Formic Acid (HCOOH) is a chemical compound comprising a carboxylic acid group attached to its base atom. It is also known as methanoic acid, which is the simplest acid that occurs naturally and is commonly found in ant stings or the venom of bees.
The boiling and melting point of methanoic acid measures around 100.8° C and 8.6° C, respectively. It is a fluid with a pungent odor and is soluble in water, ethyl alcohol, and benzene. It is also slightly corrosive in nature and is an organic synthetic reagent that is efficiently used as an intermediate in several chemical synthesis processes.
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The key importing countries that import Formic Acid are India, the Netherlands, and Brazil. On the other hand, the key exporting countries for the same are Germany, Belgium, and China.
Key Details About the Formic Acid Price Trends:
Procurement Resource does an in-depth analysis of the price trend to bring forth the monthly, quarterly, half-yearly, and yearly information on the Formic Acid price in its latest pricing dashboard. The detailed assessment deeply explores the facts about the product, price change over the weeks, months, and years, key players, industrial uses, and drivers propelling the market and price trends.
Each price record is linked to an easy-to-use graphing device dated back to 2014, which offers a series of functionalities; customization of price currencies and units and downloading of price information as excel files that can be used offline.
The Formic Acid Price Trends, including India Formic Acid price, USA formic acid prices, pricing database, and analysis can prove valuable for procurement managers, directors, and decision-makers to build up their strongly backed-up strategic insights to attain progress and profitability in the business.
Industrial Uses Impacting Formic Acid Price Trends:
Formic Acid, which is also known as methanoic acid, acts as a crucial intermediate in several chemical synthesis processes. It is primarily used as an antibacterial and preservative agent for producing livestock feeds. Due to its antibacterial properties, it is sprayed over fresh hays or silage, which helps the feed retain its nutritional values for longer.
Moreover, the pharmaceutical industry uses Formic Acid as foaming paste, local stimulation drugs, and astringent. It is also used as a raw material in manufacturing chemicals like camphor, caffeine, analgin, aminophylline, toluene imidazole drugs, vitamin B1, carbamazepine, and aminopyrin drugs. In the leather industry, Formic Acid is used as a leather depilation, ash removal, and soft and expansion agent, which is used in disinfection and dyeing.
Formic Acid is used in various applications, where it is used as a raw material in textile, chemical, pharmaceutical, medical, agricultural, electroplating, and leather industries.
Key Players:
- BASF SE
- Feicheng Acid Chemicals Co. Ltd
- Taminco Corporation
- Perstorp AB
News & Recent Development
Formic acid, a crucial chemical in various industries, has seen notable advancements in recent years. Its prominence stems from its eco-friendly properties as a potential energy carrier and its role in diverse applications.
In the renewable energy sector, formic acid gained attention as a promising hydrogen storage medium. Researchers have made strides in developing catalysts to facilitate its dehydrogenation, releasing hydrogen for fuel cells or other applications. This innovation aims to address challenges related to hydrogen storage and transportation.
Moreover, formic acid has garnered interest in the realm of agriculture. It serves as an alternative to traditional pesticides due to its natural occurrence in some plants and its effectiveness against certain pests. Efforts continue to explore its potential as a biopesticide, offering a greener alternative to conventional chemical treatments.
Furthermore, advancements in formic acid production methods have been a focal point. Processes utilizing carbon dioxide as a feedstock, coupled with renewable energy sources, have shown promise in achieving more sustainable and cost-effective production.
These developments reflect the growing significance of formic acid in sustainable technologies and industries. Continued research and innovation are likely to further expand its applications and contribute to the transition towards more environmentally friendly practices.
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