Formic Acid Market Growth and Size, Revenue, Key Players, Challenges, Business Opportunities, and Forecast Till 2033: SPER Market Research
Formic acid, chemically represented as HCOOH, is a colorless, strong liquid that is also referred to as methanolic acid. It was first isolated from ants in the 18th century, and its name, “Formica,” comes from the Latin word for ant. It is the most basic carboxylic acid. Many different creatures, including certain insects, plants, and animals, naturally contain formic acid. It is made commercially by catalyzing the oxidation of methanol, and it has several uses in industry.
According to SPER market research, ‘Formic Acid Market Size- By Production Method, By Application, By End User, By Concentration – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Formic Acid Market is predicted to reach USD 4.43 billion by 2033 with a CAGR of 4.82%.
Drivers:
The market for formic acid is growing due to a variety of factors that are indicative of its wide range of industrial uses. The growing usage of formic acid in agriculture as a feed additive and preservative to improve the development and health of animals is one of the main factors driving the market. Furthermore, formic acid is becoming more and more in demand as a necessary component of renewable energy technologies like fuel cells due to the growing interest in environmentally friendly and sustainable solutions. Its application in the textile industry’s dyeing and finishing procedures aids in the growth of the market.
Challenges:
A number of challenges could hinder the formic acid market’s expansion and general uptake. Its caustic character is a major obstacle. Because formic acid is a powerful acid, it can harm machinery, pipes, and storage facilities if safety measures are not followed. One further obstacle is the production expense. Although methanol and other renewable resources can be used to produce formic acid, costly precious metal catalysts like cobalt or rhodium are frequently used in the process.
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Impact of COVID-19 on Global Formic Acid Market
The market for formic acid has seen conflicting effects from the COVID-19 epidemic. Lockdown measures implemented to restrict the virus’s spread and the worldwide economic recession caused interruptions in the formic acid industry, similar to those experienced by many other businesses. Travel, trade, and manufacturing limitations led to lower production capacity, logistical difficulties, and supply chain disruptions that impacted formic acid distribution and availability. Moreover, the pandemic significantly affected the formic acid end-use sectors. The construction, automotive, textile, and leather industries all saw declines in demand, which lowered the need for formic acid in these industries.
Formic Acid Market Key Players:
Additionally, some of the market key players are; BASF Intermediated Division, BASF SE, Celanese Corporation, Chongqing Chua Ndong Chemical (Group) Co., Ltd, Eastman Chemical Company.
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