Latest News- Formic Acid Market: Offline is expected to lead the Distribution Channel segment during 2025-2029

The Formic Acid Market is being driven by Rising demand for formic acid as a preservative

The Formic Acid Market is expected to grow at a CAGR of 5.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 592.9 million. The formic acid market is experiencing significant shifts due to the growing global emphasis on reducing carbon dioxide emissions. A new CO2 hydrogenation process is gaining traction, which directly synthesizes formic acid using a homogeneous ruthenium catalyst in dimethyl sulfoxide (DMSO) and aqueous solutions. This innovative process eliminates the need for additives and allows for the reuse of catalysts multiple times without compromising synthesis capacity. Additionally, the dehydrogenation of catalysts is becoming increasingly popular in the production of formic acid. These advancements in formic acid production methods offer increased efficiency, sustainability, and cost savings for businesses in various industries. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Distribution Channel
  • Offline
  • Online
• End-user
  • Agriculture and animal feed
  • Leather
  • Textile
  • Chemicals and pharmaceuticals
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • Middle East and Africa
    • South Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for formic acid as a preservative
• Silage preservation and ban on antibiotics bolstering market demand
• Rising demand for natural rubber

However, the market also witnesses some limitations, which are as follows:

• Presence of cost-effective substitutes
• Occupational health hazards
• Slow rate of capacity expansions coupled with supply outages

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Market Scope in Formic Acid Market Research Report

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Research Analysis Overview

The Formic Acid market encompasses the trade of the organic compound with the chemical formula HCOOH, commonly known as methanoic acid and the simplest carboxylic acid. This highly corrosive substance is utilized in various sectors, including Dairy for preservation, Fuel cells for energy production, and the Agriculture market for silage preservation and animal feed. In the Industrial sector, Formic Acid serves as a crucial component in Leather tanning, Textile dyeing, and Chemical synthesis. Additionally, it functions as a preservative in the Processed Food industry, a hydrogen transfer agent in Fossil fuel processing, and a feed additive in Livestock sectors. Formic Acid also offers environmental benefits by reducing Greenhouse gas emissions and Carbon emissions as a sustainable alternative to Fossil fuels. Furthermore, it is employed as an Antibacterial agent, Leather preservative, and Feed additive in various industries. The demand for Formic Acid is driven by its acid properties, which are essential in numerous applications, including Rubber production, Climate change mitigation, and Natural rubber processing.

Market Research Overview

The global specialty chemicals market encompasses businesses specializing in high-value-add chemicals, including formic acid (methanoic acid, HCOOH, the simplest carboxylic acid), used in various industries. Formic acid's applications span from rubber manufacturing as a solvent and antibacterial agent to animal feed and high-concentration uses. The market's expansion is fueled by the increasing demand for specialty adhesives and sealants, which are expected to undergo exponential development in the coming years. This sector's growth is a significant contributor to the overall specialty chemicals market, as calculated by Technavio based on the combined revenue generated by manufacturers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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