Formic Acid Market Global Reports, Opportunities, Trends & Forecast 2032

The global formic acid market was valued at USD 667.1 million in 2024. It is expected to rise from USD 691.7 million in 2025 to reach USD 944.6 million by 2032, registering a compound annual growth rate (CAGR) of 4.6% during the forecast period. In 2024, Asia Pacific led the market, accounting for 48.42% of the total share.

The global formic acid market is witnessing significant growth due to its versatile applications across various industries, including agriculture, leather, textiles, pharmaceuticals, and rubber. Formic acid, a naturally occurring carboxylic acid, is known for its strong antibacterial properties, making it a valuable additive in silage and animal feed. Its increasing use in environmentally sustainable practices and industrial processes has made it a preferred chemical across regions.

Market Size and Forecast

In recent years, the formic acid market has shown strong performance, and this momentum is expected to continue over the forecast period. Growing demand from the agriculture and chemical industries is driving its expansion. With the rising need for efficient preservatives in animal nutrition and silage, formic acid’s demand is steadily increasing in both developed and developing economies.

Key Drivers of the Formic Acid Market

Increasing Use in Animal Feed and Silage Preservation:

One of the major drivers of market growth is the rising demand for high-quality animal feed. Formic acid is widely used as a preservative to enhance the shelf life of silage and improve feed digestibility. It lowers the pH level of silage, preventing microbial growth and retaining nutrients. As livestock farming intensifies globally, the use of formic acid as a feed additive is growing significantly.

Growth of the Leather and Textile Industries:

Formic acid plays a critical role in leather processing and textile dyeing. It is used in the tanning process and helps in fixing dyes during textile treatment. With the growing fashion and footwear industries, particularly in Asia-Pacific, the need for efficient and eco-friendly chemicals like formic acid continues to rise.

Expansion in Rubber and Pharmaceuticals Sectors:

In the rubber industry, formic acid is utilized to coagulate latex, an essential process in rubber manufacturing. In the pharmaceutical sector, it is used as a reagent in drug formulation and chemical synthesis. With expanding pharmaceutical and industrial production worldwide, the demand for formic acid is expected to see substantial growth.

Read More : https://www.fortunebusinessinsights.com/formic-acid-market-104888

Market Challenges

Despite its benefits, the formic acid market faces some challenges. Health concerns associated with handling concentrated formic acid require strict safety measures, which may increase operational costs. Additionally, fluctuations in raw material prices can affect production economics. However, the growing preference for biodegradable and eco-friendly chemicals provides a positive outlook for long-term growth.

Regional Insights

Asia-Pacific holds the largest share of the global formic acid market. Countries like China and India are leading consumers due to their strong agricultural base and expanding industrial applications. Rapid industrialization, growing livestock farming, and textile production are boosting regional demand.

Europe also represents a significant market share, driven by sustainable farming practices, environmental regulations, and technological advancements. North America is witnessing steady growth due to increasing use in pharmaceuticals, animal nutrition, and industrial processing.

LIST OF KEY FORMIC ACID COMPANIES PROFILED

BASF SE (Germany)

Koei Chemical Co., Ltd. (Japan)

Eastman Chemical Company (U.S.)

Perstorp AB (Sweden)

Mudanjiang Fengda Chemicals Co., Ltd (China)

Tokyo Chemical Industry Co., Ltd (Japan)

Mitsubishi Gas Chemical Company, Inc. (Japan)

Nacalai Tesque Inc. (Japan)

FUJIFILM Wako Pure Chemical Corporation (Japan)

Chongqing Chuandong Chemical (Group) Co., Ltd., (China)

Competitive Landscape

The formic acid market is highly competitive, with major players like BASF SE, Eastman Chemical Company, and Mitsubishi Gas Chemical Company, Inc. focusing on capacity expansion, partnerships, and technological advancements. These companies lead the market through diverse product offerings and global reach. Chinese manufacturers also play a key role due to cost-efficient production. Rising demand for eco-friendly, bio-based formic acid is driving innovation, while regulatory compliance and fluctuating raw material costs pose key challenges.

Future Outlook

The future of the formic acid market looks promising, supported by rising environmental awareness, industrial expansion, and a growing focus on sustainable agriculture. As demand grows for eco-friendly and efficient chemical solutions, formic acid is well-positioned to serve evolving needs across a wide range of industries.