Formic Acid Market Demand, Key Players Analysis and Forecast 2024-2032

Global Formic Acid Industry: Key Statistics and Insights in 2024-2032

Summary:

• The global formic acid market size reached 916.9 Kilo Tons in 2023.

• The market is expected to reach 1,202.6 Kilo Tons by 2032, exhibiting a growth rate (CAGR) of 2.97% during 2024-2032.

• 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 dominant segment in the market owing to the growing demand for high-quality animal products and increasing adoption of modern farming 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 exhibits versatile properties that make it suitable for a wide range of industrial applications. It serves as a vital raw material and intermediate in the production of various chemicals, including acetic acid, sodium formate, and formamide, which are further utilized in diverse industries, such as agriculture, pharmaceuticals, textiles, and leather. The effectiveness of formic acid as a preservative and antibacterial agent makes it invaluable in several industrial processes. It helps in preserving feed grains and silage in agriculture, preventing bacterial growth in leather tanning, and controlling microbial contamination in pharmaceutical manufacturing, thereby enhancing product quality and shelf life.

• Rising demand in leather tanning:

Formic acid serves as a crucial tanning agent in leather processing. It facilitates the conversion of raw animal hides into durable, flexible, and finished leather products by promoting the cross-linking of collagen fibers within the hide structure. This tanning process imparts desirable characteristics, such as softness, strength, and resistance, to decay, thereby enhancing the quality and durability of leather. Formic acid acts as an efficient coagulant in the initial stages of leather tanning, aiding in the removal of non-collagenous proteins and unwanted materials from the raw hides. This coagulation process helps in the precipitation and removal of impurities, ensuring the production of high-quality leather with uniform texture and appearance.

• Growing awareness about organic acids:

Organic acids, such as formic acid, are derived from natural sources and exhibit biodegradable properties, making them environment friendly alternatives to synthetic chemicals. This represents one of the key factors supporting the market growth. As environmental concerns are rising, there is a growing preference for organic acids like formic acid in various industrial applications where sustainability is a key consideration. Governments and regulatory bodies are implementing stringent regulations and standards to minimize the environmental impact of chemical usage in industries, which is bolstering the growth of 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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