New York, NY -- (SBWIRE) -- 03/05/2021 -- The global Formic Acid Market is forecast to reach USD 837.8 Million by 2027, according to a new report by Reports and Data. The rise in demand for formic acid in pharmaceutical and food processing industries are driving the worldwide demand for formic acid. The application of the product in the manufacture of rubber, leather tanning, and for the preservation of food is boosting the demand during the forecast period.

Most of the revenues generated from the food and agricultural sector is attributable to the production of livestock, and it aids in supporting the livelihood and provide food security for a lot of people. The chemical is used as a preservative in the animal feed, for it prevents the growth of the bacteria in the same. The increase in the production of the livestock for a sustainable supply of food will create more demand in the formic acid.

The upsurge in demand for oil will resonate with the influx of demand in the formic acid market. This attributes to the growing application of the acid in the oil & gas sector as the derivative of the chemical is added to the drilling fluids to make them heavier. The Asia Pacific region is witnessing industrial growth for the past few years. The growing pharmaceutical sector is witnessing a rise in developing nations like India, and formic acid is used extensively in the industry.  The availability of cheap labor and low operational cost of the manufacturing units in the APAC region is another factor that is attracting investors from abroad and propelling industrial and pharmaceutical sectors.

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The report further studies the significant trends and demands of the market in each key region of the market and analyzes the strategic steps and initiatives taken by the leading companies of the industry. Some of the major companies operating in the Formic Acid market and profiled in the report are:

BASF SE, Perstorp, Eastman Chemical Company, Taminco, Feicheng Acid Chemical, LUXI Group Co. Ltd., Eastman Chemical Company, Helm Italia S.R.L, Gujarat Narmada Valley Fertilizers Co. Ltd, and Shanxiyuanping Chemicals Co. Ltd., among others.

The research study further covers the expansion and scope of the market in the key geographies across the globe. It assesses the scope of the market on a global as well as country-wise level. The market is spread across the key regions that include: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report provides a comprehensive analysis of the production and consumption patterns, import and export ratio, supply and demand dynamics, key trends and demands, consumer behavior, and presence and operations of prominent players in each region of the market.

The report covers the assessment of the historical data of the market to offer key insights into the current and emerging trends in the business sphere. The report considers 2017-2018 as historical years, 2019 as the base year, and 2021-2027 as forecast years. The report also discusses in detail the mergers and acquisitions, collaborations, joint ventures, product launches, brand promotions, corporate and government deals, and partnerships occurring in the market.

The report further segments the market on the basis of product types and application spectrum offered by the market.

Grade Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)

75%
80%
85%
94%
99%

Production Process Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)

Carbonylation of Methanol
Oxalic Acid

Applications Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)

Animal Feed
Leather Tanning
Textile Dyeing and Finishing
Intermediary in Pharmaceuticals
Others

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TOC -
Chapter 1. Market Synopsis

    1.1. Market Definition

    1.2. Research Scope & Premise

    1.3. Methodology

    1.4. Market Estimation Technique

Chapter 2. Executive Summary

    2.1. Summary Snapshot, 2020-2027

Chapter 3. Indicative Metrics

Chapter 4. Formic Acid Market Segmentation & Impact Analysis

    4.1. Formic Acid Market Material Segmentation Analysis

    4.2. Industrial Outlook

    4.2.1. Market indicators analysis

    4.2.2. Market drivers analysis

Continued……….

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The report is a qualitative and quantitative research study that offers key insights into the latest strategic steps and tactics undertaken by the industry players to gain a robust footing in the market. The report further offers strategic recommendations to the new and emerging players and established companies to help them overcome the barriers of the industry. The report also covers a comprehensive SWOT analysis and Porter's Five Forces analysis to offer a better understanding of the Formic Acid market and its competitive landscape.

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