The global formic acid market was valued at USD 667.1 million in 2024 and is projected to grow from USD 691.7 million in 2025 to USD 944.6 million by 2032, exhibiting a CAGR of 4.6% during the forecast period. Formic acid (HCOOH) is a colorless, corrosive organic compound with a sharp odor, widely utilized across various industries. It plays a crucial role in agriculture as a preservative, antibacterial agent, and pH regulator in animal feed. Additionally, it is used in leather tanning, textile dyeing, rubber production, and the chemical and pharmaceutical sectors due to its versatile chemical properties.
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Formic Acid Market Segmentation:
By Grade:
The 85% grade segment dominated the market in 2024 due to its high demand in agriculture as an antibacterial and preservative in livestock feed, supported by the growth of the global agricultural sector.
By Application:
The agriculture segment led the market in 2024, driven by rising use in pesticide production and as a preservative and antibacterial agent in animal feed.
Key Market Drivers:
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Growing Demand from Agriculture Industry: The increasing use of formic acid as a preservative and antibacterial agent in animal feed significantly contributes to market growth.
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Expansion in Leather and Textile Industries: Rising demand from the tanning and dyeing sectors in emerging economies like India, China, and Brazil is fueling market expansion.
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Environmental Benefits: Formic acid is considered an eco-friendly alternative to conventional chemicals due to its biodegradability and low environmental impact.
What are the New Additions in Formic Acid Market Report?
Comprehensive Market Analysis: The 2023 report provides a detailed industry overview, analyzing key market trends, growth drivers, challenges, and opportunities. It covers various sectors within the industry and offers insights into market size, market share, and market segmentation.
Company Profiles: The report includes additional in-depth information on key company players operating in the industry. It offers detailed profiles of these companies, highlighting their financial performance, product portfolios, strategic initiatives, partnerships, and competitive landscape analysis.
Customization and Analyst Support: The report offers customized services and analyst support upon request. This may include tailored research, specific data requirements, or personalized insights based on the client's needs and preferences.
Recent Market Developments: The report incorporates the latest market developments that have occurred since the previous edition. It includes recent mergers and acquisitions, product launches, collaborations, regulatory changes, and other significant events shaping the industry landscape.
Futuristic Growth Opportunities: The report identifies and presents future growth opportunities in the industry. It explores emerging technologies, market trends, consumer preferences, and regulatory factors that are expected to drive growth and innovation in the coming years.
Key Industry Developments:
- April 2024 – Brown Gibbons Lang & Co. (BGL) announced the successful sale of Toledo Shredding LLC, a subsidiary of ProTrade Group based in Fairlawn, Ohio, to OmniSource LLC, the scrap processing division of Steel Dynamics Inc., headquartered in Fort Wayne, Indiana. ProTrade Group is a vertically integrated scrap metal company specializing in both ferrous and nonferrous metals.
- November 2023 – Sims Ltd., a global leader in scrap metal and electronics recycling, revealed that it is conducting a strategic review that may result in the sale of its U.K. scrap yard network. The objective is to evaluate options that enhance the performance of its U.K. Metals business and deliver greater value to shareholders.
List of key Formic Acid Companies Profiled:
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BASF SE (Germany)
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Koei Chemical Co., Ltd. (Japan)
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Eastman Chemical Company (U.S.)
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Perstorp AB (Sweden)
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Mudanjiang Fengda Chemicals Co., Ltd (China)
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Tokyo Chemical Industry Co., Ltd (Japan)
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Mitsubishi Gas Chemical Company, Inc. (Japan)
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Nacalai Tesque Inc. (Japan)
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FUJIFILM Wako Pure Chemical Corporation (Japan)
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Chongqing Chuandong Chemical (Group) Co., Ltd., (China)
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