July 30, 2024 07:20 ET | Source: Research and Markets Research and Markets
Dublin, July 30, 2024 (GLOBE NEWSWIRE) -- The "Formic Acid - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering. The global market for Formic Acid is estimated at US$1.7 Billion in 2023 and is projected to reach US$2.4 Billion by 2030, growing at a CAGR of 4.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. Acetic Acid Solution Sds
The growth in the formic acid market is driven by several factors. The increasing demand for animal feed preservatives, particularly in the agricultural sector, is a significant driver, as formic acid helps in enhancing the quality and shelf life of feed. The expansion of the leather and textile industries, particularly in emerging economies, has also boosted the demand for formic acid, given its crucial role in processing and manufacturing.
Additionally, the rise in environmental regulations and the push for eco-friendly chemicals have increased the adoption of formic acid as a sustainable alternative in various applications, including cleaning and descaling agents. Technological advancements in production methods have reduced costs and improved the availability of high-purity formic acid, making it more accessible for industrial use.
The growing research into new applications, such as hydrogen storage and pharmaceuticals, further propels market growth. These factors, coupled with the global trend towards sustainable industrial practices, ensure the continued expansion and innovation in the formic acid market.
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