The Formic Acid Global Market Report 2023, provides comprehensive information on the formic acid market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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The global formic acid market is expected to grow from $1.60 billion in 2022 to $1.70 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The formic acid market is expected to reach $2.08 billion in 2027 at a CAGR of 5.2%.
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The launch of innovative technologies is a key trend gaining popularity in the formic acid market. Major companies operating in the formic acid market are focused on launching recent technologies to meet specific demands and sustain their position in the market. For instance, in January 2022, the University of Science and Technology of China, a China-based university, and a collaborative team of researchers developed an innovative system to directly utilize renewable electricity to reduce carbon dioxide into pure formic acid. This system uses a copper-based single-atom alloy catalyst and a novel electrochemical device based on solid-state electrolytes to generate refined formic acid liquid fuels with carbon dioxide and water as raw feedstocks. This work is expected to promote the industrialization of carbon dioxide upcycling driven by green electricity, which has immense potential for practical application.
The formic acid market is segmented:
1) By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
2) By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
3) By End-Use Industry: Agriculture, Leather, Textiles And Apparel, Healthcare, Rubber, Chemical, Paper, Other End-Use Industries
Asia-Pacific was the largest region in the formic acid market in 2022.
The table of contents in TBRC’s formic acid market report includes:
1. Executive Summary
2. Formic Acid Market Characteristics
3. Formic Acid Market Trends And Strategies
4. Formic Acid Market – Macro Economic Scenario
5. Global Formic Acid Historic Market Size and Growth, 2017 – 2022, Value ($ Billion)
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32. Global Formic Acid Market Competitive Benchmarking
33. Global Formic Acid Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Formic Acid Market
35. Formic Acid Market Future Outlook and Potential Analysis
36. Appendix
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