Global Formic Acid Market Statistics: 1,216.5 Kilo Tons by 2033

Summary:

• The global formic acid market size reached 944.9 Kilo Tons in 2024.
• The market is expected to reach 1,216.5 Kilo Tons by 2033, exhibiting a growth rate (CAGR) of 2.82% during 2025-2033.
• Asia Pacific leads the market, accounting for the largest formic acid market share.
• Grade 85% accounts for the majority of the market share in the type segment due to its cost-effectiveness compared to higher-grade concentrations.
• Animal feed and silage additives hold the largest share in the formic acid industry.
• Agriculture remains a major sector in the market due to the increasing demand for high-quality animal products and the adoption of modern agricultural practices.
• The rising demand in leather tanning is a primary driver of the formic acid market.
• The growing awareness about organic acids is reshaping the formic acid market.

Industry Trends and Drivers:

• Industrial applications:

Formic acid is vital in many industries. It helps make acetic acid, sodium formate, and formamide. These are essential in agriculture, pharmaceuticals, textiles, and leather. Additionally, formic acid serves as a preservative and antibacterial agent. In agriculture, it preserves feed grains and silage. In leather tanning, it prevents bacterial growth. In pharmaceuticals, it controls contamination. This process enhances product quality and shelf life.

• Rising demand in leather tanning:

Formic acid is crucial in tanning leather. It transforms raw hides into durable, flexible leather by bonding collagen fibers. This process makes leather soft, strong, and resistant to decay, enhancing its quality and lifespan. Initially, formic acid removes unwanted proteins and substances from hides, ensuring a smooth, uniform finish.

• Growing awareness about organic acids:

Organic acids, such as formic acid, are natural and easily degradable. Thus, they are more environmentally friendly than synthetic chemicals. This advantage spurs market growth. With increasing environmental concerns, industries are leaning towards sustainable options, including formic acid. Meanwhile, governments are tightening regulations on chemical usage, further boosting the market.

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Formic Acid Market Report Segmentation:

Breakup By Type:

• Grade 85%
• Grade 94%
• Grade 99%
• Others

Grade 85% represents the largest segment as it is widely used in various industrial applications due to its high purity and effectiveness.

Breakup By Application:

• Animal Feed and Silage Additives
• Leather Tanning
• Textile Dying and Finishing
• Intermediary in Pharmaceuticals
• Others

Animal feed and silage additives account for the majority of the market share due to the increasing demand for high-quality feed additives to improve livestock health and productivity.

Breakup By End Use:

• Agriculture
• Leather and Textile
• Rubber
• Chemical and Pharmaceutical
• Dyeing
• Animal Feed
• Others

Agriculture holds the biggest market share as formic acid is extensively used in agriculture for purposes, such as preserving feed grains, controlling bacterial growth, and enhancing crop yields.

Breakup By Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

Asia Pacific enjoys the leading position in the formic acid market due to factors, such as rapid industrialization, increasing agricultural activities, and a growing demand for leather and textiles in countries like China and India.

Top Formic Acid Market Leaders:

The formic acid market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies. Some of the key players in the market are:

• 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.

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