Formic Acid Market Report by Type (Grade 85%, Grade 94%, Grade 99%, and Others), Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dying and Finishing, Intermediary in Pharmaceuticals, and Others), End Use (Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceutical, Dyeing, Animal Feed, and Others), and Region ​2024-2032​

Formic Acid Market Report by Type (Grade 85%, Grade 94%, Grade 99%, and Others), Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dying and Finishing, Intermediary in Pharmaceuticals, and Others), End Use (Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceutical, Dyeing, Animal Feed, and Others), and Region ​2024-2032​

Report Format: PDF+Excel | Report ID: SR112024A6582
Buy Now

Market Overview:

The global formic acid market size reached 916.9 Kilo Tons in 2023. Looking forward, IMARC Group expects the market to reach 1,202.6 Kilo Tons by 2032, exhibiting a growth rate (CAGR) of 2.97% during 2024-2032. The expanding pharmaceutical and biotechnological industry, the increasing environmental regulations, the globalization of markets and increased international trade, continual advancements in formic acid production technologies, and ongoing research and development efforts are some of the major factors propelling the market.

Report Attribute 
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
916.9 Kilo Tons
Market Forecast in 2032
1,202.6 Kilo Tons
Market Growth Rate 2024-2032 2.97%

Formic Acid Market Analysis:

  • Market Growth and Size: The global formic acid market is experiencing steady growth, driven by the increasing demand in various applications, such as preservatives and in the production of leather.
  • Major Market Drivers: Key factors include its widespread use of formic acid in agriculture as an animal feed additive, enhancing the nutrition absorption in livestock.
  • Key Market Trends: Notable trends include the shift towards bio-based formic acid, aligning with global sustainability goals.
  • Geographical Trends: Asia Pacific dominates the market, attributed to the increasing agricultural activities demanding high-quality feed additives. However, North America is emerging as a fast-growing market driven by stringent environmental regulations and high demand in leather and textile industries.
  • Competitive Landscape: Leading companies are focusing on strategic collaborations, technological innovations, and capacity expansion to enhance their market share, while also investing in research and development (R&D) to manufacture sustainable and high-purity formic acid solutions.
  • Challenges and Opportunities: Challenges include stringent regulatory frameworks and the volatility of raw material prices. Nonetheless, innovations in production techniques that lower costs and improve efficiency, along with expanding applications in emerging industries like renewable energy, are projected to overcome these challenges. 

Formic Acid Market Trends/Drivers:

Increasing Demand for Preservatives and Antibacterial Agents in Food Industry

Formic acid, with its natural antibacterial properties, has found extensive use as a preservative and antibacterial agent in various food products, such as processed meats, bakery items, and beverages. Consumers are becoming more health-conscious and seeking products with extended shelf life, free from spoilage and harmful pathogens. As a result, food manufacturers are turning to formic acid as an effective solution to extend the freshness and safety of their products. Furthermore, formic acid is considered a safer alternative to synthetic preservatives, such as sodium benzoate or potassium sorbate, as it is naturally occurring in certain plants and animals. This shift towards natural and sustainable preservatives is expected to drive the formic acid market's growth in the coming years. As the global population continues to grow, there is a greater need for animal protein production.

Expanding Leather and Textile Industries

Formic acid is utilized in leather tanning, textile dyeing, and finishing processes. In leather tanning, it plays a crucial role in the preservation of animal hides and the removal of hair and epidermis, making them suitable for manufacturing leather products. In the textile sector, formic acid is employed in dyeing and printing operations, helping to fix dyes to fabrics and enhance color fastness. The growth of the fashion industry, coupled with increasing consumer preferences for leather and textile products, has resulted in higher demand for formic acid. Emerging economies, such as India and China, have witnessed a rise in their leather and textile industries, contributing significantly to the formic acid market's expansion. Moreover, stringent environmental regulations in these regions have prompted the adoption of eco-friendly and sustainable tanning and dyeing processes.

Expanding Applications in Chemical Industry

Formic acid is a versatile chemical that serves as a critical building block in the production of various chemicals and materials. It is used in the manufacturing of dyes, pharmaceuticals, leather, and textiles. Furthermore, formic acid's role as a reducing agent and catalyst in several chemical reactions has led to its increased utilization in organic synthesis. The chemical industry's constant need for cost-effective and sustainable raw materials makes formic acid an attractive choice. Its eco-friendly properties, such as being readily biodegradable, make it appealing to industries aiming to reduce their environmental footprint. As a result, the industry is witnessing growth driven by its expanding role in chemical processes and the shift towards more sustainable manufacturing practices.

Formic Acid Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global formic acid market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on type, application and end use.

