Formic Acid Market Revenue was valued at USD 1.25 Billion in 2024 and is estimated to reach USD 1.85 Billion by 2033, growing at a CAGR of 5.2% from 2026 to 2033.
The global formic acid market was valued at USD 1.61 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.2% from 2023 to 2030. This growth is primarily driven by the increasing demand for formic acid in industries such as agriculture, leather, and textiles. Formic acid is widely used as a preservative in livestock feed and as a disinfectant, contributing to the market’s expansion. The market is also benefiting from its application in the production of chemicals, which are extensively used in the manufacturing of pharmaceuticals and food products. Furthermore, the growing adoption of formic acid in the production of biodiesel and as a coagulant in rubber manufacturing is expected to propel market growth in the coming years.
Regionally, Asia Pacific holds the largest share of the formic acid market, accounting for over 45% of the total market share in 2022. This is due to the robust demand from China and India, where the agricultural sector heavily relies on formic acid for feed preservation. North America and Europe are expected to witness significant growth due to increasing demand for formic acid in the leather and pharmaceutical industries. The Middle East and Africa market is anticipated to grow at a high CAGR owing to the rising adoption of formic acid in oil and gas operations. Latin America is also projected to see steady growth, driven by increased industrialization and demand from the agricultural sector.
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BASF
Eastman
Perstorp
Rashtriya Chemicals and Fertilizers
Gujarat Narmada Valley Fertilizers & Chemicals
LUXI
Feicheng Acid
Chongqing Chuandong Chemical
Shijiazhuang Taihe Chemical
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Formic Acid Market
Textile Industry
Leather Processing
Rubber Production
Building and Construction
Agriculture
Food Preservation
Pharmaceuticals
Agriculture (Fertilizers, Herbicides)
Pharmaceuticals (Intermediate in Drug Synthesis)
Food and Beverages (Preservative and Acidifying Agent)
Textiles (Dyeing and Finishing Agents)
Leather (Tanning Agents)
Chemical Manufacturing (Pesticides, Plasticizers)
Synthetic Formic Acid
Natural Sources (Ants, Nettle, etc.)
Technical Grade (Generally 85% Purity)
Food Grade (≥ 99% Purity)
Industrial Grade (Varied Purity Levels)
Direct Sales
Distributors and Wholesalers
Online Sales Platforms
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Formic Acid Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Formic Acid Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Formic Acid Market, By Type
6. Global Formic Acid Market, By Application
7. Global Formic Acid Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Global Formic Acid Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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