Formic Acid Market Report 2026

The formic acid market size has grown strongly in recent years. It will grow from $1.86 billion in 2025 to $1.96 billion in 2026 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to expansion of livestock farming activities, growth of leather tanning industries, increasing textile dyeing operations, rising demand for organic acids, availability of industrial-grade formic acid.

The formic acid market size is expected to see strong growth in the next few years. It will grow to $2.45 billion in 2030 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to rising demand for bio-based chemicals, increasing adoption in pharmaceutical synthesis, expansion of sustainable agriculture practices, growing use in rubber and chemical processing, increasing focus on green acid production. Major trends in the forecast period include increasing use of formic acid in animal feed preservation, rising demand in textile and leather processing, growing adoption in chemical synthesis applications, expansion of high-purity formic acid usage, enhanced focus on sustainable chemical production.

The increasing demand for animal feed is expected to drive the growth of the formic acid market in the coming years. Animal feed refers to the food produced for livestock and poultry, serving as a vital source of energy, minerals, or both for animals. Formic acid is commonly utilized as an additive in animal feed to enhance preservation, nutritional value, and overall animal health. It acts as a preservative and antibacterial agent in livestock feed. For example, in July 2023, the Malaysian Investment Development Authority, a government agency in Malaysia, reported that farmers were paying up to RM 80 for a 50kg bag of cattle feed in 2023, a significant increase from RM 45 in January 2022. This increase reflects the rising costs associated with importing livestock feed materials. Therefore, the growing demand for animal feed is significantly contributing to the growth of the formic acid market.

Major companies in the formic acid market are increasingly focusing on energy generation systems, such as hydrozine, to strengthen their market position. Energy generation systems encompass technologies and setups designed to produce electrical or mechanical energy. For instance, in February 2023, Dutch Energy Solutions, a Denmark-based company, introduced a new system using formic acid (hydrozine) to generate power. The system features a 20 kW generator and a 60 kWh battery, suitable for applications ranging from electrified construction sites to potential vehicle use. It has been tested and is under further development for both stationary and mobile applications, aiming to make sustainable energy more accessible and cost-effective.

In August 2025, OCOchem, a US-based carbon utilization company, partnered with Archer Daniels Midland Company (ADM) to develop an innovative CO₂ conversion facility. The collaboration focuses on sustainable carbon utilization by transforming captured CO₂ into high-value products, reducing environmental impact, and supporting growth in the carbon management and industrial biotechnology sectors. ADM, a US-based global leader in agricultural processing and bio-based solutions, is committed to sustainable innovation and expanding its low-carbon product portfolio.

Major companies operating in the formic acid market are BASF SE, Perstorp Holding AB, LANXESS AG, Eastman Chemical Company, Wanhua Chemical Group Co., Ltd., Luxi Chemical Group Co., Ltd., Feicheng Acid Chemicals Co., Ltd., Chongqing Chuandong Chemical (Group) Co., Ltd., Gujarat Narmada Valley Fertilizers And Chemicals Limited, Rashtriya Chemicals And Fertilizers Limited, Mitsubishi Chemical Group Corporation, Shandong Acid Chemical Co., Ltd., Anhui Asahi Kasei Chemical Co., Ltd., Jiangsu Sopo (Group) Co., Ltd., Shandong Fuhai Industrial Group Co., Ltd., OQ Chemicals GmbH, SABIC, Tokyo Chemical Industry Co., Ltd., Helm AG, Zibo Xinhua-Perrigo Pharmaceutical Co., Ltd.

Asia-Pacific was the largest region in the formic acid market in 2025, and is expected to be the fastest-growing region in the forecast period. The regions covered in the formic acid market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the formic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The formic acid market consists of sales of hydrogen carboxylic acid, liquid formic acid, and aritan white formic acid. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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