energy drinks.Fumaric acid is essential in the production of energy drinks because it helps stabilize the drink and maintain its quality over time.
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