LONDON--(BUSINESS WIRE)--The global formic acid market size is expected to grow by USD 225.16 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The preservation capabilities of formic acid make it an ideal silage preservative. Silage refers to green fodder or grass that is stored to be used as animal feed during winters. The aim is to support the silage material with no or minimum nutrient loss. To facilitate this process, formic acid is extensively employed. The addition of formic acid to the silage material positively impacts the process of fermentation. In addition, the formic acid is also used as a preservative agent in feed production, especially, since the feed consumption for cattle is more than seven million tons each year. Therefore, the high rates of demand for formic acid, mainly as a preservative and an antibacterial agent will drive the formic acid market growth during the forecast period.
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As per Technavio, the rising demand for natural rubber will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Formic Acid Market: Rising Demand for Natural Rubber
The global formic acid market is propelled by the rising demand for natural rubber. The utilization of formic acid ensures high-quality end products of rubber such as rubber sheets. It is a highly cost-efficient material that facilitates the coagulation of latex in the natural rubber industry. The inclusion of formic acid also guarantees good consistency in natural rubber products, making it one of the best coagulants in dry rubber production. Apart from offering advantages such as superior performance, environmental compatibility, and cost efficiency, formic acid is increasingly preferred by the natural rubber industry due to its low or no residue in rubber sheets, unchanged rubber elasticity, enhanced color in rubber products, and the homogeneous coagulation of latex.
“Factors such as the ban on antibiotics, and the increasing demand from the agriculture industry will have a significant impact on the growth of the formic acid market value during the forecast period,” says a senior analyst at Technavio.
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Formic Acid Market: Segmentation Analysis
This market research report segments the formic acid market by end-user (agriculture and animal feed, leather, textile, chemicals and pharmaceuticals, and others) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the global formic acid market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to increasing demand from the rubber, agriculture, leather, and textile industries in China and India.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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