Formic acid, also known as methane acid or carboxylic acid, is a colorless corrosive liquid with foam characteristics. It occurs naturally in insects and some plants. Formic acid has a pungent and penetrating odor at room temperature. HCOOH is the chemical formula of formic acid. It is chemically manufactured by various methods, such as hydrogenation of carbon dioxide and oxidation of biomass. It is also a by-product of acetic acid production. Formic acid is soluble in water, alcohol and other hydrocarbons such as acetone and ether. Due to the increased demand for acids in various applications such as preservatives, animal feed, agriculture and leather, the formic acid market is expected to grow substantially during the forecast period.
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Based on concentration, the formic acid market can be divided into 85%, 90%, 94% and 95% and above. In 2016, this 85% market segment accounted for the main market share. It is widely used in various applications. According to revenue and sales volume, the market accounted for 85% of the market share in 2016. The high market demand for 85% concentration formic acid can be attributed to the low concentration. Therefore, it is less toxic to the environment and human life. The 85% formic acid concentration is considered the standard concentration for various applications. Other concentrations can be customized according to the application.
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According to applications or end users, the formic acid market can be divided into leather, agriculture, rubber, pharmaceuticals, chemicals, etc. In 2016, the agricultural sector held an important share in the formic acid market. Followed by the rubber and leather fields. The increase in consumption of formic acid as an antibacterial agent for animal feed and the use of preservatives for silage in agriculture are expected to expand the formic acid market in the next few years. The increase in global demand for meat has promoted the consumption of formic acid. Manufacturing companies, associations and end product manufacturers are investing heavily in the development and technological transformation of formic acid to meet the growing needs of various end-user industries. This is expected to drive the market during the forecast period.
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In terms of regions, the formic acid market can be divided into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region dominated the formic acid market in 2016. China is the world’s leading producer and consumer of formic acid. The textile and rubber industries are the main consumers of formic acid in the Asia-Pacific region. Rapid industrialization and readily available raw materials are the main reasons why the Asia-Pacific region has a high market share. There are also very few regulations in the region. This allows the formic acid market to develop rapidly. North America also occupied a major share of the formic acid market in 2016. Europe is close behind. There are a large number of manufacturers in the region, such as BASF SE and Perstorp AB. In 2016, Latin America and the Middle East and Africa had a low share of the formic acid market; however, during the forecast period, the demand for formic acid in these regions is expected to grow at a faster compound annual growth rate. Leather and tanned leather applications occupy an important share of the formic acid market in the Middle East and Africa.
The main manufacturers operating in the formic acid market are BASF SE, Gujrat Narmada Valley Fertilizer and Chemical Co., Ltd., Perstorp AB and Taminco Corporation.
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