Breakup by Type:

  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others
     

Grade 85% dominates the market

The report has provided a detailed breakup and analysis of the market based on the type. This includes grade 85%, grade 94%, grade 99% and others. According to the report, grade 85% represented the largest segment.

In various industries, such as agriculture, formic acid at an 85% concentration is often employed as a preservative in animal feed, effectively inhibiting the growth of harmful microorganisms and prolonging the shelf life of the feed. Additionally, it finds extensive use in the production of leather and textiles, where it serves as a crucial agent in the tanning and dyeing processes, ensuring the quality and durability of the final products. It can be further diluted or used as a starting material for the production of other formic acid derivatives, making it a cost-efficient choice for various applications. Moreover, this grade is compatible with numerous chemical processes across different industries, contributing to its widespread adoption. The 85% grade of formic acid also finds utility in the pharmaceutical and chemical sectors, where it serves as a key ingredient in the synthesis of various organic compounds. Its stability and purity make it an ideal choice for research and manufacturing processes, leading to a consistent demand within these industries.

Breakup by Application:

  • Animal Feed and Silage Additives
  • Leather Tanning
  • Textile Dying and Finishing
  • Intermediary in Pharmaceuticals
  • Others
     

Animal feed and silage additives dominate the market

The report has provided a detailed breakup and analysis of the market based on the application. This includes animal feed and silage additives, leather tanning, textile dying and finishing, intermediary in pharmaceuticals, and others. According to the report, animal feed and silage additives represented the largest segment.

Formic acid’s preservation capability not only extends the shelf life of the feed but also ensures that animals are consuming a safe and nutritionally balanced diet. As a result, livestock farmers can mitigate the risk of mycotoxin contamination, improve feed quality, and enhance the overall health and growth rates of their animals. Moreover, formic acid's significance extends to silage production in agriculture. Silage is a valuable feed source, especially for ruminant animals, such as cattle. Formic acid acts as a silage additive by reducing the pH level of ensiled forage, which creates an acidic environment that inhibits spoilage-causing microorganisms. This preservation effect is crucial in ensuring that silage remains nutritious and palatable for livestock consumption, particularly during the winter months when fresh forage is scarce. By maintaining the quality of silage, formic acid enables farmers to provide their animals with consistent and high-quality nutrition year-round, thus contributing to the well-being and productivity of their herds. The formic acid market outlook is promising, given its critical role in enhancing animal nutrition and farm productivity.

Breakup by End Use:

  • Agriculture
  • Leather and Textile
  • Rubber
  • Chemical and Pharmaceutical
  • Dyeing
  • Animal Feed
  • Others
     

Agriculture dominates the market

The report has provided a detailed breakup and analysis of the market based on the end use. This includes agriculture, leather and textile, rubber, chemical and pharmaceutical, dyeing, animal feed and others. According to the report, agriculture represented the largest segment.

Formic acid plays a critical role in the preservation of silage, which is a valuable source of feed for ruminant livestock, such as cattle. Silage preservation with formic acid helps maintain forage quality and nutritional value, ensuring that livestock have access to nutritious feed even during seasons when fresh forage is limited. This aspect is particularly significant in regions with seasonal variations or where access to pasture is restricted, as it aids in maintaining consistent animal nutrition and, consequently, optimal livestock health and productivity. Furthermore, formic acid is employed in crop protection. It is used as a pesticide and herbicide to control pests and weeds in agriculture. Its effectiveness as a natural, biodegradable substance makes it a preferable choice for environmentally conscious farmers who seek alternatives to more harmful chemical pesticides. This aligns with the growing trend towards sustainable and eco-friendly agricultural practices. The formic acid trends analysis underscores its growing adoption in sustainable agriculture and efficient livestock nutrition management.

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Asia Pacific exhibits a clear dominance, accounting for the largest formic acid market share

The formic acid market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share.

The agricultural sector in Asia Pacific is substantial and diverse, making it a significant driver of market. As many countries in the region have large populations and robust agricultural industries, there is a consistent need for high-quality animal feed and efficient silage preservation methods. Formic acid's role as a preservative, acidifier, and pesticide aligns perfectly with the agricultural practices of this region, thereby fueling its widespread usage. Furthermore, Asia Pacific is home to some of the world's largest and fastest-growing economies, including China and India. These countries, in particular, have witnessed rapid industrialization and urbanization, leading to increased demand for formic acid in various applications, such as the leather and textile industries, chemical manufacturing, and automotive sectors. Moreover, the presence of a well-established chemical industry infrastructure in several countries has enabled efficient formic acid production and export. The formic acid market price is influenced by factors such as global demand-supply dynamics, production costs, and prevailing economic conditions in key manufacturing regions.

