FORMIC ACID MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Formic Acid Market Analysis:

The formic acid market is projected to achieve a volume of 1,092.35 kilotons by the conclusion of this year, with a compound annual growth rate (CAGR) exceeding 3.5% throughout the forecast period.

As a consequence of the lockdown regulations imposed by the COVID-19 pandemic and a decrease in the workforce, production in various chemical and other industries has diminished, resulting in a reduced supply of raw materials to these industries. Nevertheless, it is anticipated that the market will improve over the forecast period.

In the medium term, the growth of the formic acid market is being driven by the increasing demand for animal feed and silage additives. However, the emergence of alternative substitutes that are more cost-effective and the high toxicity levels associated with higher-grade formic acid are expected to impede the growth of the target industry during the forecast period.

The utilization of formic acid in a fuel cell in a sustainable manner is likely to present an opportunity for the formic acid market.

The Asia-Pacific region is predicted to dominate the market and is estimated to experience the highest CAGR during the forecast period.

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