Global Feed Formic Acid Market, By Production Method (Oxalic Acid, Carbonylation of Methanol), Grade Type (75%, 80%, 85%, 94%, 99%), Application (Silage Additive, Preservative), Country (U.S., Canada, Mexico, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Brazil, Argentina, Chile, Rest of South America, U.A.E, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Market Analysis and Insights : Global Feed Formic Acid Market
Feed formic acid market is expected to grow at a rate of 5.10% in the forecast period 2021 to 2028. Increasing consumption of meat and poultry among the consumers which will likely to act as a factor for the feed formic acid market in the forecast period of 2021- 2028.
Formic acid, also known as ethanoic acid or carboxylic acid, is a vesicant-like, colourless, corrosive liquid. Naturally, it is present in insects and some plants. Formic acid at room temperature gives a pungent and penetrating odour. The chemical formula of formic acid is called HCOOH. It is chemically developed by various techniques, such as carbon dioxide hydrogenation and biomicrobial oxidation.
Increasing applications of product in pesticide, leather, dyes, pharmaceuticals and rubber industries, increasing demand for preservatives and feed additives, rising demand for tyres and consumer products, rise in consumption of formic acid as an antibacterial agent for animal feed and usage as silage preservative in agriculture, rising demand of the acid due to its superior antibacterial properties, improving standard of living of the people are some of the major as well as vital factors which will likely to augment the growth of the feed formic acid market in the projected timeframe of 2021-2028. On the other hand, increasing prevalence of favourable legislations and regulations along with surging levels of investment in the development of formic acid across the value chain which will further contribute by generating massive opportunities that will lead to the growth of the feed formic acid market in the above mentioned projected timeframe.
Adverse effects of the product along with availability of cost effective substitutes which will likely to act as market restraints factor for the growth of the feed formic acid in the above mentioned projected timeframe. Greener chemical processing along with rising number of regulations regarding the usage which will become the biggest and foremost challenge for the growth of the market.
This feed formic acid market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on feed formic acid market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Feed Formic Acid Market Scope and Market Size
Feed formic acid market is segmented on the basis of production method, application and grade type. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of production method, the feed formic acid market is segmented into oxalic acid, carbonylation of methanol. Carbonylation of methanol segment will hold the largest share in the growth of the market due to the high nutrient substitutes along with rising popularity of product in animal feed applications.
- Based on grade type, the feed formic acid market is segmented into 75%, 80%, 85%, 94%, and 99%.
- On the basis of application, the feed formic acid market is segmented into silage additive, and preservative.
Feed Formic Acid Market Country Level Analysis
Feed formic acid market is analyses and market size, volume information is provided by country by production method, application and grade type as referenced above.
The countries covered in the feed formic acid market report are U.S., Canada, Mexico in North America, Germany, Poland, Ireland, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, New Zealand, Vietnam, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in Asia-Pacific (APAC), Brazil, Argentina, Chile, Rest of South America as a part of South America, U.A.E, Saudi Arabia, Egypt, Kuwait, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
Asia-Pacific dominates the feed formic acid market due to the rapid industrialization and easy access to raw materials, prevalence of large consumer base and favourable government policies in the region while North America region will hold the largest share in the feed formic acid market during the forecast period of 2021-2028 because of the rising usages of acid in silage preservatives and animal feed to minimise the bacterial content in the region.
The country section of the feed formic acid market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Feed Formic Acid Market Share Analysis
Feed formic acid market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to feed formic acid market.
The major players covered in the feed formic acid report are BASF SE; Perstorp; Eastman Chemical Company; GNFC. Limited; Chongqing Chuandong Chemical (Group) Co., Ltd; LUXI GROUP; Asahi Kasei Corporation.; Shanghai Baijin Chemical Group Co; Rashtriya Chemicals and Fertilizers Limited; Shandong Baoyuan Chemical Co.,Ltd.; Wuhan Ruisunny Chemical; Alfa Aesar; HELM AG; Celanese Corporation; Kemira; Yara; OKCHEM; BÜFA GmbH & Co. KG; TÜV SÜD; Yucheng Jinhe Industrial Co.,Ltd; among other domestic and global players. Market share data is available for Global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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