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The global formic acid market is expected to register a CAGR of nearly 4.5% during 2018 to 2023 the forecast period. The major factor driving the market is the growing demand for preservatives and feed additives, combined with increasing automobile production in AsiaPacific economies.
Asia Pacific Dominating the Market Share
AsiaPacific is the largest market for formic acid, with more than 40% market share, despite major producers located in Europe; due to industrialization, easy raw material availability, and large production base with minimal regulatory norms. China accounts for the largest share in the AsiaPacific region, and it is expected to witness a CAGR of nearly 6%, due to the growing demand from enduser industries, like animal feed, textile, rubber leather industries in the region. Increasing automobile production drives the rubber leather industry, thereby, driving formic acid demand. In addition, low capital and labor costs are expected to drive the market growth in China.
Rubber Industry a Potential Segment
The formic acid market, based on end users, can be divided into rubber, textile, leather, chemicals, agriculture, and pharmaceutical industries. The agriculture industry is the dominant sector in the market studied, due to its antibacterial properties, and it is expected to grow at a healthy rate because of the increasing use as animal feed additive. The rubber industry is expected to grow at a respectable rate, due to the growing automobile production in AsiaPacific increasing demand for tires.
Cost Effective Substitutes Hampering the Market
The global formic acid market faces certain drawbacks, like the emergence of other costeffective substitutes, such as urea sulfate for formic acid and high toxic levels of higher grade formic acid, which have a negative impact on the market. These factors may act as a roadblock to the growth of the market.
Key Developments in the Market
March 2017: BASF and Balchem Corp. received the US FDA approval to launch Amasil formic acid in poultry diets, in the United States.
Major Players: BASF SE, EASTMAN CHEMICAL COMPANY, PERSTORP HOLDING AB, ALFA AESAR amongst others.
Reasons to Purchase this Report
Market analysis for the global formic acid market, with regionspecific assessments and competition analysis on a global and regional scale
Analyze various perspectives of the market with the help of Porter's five forces analysis
Identify the type and application expected to dominate the market
Identify the country expected to witness the fastest growth rate during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet in excel.
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