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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