GITNUX MARKETDATA REPORT 2024
Formic Acid Industry Statistics
Formic acid industry statistics show steady growth in production and consumption rates, with increasing demand driven by its diverse applications across various sectors such as agriculture, food preservation, and rubber production.
In this post, we delve into the latest statistics and projections surrounding the global formic acid industry. From market size and growth trends to regional insights and key market players, this comprehensive analysis provides valuable insights into the dynamics shaping the formic acid market landscape.
Statistic 1
"The global formic acid market size was valued at USD 480 million in 2019."
Statistic 2
"The market is predicted to grow at a CAGR of 4.9% during the forecast period from 2020 to 2027."
Statistic 3
"In 2019, the North American formic acid market value stood at over USD 85 million."
Statistic 4
"Agriculture dominated the formic acid market in 2019, accounting for over 30% of total demand."
Statistic 5
"Asia Pacific formic acid market is expected to grow at the highest CAGR of 5.5% during the forecast period."
Statistic 6
"In 2018, China was the largest formic acid market, constituting more than 45% of the total market share."
Statistic 7
"Large-scale applications of formic acid in rubber and leather production is expected to ensure a steady demand growth of around 4% through 2028."
Statistic 8
"North America and Europe together held over 35% formic acid market share in 2018."
Statistic 9
"By 2027, the projected demand for formic acid in the U.S. is expected to exceed 60 kilo tons."
Statistic 10
"The global formic acid market is highly concentrated, with the top five companies accounting for more than 50% of the market share."
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