The Business Research Company’s report on the Formic Acid Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
#How have key drivers contributed to the rapid growth of the formic acid market?
The growing demand for animal feed is expected to boost the growth of the formic acid market going forward. Animal feed is a substance that refers to the food grown or developed for livestock and poultry. It is an edible item that an animal consumes and uses to supplement its diet with energy, minerals, or both. Formic acid is commonly used as an additive in animal feed to improve preservation, nutritional value, and overall animal health. It is used as a preservative and antibacterial agent in livestock feed. For instance, in July 2023, according to the Malaysian Investment Development Authority, a Malaysia-based government agency, in 2023, farmers are paying up to RM 80 for a 50kg bag of cattle feed, a significant increase from RM 45 in January 2022, reflecting the rising costs associated with importing livestock feed materials. Therefore, the growing demand for animal feed is driving the growth of the formic acid market.
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How has the formic acid market size evolved, and what are the latest forecasts for its expansion?
The formic acid market size has grown strongly in recent years. It will grow from $1.79 billion in 2024 to $1.89 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to textile and leather industries, agricultural applications, chemical manufacturing, rubber industry, laboratory and research
The formic acid market size is expected to see strong growth in the next few years. It will grow to $2.37 billion in 2029 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to renewable energy storage, biofuel production, biodegradable polymers, hydrogen storage, formate salts for oil recovery. Major trends in the forecast period include formic acid in waste management, expansion in biotechnology, carbon-neutral chemical production, formate salts in oil industry, formic acid fuel cells.
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Which major companies dominate the formic acid market?
Major companies operating in the formic acid market include BASF SE, Honeywell International Inc., Evonik Industries AG, Eastman Chemical Company, Luxi Chemical Group Co. Ltd., Kemira Oyj, HELM AG, Perstorp Holdings AB, GMM Pfaudler Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, Alfa Aesar, Wuhan Rui Sunny Chemical Co. Ltd., Fleurchem Inc., Noah Chemicals, Polioli S.p.A., Shandong Feicheng Acid Chemicals Co.Ltd., Anhui Asahikasei Chemical Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Hubei Yihua Group Co. Ltd., Zibo Xinglu Chemical Factory, Shandong Haili Chemical Industry Co. Ltd., Vigon International
What trends will shape the future of the force sensor market?
The launch of innovative technologies is a key trend gaining popularity in the formic acid market. Major companies operating in the formic acid market are focused on launching recent technologies to meet specific demands and sustain their position in the market. For instance, in January 2022, the University of Science and Technology of China, a China-based university, and a collaborative team of researchers developed an innovative system to directly utilize renewable electricity to reduce carbon dioxide into pure formic acid. This system uses a copper-based single-atom alloy catalyst, and a novel electrochemical device based on solid-state electrolytes to generate refined formic acid liquid fuels with carbon dioxide and water as raw feedstocks. This work is expected to promote the industrialization of carbon dioxide upcycling driven by green electricity, which has immense potential for practical application.
Which region dominates the formic acid market, and what factors contribute to its leadership?
Asia-Pacific was the largest region in the formic acid market in 2024, 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, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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How is the formic acid market segmented, and which segment holds the largest share?
The formic acid market covered in this report is segmented –
1) By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
2) By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
3) By End-Use Industry: Agriculture, Leather, Textiles And Apparel, Healthcare, Rubber, Chemical, Paper, Other End-Use Industries
Subsegments:
1) By Less Than 80% To 89.5%: Technical Grade Formic Acid, Industrial Grade Formic Acid
2) By 89.6% To 90.5%: Food Grade Formic Acid, Pharmaceutical Grade Formic Acid
3) By 91.6% To 99%: High Purity Formic Acid, Laboratory Grade Formic Acid
4) By More Than 99%: Ultra-Pure Formic Acid, Research Grade Formic Acid
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How is the formic acid market defined?
Formic acid, also known as methanoic acid, refers to a colorless and highly soluble liquid in water with a pungent odor that is considered a strong acid. It is the simplest carboxylic acid used to process textiles and leather.
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