The growing importance of the livestock sector underpins the demand for animal feed, which is accompanied by a corresponding increase in demand for formic acid, which will contribute to the growth of the global market. Asia-Pacific has become the largest formic acid market in the world with a 46% market share by 2022. The growing dairy industry, known for its export products, will also fuel the growth of the formic acid market in the Asia-Pacific region.
        NEWARK, March 8, 2023 (GLOBE NEWSWIRE) — Smart Insights estimates that the market for formic acid will be $1.5 billion by 2032 and will reach $2.11 billion by 2032. The global food industry will directly impact the effects of climate change on animals. If animal health is not prioritized through the creation of high quality, healthy and highly nutritious animal feed, this will lead to a global food crisis. This highly nutritious pet food supports the growth, development and immunity of animals against diseases and infections that are on the rise throughout the world. In addition, due to the increase in cases of obesity, digestive problems and intestinal disorders, it is necessary to lead a healthy lifestyle. With the need for healthy lifestyles and rising disposable incomes, consumer preferences have shifted towards fermented foods such as probiotic yogurt, kombucha, kefir, kimchi, miso and natto. This use of formic acid in food and beverages will boost the market. In addition, formic acid is now widely used in health care and personal care products due to increased research and development. They are used in the healthcare sector for the production of antiviral, antibacterial and antibiotic drugs. They are used in personal care to make serums, moisturizers and masks. Due to future product developments, the range of applications has been expanded.
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        The Asia-Pacific region currently controls the majority of the formic acid market due to growing consumer demand in the region. In particular, India and China account for a significant portion of the population in the Asia-Pacific region. Both countries have huge consumer markets. The regional market also includes a strong manufacturing sector that serves the market’s large customer base. Growing demand for food, beverages and textiles is being driven by rising per capita incomes in the region. A huge network of pharmaceutical chains in China and India also contributes to the expansion of the regional market. The large scale of livestock production in these countries will increase the demand for formic acid used to preserve animal feed. The region’s dairy industry, which is expanding and known for producing exportable products, will boost the formic acid market in the region.
       In 2022, the market will be dominated by a 94% market segment with the largest market share of 48% and a market revenue of 720 million yuan.
        The class type segment is divided into 85% class, 94% class, 99% class and others. In 2022, the market will be dominated by a 94% market segment with the largest market share of 48% and a market revenue of 720 million yuan.
       In 2022, the silage additives and animal feed segment will have the largest market share of 37% with a market revenue of 550 million RMB.
       End-users are divided into silage additives and animal feed, textile printing and dyeing, rubber chemicals, pharmaceutical intermediates, leather and tanning, oil and gas, etc. In 2022, the segment of silage additives and animal feed will have the largest market share at 37% with a market income of 550 million yuan.
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        May 2021 – Researchers from the German National Center for Atmospheric Research (NCAR) and Forschungszentrum Jülich lead an international research team in a recent study that has identified the main processes leading to the formation of formic acid in the atmosphere. The discovery will help improve atmospheric models and our understanding of weather and climate. Organic acids such as carbon dioxide and formic acid are increasingly determining the acidity of the atmosphere. This acid affects the acidity of rainfall and helps create airborne particles that form raindrops. Formic acid has tended to play a minor role in previous models of atmospheric chemistry because the molecular pathways for its synthesis are not fully understood. Using computer simulations and field observations, the researchers in the new study identified the chemical reactions that produce the majority of atmospheric formic acid. NCAR contributes to atmospheric chemistry observations.
        The global economy is heavily dependent on the dairy, livestock and agricultural sectors. These industries form the backbone of the economy, providing lives and jobs for millions of people around the world. The world’s food security and security depends on these sectors. Governments around the world are promoting animal husbandry to increase the wages of farmers or agricultural workers and provide them with greater financial security. Animal health is a priority in the global economy, as is the quality of livestock. Due to its antimicrobial and antiseptic properties, formic acid is the best solution to preserve the nutritional value of animal feed and stop the rotting process. A cost-effective way to ensure animal health is to use formic acid. Good animal health ensures the high quality of animal products. Livestock are better able to resist disease and infection with nutrient-rich feed. Formic acid is also used in the dairy industry to extend shelf life and get rid of dangerous bacteria such as E. coli. Thus, the demand for animal feed will rise along with the importance of livestock, which will drive the growth of the global formic acid market.
        When formic acid comes into contact with the skin or is inhaled, it can cause several health risks. Prolonged exposure may damage internal organs, including the lungs, esophagus, eyes, and skin. The acidic nature of this material can cause irritation to the skin, throat, nose, and eyes. In addition to discomfort, prolonged exposure can cause headache, nausea, vomiting, and allergies. Irreversible damage to the kidneys, lungs and eyes is a serious health hazard. Its development will be limited due to the numerous health problems associated with exposure to formic acid.
        The antimicrobial and antiseptic properties of formic acid make it an ideal choice in the agricultural sector for the preservation of animal feed. , these qualities are also in demand in the food and beverage sector in order to preserve the nutritional value of products and extend their shelf life. Formic acid is used in similar ways in leather tanning, fuel cells, personal care products, and the cosmetics industry, just to name a few. Formic acid is also used as a reagent in the manufacture of industrial cleaners. Due to the large application of formic acid in rubber, textiles and medicine, the demand for formic acid will also increase in the future. As the world’s population grows and disposable income rises, the demand for food, beverages, clothing, cleaning products, pharmaceuticals and cosmetics will rise. Rising consumer demand will support demand for formic acid. Therefore, the global market will greatly benefit from the increased use of formic acid during the forecast period.
        Formic acid is classified as a serious occupational hazard and is monitored and regulated by the relevant authorities due to its serious health hazard. Given the rational basis for the use of formic acid, there are well-defined occupational health rules with relevant rules and regulations governing its use, exposure, preventive measures and measures to eliminate the consequences of accidents. Relevant agencies in different countries strictly abide by these rules. Therefore, strict regulations restricting the use and application of formic acid will hinder the expansion of the market.
       • BASF SE• Eastman Chemical Co. Ltd. • Gujarat Narmada Valley Fertilizers and Chemicals Limited• Huanghua Pengfa Chemical Co. Ltd. • LUXI Group • Mudanjiang Fengda Chemicals Co. Ltd.• Perstorp • Rashtriya Chemicals and Fertilizers Limited• Shandong Feicheng Acid Chemicals Co. Ltd. • Таминко Корпорейшн
       • Silage additives and animal feed • Textile dyeing • Rubber chemicals • Pharmaceutical intermediates • Leather and tanning • Oil and gas • Other
       • North America (USA, Canada, Mexico) • Europe (Germany, France, UK, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, India, Rest of Asia Pacific) • South America ( Brazil and Rest of South America) • Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
        The market is analyzed on the basis of value (billion US dollars). All market segments are analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries in each segment. The report analyzes the drivers, opportunities, constraints and challenges to provide vital insight into the market. The research includes Porter’s Five Forces Model, Attractiveness Analysis, Product Analysis, Supply and Demand Analysis, Competitor Location Grid Analysis, Distribution and Distribution Channel Analysis.
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