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Formic acid and carbon monoxide require little energy for their respective market value, as shown in Figure 4. Methanol is another attractive fuel, but requires more electrical energy than formic acid for its production from CO2. Ethylene and methane require significantly more energy input, and the methane market price is constrained by natural gas prices. Figure 3. Formic acid and carbon monoxide have higher value from the energy required for their creation than conventional fuels such as methanol or methane. Both formic acid and carbon monoxide sell for near $1,200 per ton of product and require approximately 2500 kWh/ton for their production via electrochemical CO2 conversion. These prices are likely to decrease as their production volume increases, and their usage may also increase as their price decreases. Other products, such as methane, require nearly 40,000 kWh/ton for conversion, and would only achieve $200-$300 per ton on the market. Carbon monoxide is difficult to store and transport, and therefore formic acid is a more practical and desirable product. The current world market demand for formic acid and formate salts is quite low (several million metric tons). The traditional uses of formic acid have been in the leather tanning industry and animal feed markets. However, new uses, in terms of hydrogen storage and fuel cells, are being developed by BASF and others, making this an attractive chemical. Formate salts are used in oil well completion and in de-icing of airport runways. Larger volumes and somewhat lower prices may expand these, and other, applications. 7PDF Image | Electrochemical Conversion of CO2
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