Formic acid which belongs to the group of carboxylic acids and also commonly known as methanoic acid is an important intermediate in chemical synthesis, occurring naturally, mostly in ant venom. It can be characterized by a colorless appearance and a highly pungent odor, and is soluble in various alcohols, acetones and ethers. Growing demand preservatives and feed additives coupled with increasing demand from major end user industries is expected to be the key growth drivers for formic acid during the period of study.
This report identifies the formic acid market size in for the year 2015-2017, and forecast of the same for year 2022. It also highlights the potential growth opportunities in the coming years, while also reviewing the market drivers, restraints, growth indicators, challenges, market dynamics, competitive landscape, and other key aspects with respect to formic acid market.
Geographically Asia-Pacific dominated formic acid market owing to usage of formic acid in its large agricultural industry. Asia-Pacific was followed by Europe and North America as the second and third largest markets for formic acid. Asia-Pacific region is expected to remain the fastest growing region driven by expanding industrial based resulting into higher demand from major industries such as textile, leather and rubber industries in the region.
This report segments formic acid market on the basis of type, application and regional market as follows:
- On the basis of type this report on formic acid market is segmented as follows, covering all major types used in the formic acid as follows: Grades of 85%, 94%, 99%, and others
- This report on formic acid also covers in detail various applications of formic acid, some of the major applications covered in the report are Agriculture, Leather & Textile, Rubber, Chemical & Pharmaceuticals, & others
- This report on formic acid has been further segmented into major regions, which includes detailed analysis of each region such as: North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) covering all the major country level markets in each of the region
Sample Companies Profiled in this Report are:
- Taminco Corporation
- Perstorp AB
- Feicheng Acid Chemicals Co. Ltd.
- Gujarat Narmada Valley Fertilizers Co. Ltd.
- Chongqing Chuandong Chemical (Group) Co. Ltd.