Market Overview

The global Formic Acid Market, during the forecast period 2017 to 2027, will register growth at a CAGR of 4.94%. The market for formic acid is set to reach US$878.7 million by 2027. As per market analysts, the global market is anticipated to witness growth owing to the factors such as increasing number of applications and superior properties of formic as well as growing demand for preservatives and antibacterial agents. However, the Formic Acid Market will face challenges and restraints due to adverse effects of formic acid and more adverse effect than helping the user during the forecast period 2017 to 2027.

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The growing scope of use of formic acid in various end-use industries in the Formic Acid Market is set to play a key role in determining the growth potential during 2017 to 2027 years. Analysts have also studied the market to understand potential threats and challenges the Formic Acid Market companies could face. Although the market report is poised to grow at a fast pace across production method and application segments, factors such as dangerous levels of toxicity could slow down the Formic Acid Market's growth worldwide.

Market Segmentation

The market has been segmented into production method and application. Based on the segment which is the production method, the market is categorized on the basis of carbonylation of methanol, oxalic acid. The global market is further segmented based on application into animal feed, cleaning agent, dyeing, finishing textile, preservatives, rubber and leather production, and others.

The global market research report covers all the aspects of the Formic Acid Market based on the segmental analysis of these production method and application segments. Analysts have also studied the global Formic Acid Market's regional markets spread across many continents and countries. The production method and application segments along with their sub-segments have been analyzed and companies functioning in the Formic Acid Market across these segments are profiled and analyzed based on input and feedback from market based decision makers as well as primary and secondary sources. The market research report presents analysis based information for companies functioning in the Formic Acid Market.

Regional Overview

Concerns regarding corrosive effects having malicious health effects may hinder the Formic Acid Market growth. The market research report suggests that companies in the market could be supported by superior antibacterial properties as well as rising health and safety issues during the forecast period. The market is set to register growth at a high CAGR owing to these key factors. The market is spread across North America, Europe, Asia-Pacific, and other parts of the world. The global market research report reveals that APAC, North America, and Europe regional Formic Acid Markets will dominate the global market for formic acid during the forecast period 2017 to 2027. As per market analysts, the market is set to witness tremendous growth across production method and application segments in North America which covers Formic Acid Markets across the United States, Canada, Mexico and several other regional markets. Companies active in the market are also analyzed and studied in the Formic Acid Market research report.

The Formic Acid Market for Europe covers smaller market segments of Germany, Italy, France, and the United Kingdom. Additionally, the market research report covers the Asia-Pacific region covering Formic Acid Markets from India, China, Japan, Australia, and others. The market is also spread across the rest of the world. The market report covers all such regions including the Middle East, Africa, Brazil, and others.

Competitive Landscape

Formic acid has seen increased demand over the years, due to the banning of the use of antibiotics and growing awareness about the sustainable solutions. Companies functioning in the global Formic Acid Market are also being challenged due to high product density and adverse health effects due to higher concentration of harmful chemicals. Mergers and acquisitions by Formic Acid Market companies are anticipated to help the market during the forecast period 2017 to 2027. As the Formic Acid Market is set to register a high CAGR of 4.94% and is also anticipated to reach a US$878.7 million by 2027, the report highlights key areas companies need to focus on. The report suggests that the market will see a healthy growth in the long run till 2027. Based on SWOT analysis and Formic Acid Market’s analysis based on Porters’ Five Force Model presented in the market report. Mergers and acquisitions by Formic Acid Market companies are anticipated to help the market during the forecast period 2017 to 2027. 

Industry News

Taminco signed a $190 million contract to acquire the formic acid enterprise in Kemira. The acquisition is taken into the retail entrant with a Finnish facility and annual revenues of $190 million, according to allentown, Taminco, a Pa. company who sees himself as the world's largest producer of alkylamins. Taminco CEO Laurent Lenoir says that formic acid and its compounds have already been sold to industries like animal feed, water processing and energy. Kemira says sales will only rely on water purifiers. Kemira says sales will.

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