BANGALORE, India, July 15, 2021 /PRNewswire/ -- Formic Acid Market is Segmented by Type - Content 85%, Content 90%, Content 98%, Others, by Application - Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceuticals, Other. It is published in Valuates Reports under Chemicals Industry Category.
The global Formic Acid Market size is projected to reach USD 313.8 million by 2026, from USD 290 million in 2019, at a CAGR of 4.5% during 2021-2026.
Major factors driving the growth of the formic Acid market are:
Increasing use in the manufacturing of pesticide, leather, dyes, medicines, and rubber sectors is contributing to the formic acid market growth.
The environmental acceptability of formic acid is expected to further boost the formic acid market size. Formic acid is considered to be a highly efficient organic acid with the noticeable difference from mineral acids being that formic acid evaporates without leaving any residue.
Superior antibacterial properties further fuel the market growth of formic acid.
TRENDS INFLUENCING THE GROWTH OF FORMIC ACID MARKET
The increased demand for formic acid in the food processing and pharmaceutical industries is a key factor projected to drive the global market for formic acid forward. In addition, formic acid's use in leather tanning, rubber manufacture, and food preservatives is expected to drive the formic acid market during the forecast period.
The formic acid market is predicted to expand due to the rising need for preservatives and feed additives, as well as rising meat and poultry consumption. Formic acid is a commercial animal feed additive that is used to acidify the animal's diet. In cattle feed, formic acid is utilized as an antibacterial agent and a preservative as well.
Based on application, agriculture is expected to be the most lucrative segment during the forecast period. A large amount of commercially produced formic acid is used in agriculture. Formic acid is being employed as both an antibacterial preservative and a pesticide due to its natural antibacterial properties. This chemical is most commonly used as a food preservative in the agriculture industry.
Based on region, Asia-Pacific is expected to be the most lucrative during the forecast period.
- Formic Acid Hydrazide Market helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. Understanding the segments helps in identifying the importance of different factors that aid the market growth. Segment by Type the Formic Acid Hydrazide market is segmented into Product-Type: . 98, . 99, Others, Application: Chemical Reagents, Pharmaceutical Intermediates, Others, Region: Global
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