According to the latest report by IMARC Group, titled “Formic Acid Market 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 2023-2028” the global formic acid market size reached 879.9 Kilo Tons in 2022. 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 1,126.2 Kilo Tons by 2028, expanding at a CAGR of 3.60% during 2023-2028.
- 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.
|Base Year of the Analysis
||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:
- End Use
||Grade 85%, Grade 94%, And Grade 99%, Others
||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
||Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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.
||10% Free Customization
|Report Price and Purchase Option
||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800