Major Players in Formic Acid Market: BASF SE (Germany), Perstorp AB (Sweden), Feicheng Acid Chemicals Co. Ltd. (China), Samsung Fine Chemicals Co. Ltd., Helm Italia S.R.L, Alfa Aesar, Gujarat Narmada Valley Fertilizers Co. Ltd. and others.
(PRWEB) October 30, 2014
The Report “Formic Acid Market by Types, Application & Geography - Global Trends, Forecasts to 2019”, analyzes the global formic acid market with respect to market drivers, opportunities, and trends in different regions.
Browse more than 93 market data tables 26 figures spread through 199 slides and in-depth TOC on "Formic Acid Market".
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The formic acid market is estimated to be 762,123.8 thousand tons by volume by 2019 signifying a firm annualized growth rate of over 3.8% from 2014 to 2019. The study basically aims to estimate the market for 2014 and is projected up to 2019. The formic acid market is subjugated by respective regional players along with the presence of few global players in the key growth markets. The Asia-Pacific region is the largest market, followed by Europe and North America in the global formic acid industry.
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In terms of market activities, expansions & investments was the most preferred development strategy by the players to increase their product portfolio, market share, and geographic reach. A number of expansions by the key players were seen in 2011, followed by merger & acquisition by some companies in 2013
Currently, the demand of formic acid is driven by the global animal feedstock, leather & textile, rubber, chemical & pharmaceutical and other applications. The demand for formic acid is supported by replacement of antibiotics as growth promoters in silage preservation and animal feed which has been banned by the European Union, increasing demand of its applications which leads to an increase in the consumption of formic acid, and the low toxicity levels of the 85% concentration which is consumed as per industry standards in different industries.
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The high demand across the industries, such as animal feedstock, leather & textile, rubber, chemical & pharmaceuticals and other industries will increase the overall formic acid consumption. Quality, readily degradable nature & effective substitute to other acids, an upsurge in the demand for these products and innovative techniques developed for its use will be the key influencing factors for the global market with the increased emphasis on its different types and their applications.
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