Saudi Arabia Formic Acid Market Size, Share 2022 by Trends, Growth and Demand Forecast to 2027

The latest research study “Saudi Arabia Formic Acid Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the Saudi Arabia formic acid market is expected to exhibit a CAGR of 4% during 2022-2027.

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Industry Definition and Application:

Formic acid, commonly referred to as methanoic acid, represents a colorless volatile acid largely manufactured via the carbonylation of methanol. This organic compound also appears naturally in the venom of ants and bees. Formic acid is extensively used in leather tanning, electroplating, textile dyeing and finishing, coagulating rubber latex, etc. In addition, it is also utilized as a catalyst in producing various chemicals and as an antibacterial agent in livestock feed. As a result, formic acid finds widespread applications across several sectors, including agriculture, pharmaceutical, chemical, leather and textile, etc.

Saudi Arabia Formic Acid Market

Saudi Arabia Formic Acid Market Trends and Drivers: 

The escalating product utilization in the production of silage additives and animal feed to reduce bacterial content and maintain nutritional value is among the primary factors driving the Saudi Arabia formic acid market. Besides this, the elevating requirement for this compound in the oil and gas industry as a corrosion inhibitor in the hydraulic fracturing process is further augmenting the market growth. Moreover, formic acid is extensively used in the production of detergents, cosmetics, de-icing agents, medicines, and disinfectants, which is also catalyzing the market across Saudi Arabia. Apart from this, the growing product popularity in the food and beverage (F&B) sector to improve the shelf-life of items and prevent the growth of pathogenic fungi, molds, bacteria, etc., is acting as another significant growth-inducing factor. Furthermore, the rising consumer awareness towards the ecological sustainability associated with this compound and the continuous innovations in the feed acidifier segment, including coatings and encapsulations, are expected to bolster the Saudi Arabia formic acid market in the coming years.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Concentration:

• 85% Concentration

• 90% Concentration

• 94% Concentration

• 99% Concentration

• Others

Breakup by Production Method:

• Carbonylation of Methanol

• Oxalic Acid

Breakup by Application:

• Animal Feed and Silage Additives

• Leather Tanning

• Textile Dyeing and Finishing

• Intermediary in Pharmaceuticals

• Others

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List of Major Key Players:

The major players in the market are Chemsol, ESAD International, Jamjoom Company, Modern Petrochemical Co.,Ltd (Al-Faisaliah Group), BASF SE, Perstorp and Worldrep Trading Co.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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