About Formic Acid
Formic acid is used abundantly since it is an eco-friendly alternative to textile, leather, rubber, and other industries. The excellent properties of a formic acid, when it comes to controlling acidity while effectively controlling microbial growth, makes it ideal for use in a broad spectrum of applications. Furthermore, formic acid, unlike other acids (organic), holds the advantage of performing as both carboxylic acid and aldehyde. Therefore, formic acid functions as a reducing and as an acidifying agent, which offers the market immense potential and scope to be used across a wide range of industries.
Technavio’s analysts forecast the global formic acid market to grow at a CAGR of 4.26% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global formic acid market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Formic Acid Market 2017-2021
Technavio recognizes the following companies as the key players in the global formic acid market: BASF, Feicheng Acid Chemicals, GNFC, Perstorp, and Eastman Chemical Company.
Other Prominent Vendors in the market are: Alfa Aesar, Thermo Fisher Scientific, Jinan Petrochemical Group, Merck, Polioli, Rashtriya Chemicals and Fertilizers, LUXI GROUP, and Shanxi Province Yuanping Chemicals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is direct syntheses of formic acid in acidic media. The increasing global focus on rising carbon dioxide (CO2) levels in the atmosphere have led to changes in CO2 products. The market is witnessing the emergence of a direct CO2 hydrogenation process into formic acid by employing a homogeneous ruthenium catalyst. This process is carried out in dimethyl sulphoxide (DMSO) and as an aqueous solution without the presence of additives.”
According to the report, one driver in the market is rising demand for formic acid as a preservative. The brilliant preservation capabilities of formic acid make it an ideal a silage preservative. Silage refers to green fodder or grass that is stored to be used as animal feed during winter months. The aim of making silage is to support the silage material with no or minimum nutrient loss. To facilitate this process, formic acid is extensively employed. However, it is a common practice to use molasses to provide energy for the fermentation of lactic acid and to assist the silage making process. But the addition of formic acid to the silage material positively impacts the process of fermentation.
Further, the report states that one challenge in the market is presence of cost-effective substitutes. Although formic acid finds application in a wide spectrum of applications, its high cost has paved the way for cost-effective substitutes, which are threatening the growth of the global formic acid market. Some of the emerging cost-effective substitutes for formic acid include peptides and microflora enhancers. Potassium sorbate, sodium sorbate, and acetic acid also pose a considerable threat of substitution to formic acid, when used as a preservative. Potassium sorbate, as a salt of sorbic acid, plays an important role as a food preservative, even though studies suggest that formic acid is a much better preservative.
BASF, Feicheng Acid Chemicals, GNFC, Perstorp, and Eastman Chemical Company, Alfa Aesar, Thermo Fisher Scientific, Jinan Petrochemical Group, Merck, Polioli, Rashtriya Chemicals and Fertilizers, LUXI GROUP, and Shanxi Province Yuanping Chemicals.
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