Formic Acid Market, By Type: (Grade 85% , Grade 94%, Grade 99%, and Others), By Application (Animal Feed and Silage Additive, Leather Tanning, Textile Dyeing and Finishing, Intermediary in Pharmaceuticals, and Other Applications), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : May 2024

Code : CMI5180

Pages :136

Formats :

Excel and PDF

Industry : Specialty and Fine Chemicals

Market Concentration and Competitive Landscape

Formic Acid Market Concentration By Players

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Growing Rubber Processing Needs

Another key factor propelling the demand for formic acid worldwide is the expansion of the rubber industry. Formic acid is extensively consumed in the processing of various types of rubber including synthetic and natural rubber. It acts as a catalyst during the final stage of synthesizing styrene butadiene rubber which finds wide usage in tire manufacturing. Almost 60% of the global rubber production is currently dedicated to tire manufacturing. With rising vehicle ownership and increasing replacement needs, the annual global tire production has been growing steadily at over 3% in recent years. This steady growth in the downstream tire industry naturally augurs well for formic acid consumption. Apart from tires, formic acid also plays an important role in processing rubber for other industrial products like conveyor belts, hoses, footwear, and others. As infrastructural development continues in emerging markets, the demand for such industrial rubber will keep rising. Synthetic rubber is also replacing natural rubber in many applications due to its superior properties.

Key Players Insights