Growth in world formic acid market
Encouraged by favorable consumption patterns in Europe and Asia, world market for formic acid is projected to reach 573 thousand tons by the year 2012. Over the years, formic acid has gradually replaced certain mineral acids in several industrial applications, mainly due to its strong acidic and reducing properties.
Formic acid is primarily used in preservation of animal feed and in tanning
of leather in the leather industry. Strong growth is expected to stem from
Europe and North America, given the rising substitution of antibiotics with
formic acid in animal feed. This is largely due to the increasing use of formic
acid as an antibacterial agent in animal feed in addition to its traditional use
as a preservative.
As stated by the recent report published by Global Industry Analysts, Inc.,
world Formic Acid market is dominated by Europe and Asia-Pacific with a combined
share of nearly 80% estimated in the year 2008. Asia-Pacific, the second largest
formic acid market is expected to offer strongest growth opportunity with a CAGR
of about 4.4% over the period 2011 to 2015.
The restriction on usage of
antibiotics within the European Union is driving the market for feed acid
applications of formic acid. Consumption of formic acid in the European feed
acid end-use market is expected to reach 40.4 thousand tons by 2012.
The
report titled “Formic Acid: A Global Strategic Business Report” published by
Global Industry Analysts, Inc., provides a comprehensive review of trends,
overview of end-use markets, and recent industry activity. The report analyzes
market data and analytics in volume sales for regions.For more details about
this research report, click here.
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