Porter’s Analysis
Threat of new entrants: The threat is moderate as large capital investments are required to enter into formic acid production. However, the market demonstrates scope for growth in future. Bargaining power of buyers: The bargaining power is moderate to high as formic acid has applications across many end-use industries like animal feed, leather, pharmaceutical, etc....
The formic acid market is poised for significant growth in the coming years, with a projected CAGR at high rate from 2021 to 2029. Formic acid, also known as methanoic acid, is a colorless liquid with a pungent odor. It finds widespread applications in various industries, including agriculture, chemical, leather, textile, and pharmaceutical.
One of the key drivers for the growth of the formic...
In the organic chemistry, few compounds possess the versatile attributes and intriguing characteristics exhibited by formic acid. Often recognized as the simplest carboxylic acid, formic acid (HCOOH) derives its name from the Latin word "formica," meaning ant, owing to its natural presence in ant venom and stings. Beyond its role in the insect kingdom, formic acid plays a pivotal role in...
The global formic acid market is estimated to be valued at USD 1.6 billion in 2021 and is expected to exhibit a CAGR of 4.9% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.A) Market Overview:Formic acid is a colorless liquid with a pungent odor. It is widely used as a preservative and antibacterial agent in various industries such as...