Market Size of Formic Acid Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Formic Acid Market Analysis
The formic acid market is expected to reach 1,092.35 kilotons by the end of this year and register a CAGR of over 3.5% during the forecast period.
Due to the COVID-19 pandemic-induced lockdown regulations and fewer workers, production in various chemical and other industries has reduced, resulting in a reduced supply of raw materials to industries. However, the market is expected to get better during the forecast period.
- Over the medium term, the growing demand for animal feed and silage additives is driving the growth of the formic acid market.
- The emergence of other cost-effective substitutes and high toxic levels of higher-grade formic acid are the key factors anticipated to restrain the growth of the target industry over the forecast period.
- The sustainable use of formic acid in a fuel cell will likely act as an opportunity for the formic acid market.
- The Asia-Pacific region is expected to dominate the market and is estimated to witness the highest CAGR during the forecast period.
