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 useful in many industries. It's a key ingredient for making chemicals like acetic acid, sodium formate, and formamide. These are vital in agriculture, pharmaceuticals, textiles, and leather. Moreover, formic acid acts as a preservative and antibacterial agent. In agriculture, it preserves feed grains and silage. In leather tanning, it stops bacterial growth. In pharmaceuticals, it controls contamination. This boosts product quality and shelf life.
- Rising demand in leather tanning:
Formic acid is key in leather tanning. It turns raw hides into strong, flexible leather by linking collagen fibers. This process makes leather soft, strong, and decay-resistant. It also improves quality and durability. Early on, formic acid helps remove unwanted proteins and substances from hides. This ensures the leather is smooth and consistent.
- Growing awareness about organic acids:
Organic acids like formic acid come from nature and break down easily. So, they are better for the environment than synthetic chemicals. This boosts market growth. With rising environmental concerns, industries prefer sustainable options, including formic acid. Meanwhile, governments are tightening regulations on chemical use. This also drives market growth.
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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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