ERC markets are made up of the immediate, existing market for formic acid (ERC’s first product); new applications that can be developed based on the use of formic acid (thus expanding the market); and new products that are planned to be developed beyond formic acid (whole new markets).
1. The immediate market for formic acid is approximately $1 billion.
Expand existing market:
2. Formic acid will be used as a “green” feedstock into the chemicals industry.
Additional markets:
3. ERC technology will be further developed to make additional chemicals beyond formic acid – various prospects have been identified and examined for technical feasibility. This development and market evaluation will take time.
The range of chemistry possibilities based on ERC with CO2 as feedstock
Total market: The size of the world market to be created is estimated at this time as US$300bn plus.