Competitive Landscape:

Numerous companies in the formic acid market invest significantly in research and development to improve production processes, enhance product quality, and discover new applications for formic acid. R&D efforts focus on developing more efficient and environmentally friendly production methods, as well as finding innovative ways to utilize formic acid in different industries. Formic acid manufacturers constantly work to optimize their production processes to increase efficiency, reduce costs, and minimize environmental impact. This includes upgrading facilities, adopting advanced technologies, and improving supply chain management. Companies often seek to expand their market reach by targeting new geographic regions or industries. This may involve establishing partnerships, distribution agreements, or opening new production facilities in areas with the growing formic acid market demand. Companies also invest in market research to understand emerging trends, consumer preferences, and competitive landscapes. This information helps them make informed decisions about product development, marketing strategies, and pricing.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • BASF SE
  • Chongqing Chuandong Chemical Group Co. Ltd.
  • Eastman Chemical Company
  • Gujarat Narmada Valley Fertilizers & Chemicals
  • Luxi Group Co. Ltd.
  • Perstorp Holding AB (PETRONAS Chemicals International B.V.)
  • Shandong Acid Chemicals Co. Ltd.
  • Thermo Fisher Scientific.

Recent Developments:

  • In May 2023, Thermo Fisher Scientific announces partnership with BRIN to Strengthen Research Infrastructure and Capabilities in Indonesia. The collaboration will involve direct engagements between the two organizations and strengthen their partnership. Thermo Fisher will leverage its expertise and extensive portfolio to support BRIN in improving research competencies and capacities.
  • In October 2022, PETRONAS Chemicals Group Berhad (PCG) today announced the completion of its acquisition of Perstorp Holding AB (Perstorp). This acquisition is part of PCG's strategy to expand its presence in the ​specialty chemicals industry. PCG plans to preserve and grow the value of Perstorp and leverage its expertise and workforce to strengthen its position in the ​Asia Pacific markets. PCG also aims to support Perstorp's growth projects, including the launch of Project Air, which aims to reduce carbon emissions through the production of sustainable methanol.
  • In June 2021, Incipio group announces strategic sustainability partnership with Eastman chemical company. This partnership will enable Incipio Group to integrate recycled materials into its portfolio of brands and this also aims to find sustainable alternatives while maintaining durability, clarity, and performance.

Formic Acid Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion, Kilo Tons
Scope of the Report Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Type
  • Application
  • End Use
  • Region
Types Covered Grade 85%, Grade 94%, And Grade 99%, Others
Applications Covered Animal Feed and Silage Additives, Leather Tanning, Textile Dying and Finishing, Intermediary in Pharmaceuticals, Others
End Uses Covered Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceutical, Dyeing, Animal Feed, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered BASF SE, Chongqing Chuandong Chemical Group Co. Ltd., Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals, Luxi Group Co. Ltd., Perstorp Holding AB (PETRONAS Chemicals International B.V.), Shandong Acid Chemicals Co. Ltd., Thermo Fisher Scientific., etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the formic acid market from 2018-2032.
  • The research report provides the latest information on the market drivers, challenges, and opportunities in the global formic acid market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the formic acid industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global formic acid market reached a volume of 916.9 Kilo Tons in 2023.

We expect the global formic acid market to exhibit a CAGR of 2.97% during 2024-2032.

The rising demand for formic acid across the agriculture sector to limit microbial growth and control acidity is primarily driving the global formic acid market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of various end-use industries for formic acid.

Based on the type, the global formic acid market can be categorized into grade 85%, grade 94%, grade 99%, and others. Currently, grade 85% accounts for the majority of the global market share.

Based on the application, the global formic acid market has been segregated into animal feed and silage additives, leather tanning, textile dying and finishing, intermediary in pharmaceuticals, and others. Among these, animal feed and silage additives currently hold the largest market share.

Based on the end use, the global formic acid market can be bifurcated into agriculture, leather and textile, rubber, chemical and pharmaceutical, dyeing, animal feed, and others. Currently, the agriculture sector exhibits a clear dominance in the market.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.

Some of the major players in the global formic acid market include BASF SE, Chongqing Chuandong Chemical Group Co. Ltd., Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals, Luxi Group Co. Ltd., Perstorp Holding AB (PETRONAS Chemicals International B.V.), Shandong Acid Chemicals Co. Ltd., and Thermo Fisher Scientific.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Formic Acid Market Report by Type (Grade 85%, Grade 94%, Grade 99%, and Others), Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dying and Finishing, Intermediary in Pharmaceuticals, and Others), End Use (Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceutical, Dyeing, Animal Feed, and Others), and Region ​2024-2032​
Purchase options




Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us
UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-713-2163

Email: sales@imarcgroup.com

Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More
KRISHAK BHARTI CO-OP LTD

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More
Stax

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More