Mumbai, India -- (SBWIRE) -- 08/31/2020 -- Prismane Consulting is pleased to publish its Formic Acid Market Study Report and Techno-Commercial Market Model.
Formic Acid also known as methanoic acid, is a colourless liquid with pungent smell, miscible with water and various alcohols. It occurs naturally in insects and plants. Industrially formic acid is produced mainly by hydrolysis of methyl formate. The formic acid market is segmented on the basis of grade type 75%, 85%, 90%, 94% and 99%. The 85% grade is the most common and widely used grade in the global market.
As per Prismane Consulting's global market model on formic acid, Asia-Pacific dominates the global market mainly driven by strong demand in animal feed additives. Over 50% of the global formic acid is produced and consumed in Asia-Pacific. In 2019, China accounted for the major formic acid demand share, followed by India. As per Prismane Consulting's consultants, the region will continue its dominance with strong demand in agricultural and pharmaceutical end-markets. On the basis of applications, the agricultural industry accounts for more than 40% market share due to increased demand from silage preservation/animal feed additives. Other important application of formic acid includes leather and tanning, textile dyeing and fishing, rubber chemicals and pharmaceuticals.
The major formic acid manufacturers include BASF, Perstorp, Feicheng Acid Chemical and Shandong Liaocheng Luxi Chemical.
The global Covid-19 pandemic has changed the global industry landscape and assessing its impact remains a key question across several industry verticals. In Prismane Consulting's Global Formic acid market report, we have analyzed the historic and current market situation of formic acid across several applications. Plant capacity expansions, force majeures, de-bottlenecks, plant shutdowns and investments have been considered in the report. According to Prismane Consulting's Global formic acid Market model, the demand of formic acid is forecast to grow over the long-term at around 2-3% per annum. The report also provides a conservative, likely, and Optimistic forecast scenarios across different application segments.
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Market Data, Country Summaries & Product Review
- Formic acid Demand-Supply Balance & Market Analysis
- Formic acid market data in terms of volume and value for each end-use at regional and country level
- Formic acid ProductionCapacity, Apparent Production, Regional and country level demand-supply
- Demand Composition, by Grades and Applications
- Trade (Import, Export and Net Export)
- Pricing Analysis
- Latest Trends and market developments
- Key Players
- Process technology
- Strategic Issues and Recommendations
- Market / Product Outlook (Historical, Short, Mid and Long-term forecast)
- Business Opportunities & Challenges
- Strategic Analysis and High-level information on Market Entry, Best Strategies adopted
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