The global market for Formic Acid was valued at US$1.8 Billion in 2024 and is projected to reach US$2.4 Billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
Technological advancements and innovations have significantly impacted the formic acid market, enhancing production efficiency and expanding its application scope. Modern manufacturing processes, such as the catalytic oxidation of methanol, have made the production of formic acid more economical and environmentally friendly. The development of high-purity grades of formic acid has opened up new opportunities in pharmaceuticals and other specialized industries. Additionally, the growing emphasis on sustainable and green chemicals has spurred interest in formic acid as a potential hydrogen storage material due to its high hydrogen content and relatively low toxicity. Research and development activities continue to explore new uses and improve the efficacy and safety of formic acid in various applications, thereby driving market growth.
The growth in the formic acid market is driven by several factors. The increasing demand for animal feed preservatives, particularly in the agricultural sector, is a significant driver, as formic acid helps in enhancing the quality and shelf life of feed. The expansion of the leather and textile industries, particularly in emerging economies, has also boosted the demand for formic acid, given its crucial role in processing and manufacturing. Additionally, the rise in environmental regulations and the push for eco-friendly chemicals have increased the adoption of formic acid as a sustainable alternative in various applications, including cleaning and descaling agents. Technological advancements in production methods have reduced costs and improved the availability of high-purity formic acid, making it more accessible for industrial use. The growing research into new applications, such as hydrogen storage and pharmaceuticals, further propels market growth. These factors, coupled with the global trend towards sustainable industrial practices, ensure the continued expansion and innovation in the formic acid market.
Global Formic Acid Market - Key Trends and Drivers Summarized
Formic acid, a simple carboxylic acid with the chemical formula HCOOH, is a versatile chemical used in various industrial applications. It occurs naturally in the venom of ants and is also synthesized for commercial use. One of its primary applications is as a preservative and antibacterial agent in livestock feed, where it helps to control bacterial growth and improve the shelf life of silage and hay. Additionally, formic acid is used in the leather tanning industry, where it serves as a pH regulator and helps in the processing and preservation of animal hides. Its use in textile manufacturing is also significant, particularly in dyeing and finishing processes. The acid's role as a coagulant in rubber production and its applications in cleaning products and as a descaling agent further highlight its industrial importance.Technological advancements and innovations have significantly impacted the formic acid market, enhancing production efficiency and expanding its application scope. Modern manufacturing processes, such as the catalytic oxidation of methanol, have made the production of formic acid more economical and environmentally friendly. The development of high-purity grades of formic acid has opened up new opportunities in pharmaceuticals and other specialized industries. Additionally, the growing emphasis on sustainable and green chemicals has spurred interest in formic acid as a potential hydrogen storage material due to its high hydrogen content and relatively low toxicity. Research and development activities continue to explore new uses and improve the efficacy and safety of formic acid in various applications, thereby driving market growth.
The growth in the formic acid market is driven by several factors. The increasing demand for animal feed preservatives, particularly in the agricultural sector, is a significant driver, as formic acid helps in enhancing the quality and shelf life of feed. The expansion of the leather and textile industries, particularly in emerging economies, has also boosted the demand for formic acid, given its crucial role in processing and manufacturing. Additionally, the rise in environmental regulations and the push for eco-friendly chemicals have increased the adoption of formic acid as a sustainable alternative in various applications, including cleaning and descaling agents. Technological advancements in production methods have reduced costs and improved the availability of high-purity formic acid, making it more accessible for industrial use. The growing research into new applications, such as hydrogen storage and pharmaceuticals, further propels market growth. These factors, coupled with the global trend towards sustainable industrial practices, ensure the continued expansion and innovation in the formic acid market.
Report Scope
The report analyzes the Formic Acid market, presented in terms of market value (US$ Thousand). The analysis covers the key segments and geographic regions outlined below.Segments
Concentration Level (85%, 90%, 94%, 95% & Above); Production Method (Carbonylation of Methanol, Oxalic Acid); Application (Animal Feed, Cleaning Agent, Rubber & Leather Production, Preservatives, Dyeing, Other Applications).Geographic Regions/Countries
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.Key Insights:
- Market Growth: Understand the significant growth trajectory of the 85% Concentration Formic Acid segment, which is expected to reach US$918.6 Million by 2030 with a CAGR of a 4.2%. The 90% Concentration Formic Acid segment is also set to grow at 5% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $477.9 Million in 2024, and China, forecasted to grow at an impressive 7.2% CAGR to reach $516.2 Million by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as BASF Intermediate Division, BASF SE, Celanese Corporation, Chongqing Chuandong Chemical (Group) Co., Ltd., Eastman Chemical Company and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Formic Acid Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Formic Acid Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Formic Acid Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Some of the 32 major companies featured in this Formic Acid market report include:
- BASF Intermediate Division
- BASF SE
- Celanese Corporation
- Chongqing Chuandong Chemical (Group) Co., Ltd.
- Eastman Chemical Company
- Feicheng Acid Chemicals Co., Ltd.
- Fleurchem, Inc.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
- Kemira Oyj
- LUXI Group Co., Ltd.
- Perstorp Holding AB
- Yara International ASA
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAITALYSPAINRUSSIAREST OF EUROPESOUTH KOREAREST OF ASIA-PACIFICARGENTINABRAZILMEXICOREST OF LATIN AMERICAIRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
MIDDLE EAST
AFRICA
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BASF Intermediate Division
- BASF SE
- Celanese Corporation
- Chongqing Chuandong Chemical (Group) Co., Ltd.
- Eastman Chemical Company
- Feicheng Acid Chemicals Co., Ltd.
- Fleurchem, Inc.
- Gujarat Narmada Valley Fertilizers & Chemicals Ltd. (GNFC)
- Kemira Oyj
- LUXI Group Co., Ltd.
- Perstorp Holding AB
- Yara International ASA
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 279 |
| Published | February 2025 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 1.8 Billion |
| Forecasted Market Value ( USD | $ 2.4 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
