Formic Acid Market - Forecast(2021 - 2026)
Formic Acid Market Overview: According to the Organization of Petroleum and Exporting Countries (OPEC), the global oil demand during the period 2016 to 2022 will increase from 95.4 Mb/d to 102.3 Mb/d with an annual growth rate of 1.2 Mb/d in terms of the barrel. Furthermore, the organization estimates the demand growth rate to be 0.6% through to 2040. This upsurge in the demand for oil will substantially resonate with the demand influx in the formic acid market that was valued to be around $550 million. This attributes to the application of formic acid in the oil & gas sector as the derivative of the chemical, potassium formate brine is added to drilling fluids in order to make them heavier. The demand for formic acid in various industries will observe a compound annual growth rate (CAGR) of 4.9% during the forecast period of 2019 to 2025. APAC has been observing industrial growth for quite a few years now. The pharmaceutical sector has been making strides with a gamut of internat...