PUNE, 22 September 2022 (GLOBE NEWSWIRE) — The global market for formic acid is expected to grow in size due to continued growth in demand for the chemical. This information is provided by Fortune Business Insights™ in an upcoming report titled Formic Acid Market 2022-2029. In addition, the product is also used as an antimicrobial agent, which helps to use it as an ingredient in animal feed without compromising its nutritional value, thereby increasing demand in the dairy industry.
Depending on the end use, the market is divided into agricultural, leather and textile, chemical, rubber, pharmaceutical and other applications.
Geographically, the market is divided into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
The market is expected to grow exponentially due to the increase in demand for formic acid used as a preservative. In addition, formic acid is also used as an antimicrobial agent, which helps to use it as a raw material for animal feed without compromising its nutritional value, which increases the demand in the dairy industry. The properties of this acid will contribute to the growth of the formic acid market. The application of this acid in the chemical and industrial fields will be another factor driving the growth of the market.
And because of long-term exposure to formic acid, formic acid can pose a significant health risk. Potential health hazards will be a factor hindering the growth of the market. In addition, long-term exposure to this chemical can cause skin irritation or chronic kidney damage. All these health hazards are likely to hold back the growth of the market.
The Asia-Pacific region will witness the biggest market growth, supported by growing demand for chemicals in India and China. Large bases of chemical manufacturers in India and China increase the demand for chemicals and their derivatives in the region. North America is expected to see significant growth due to growing demand for chemical raw materials and preservatives.
Moreover, Europe is expected to see a significant increase in demand for preservatives for livestock feed harvesting. Latin America, the Middle East and Africa are expected to grow exponentially over the forecast period.
Key market players are scattered across different regions and are improving their aspects. Key players in this market are striving to gain global leadership through the introduction of advanced technologies. Moreover, companies are trying to achieve mergers and acquisitions in regional markets in order to strengthen their global ratings. Growing demand in agriculture for chemicals used as preservatives is helping these companies gain a competitive edge over other competitors in the market.
Fortune Business Insights™ provides accurate data and innovative enterprise analytics to help organizations of all sizes make the right decisions. We create innovative and customized solutions for our clients to solve problems that are very different from their business. Our goal is to provide them with comprehensive market information by providing a detailed overview of the markets in which they operate.