According to the latest report by IMARC Group, titled “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 2025-2033” the global formic acid market size reached 944.9 Kilo Tons in 2024. Formic acid (HCOOH) is a colorless, pungent-smelling liquid with a strong acidic nature. It is a naturally occurring substance in various plants and animal venoms. It is a crucial component in leather tanning and serves as a key ingredient in manufacturing various chemicals, including formate salts and formaldehyde. It is widely used as a preservative and antibacterial agent in livestock feed and as a coagulant in the production of rubber. Additionally, formic acid finds application in the textile industry for dyeing and finishing processes.
Global Formic Acid Market Trends:
At present, the growing demand for leather products and textiles represents one of the key factors offering a favorable market outlook. Besides this, formic acid is used as a coagulant in the production process in the rubber industry. This, along with the expanding automotive and tire manufacturing sectors, is propelling the growth of the market. In addition, formic acid is utilized in analytical chemistry and research laboratories as a solvent and pH control agent. In line with this, advancements in scientific research and chemical analysis are strengthening the growth of the market. Moreover, the increasing awareness about sustainable agriculture practices is leading to a growing interest in organic acids like formic acid as alternatives to traditional chemical additives, promoting its use in agriculture. Furthermore, stringent environmental regulations regarding waste management and chemical disposal are encouraging the adoption of formic acid as an eco-friendly option in various industries. Looking forward, the market volume is projected to reach 1,216.5 Kilo Tons by 2033, expanding at a CAGR of 2.82% during 2025-2033.
Market Summary:
- Based on the type, the market has been segregated into grade 85%, grade 94%, grade 99%, and others. At present, grade 85% dominates the market, holding the largest share.
- On the basis of the application, the market has been classified into animal feed and silage additives, leather tanning, textile dyeing and finishing, intermediary in pharmaceuticals, and others. Presently, animal feed and silage additives represent the largest segment.
- Based on the end use, the market has been divided into agriculture, leather and textile, rubber, chemical and pharmaceutical, dyeing, animal feed, and others. Agriculture currently holds the biggest market share.
- Region-wise, the market has been segmented into North America (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. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2024 |
Historical Period |
2019-2024 |
Forecast Period |
2025-2033 |
Units |
Billion USD, 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 |
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) |
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