Global Formic Acid Market Expected to Reach 1,216.5 Kilo Tons by 2033 - IMARC Group

Global Formic Acid Market Statistics, Outlook and Regional Analysis 2025-2033

The global formic acid market size reached at 944.9 Kilo Tons in 2024, and it is expected to reach 1,216.5 Kilo Tons by 2033, exhibiting a growth rate (CAGR) of 2.82% from 2025 to 2033.

The formic acid market is witnessing significant growth mainly driven by its increasing usage across various sectors, such as agriculture, leather, and textiles. In agriculture, for instance, formic acid is favored as a silage preservative mainly due to its effectiveness in promoting anaerobic fermentation, which helps in preserving animal feed. Moreover, formic acid has widespread application in the livestock industry as well. In line with this, in December 2023, Nitto Denko Corporation and Air Water Inc. announced their partnership to produce formic acid from biomass-derived CO2 enhancing negative emission technology in the livestock industry. This initiative aims to reduce CO2 emissions, support carbon neutrality and provide an effective silage additive, promoting sustainable practices within dairy farming regions. Additionally, its role in the production of leather and textiles has become significant as industries nowadays are prioritizing formic acid for its eco-friendly properties as compared to other harsh chemicals.

Emerging trends in the formic acid market include a surge in the demand for eco-friendly and sustainable products. Manufacturers are focusing on producing bio-based formic acid to meet the growing consumer preference for green chemicals, driven by environmental awareness and regulatory policies. For instance, in May 2024, researchers at NREL developed an innovative electrochemical method to produce formic acid from CO₂ using renewable electricity, enhancing energy efficiency and durability. Their novel membrane technology simplifies design and may accelerate the transition to scalable, sustainable production of low-carbon fuels, achieving cost parity with existing industrial processes. The chemical’s antibacterial and preservative qualities are also leading to its increased application in food processing, adding another growth layer to the market. Additionally, innovations in production techniques, aiming for cost efficiency and reduced environmental impact, is becoming a focal point for industry players. For example, in June 2024, AIST researchers, in collaboration with the University of Tsukuba, developed an efficient method to directly synthesize formic acid from carbon dioxide and hydrogen using an iridium catalyst in hexafluoroisopropanol (HFIP). This advancement enables cost-effective hydrogen storage and production, supporting efforts toward a carbon-neutral society by 2050. The market is also witnessing an uptrend in research for new applications, such as renewable energy storage and chemical synthesis, broadening the scope of formic acid beyond traditional uses.

Global Formic Acid Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia-Pacific accounted for the largest market share due to its strong agricultural sector, expanding livestock farming, and significant textile and leather industries, coupled with the growing demand for eco-friendly and sustainable chemical solutions.

Asia-Pacific Formic Acid Market Trends:

The Asia-Pacific formic acid market is driven by robust growth in agriculture and livestock farming, where formic acid is widely used as a silage preservative and feed additive. For instance, in May 2024, a team at Korea Institute of Science and Technology has developed a novel process to convert CO2 into formic acid, achieving significant cost reductions and high purity. A pilot plant will validate scalability, aiming for commercialization by 2030. The region’s booming textile and leather industries also contribute to the strong demand, utilizing formic acid for tanning and processing. Additionally, increasing regulatory focus on sustainable practices has led to higher adoption due to its eco-friendly profile. Expanding industrial activities and a growing focus on biodegradable chemicals further strengthen the market's position in the region.

North America Formic Acid Market Trends:

The North American formic acid market is marked by a rising demand for eco-friendly preservatives in animal feed and increased use in the leather and textile industries. Regulatory emphasis on sustainable chemicals and the push for bio-based solutions are fostering growth, with research into new industrial applications also gaining momentum.

Europe Formic Acid Market Trends:

The European formic acid market is seeing trends focused on sustainability and eco-friendly solutions, driven by strict environmental regulations. There is an increasing shift towards bio-based formic acid, supported by the region's robust textile and leather industries. Additionally, the rising demand for preservatives in animal feed enhances market growth.

Latin America Formic Acid Market Trends:

The Latin American formic acid market is witnessing growth driven by the increasing demand in agriculture for silage preservation and animal feed additives. Rising awareness about eco-friendly practices supports its use in leather and textile processing. Additionally, expanding industrial applications and regulatory emphasis on sustainable chemicals are fostering market growth across the region.

Middle East and Africa Formic Acid Market Trends:

The Middle East and Africa formic acid market is witnessing growth driven by increased use in agriculture for silage preservation and animal feed. The region's developing leather and textile industries are also contributing to demand. A focus on sustainable, eco-friendly chemical solutions aligns with the region's evolving industrial and environmental priorities.

Top Companies Leading in the Formic Acid Industry

Some of the leading formic acid market companies include 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., among many others. In November 2024, the Carbon Trust verified that four BASF intermediates 1,6-hexanediol, formic acid, propionic acid, and neopentyl glycol have a lower carbon footprint than the market average. This supports BASF's commitment to sustainability and allows customers to reduce CO2 emissions without altering their processes.

Global Formic Acid Market Segmentation Coverage

• On the basis of the type, the market has been categorized into grade 85%, grade 94%, grade 99% and others, wherein grade 85% represent the leading segment. The 85% grade leads the market due to its versatility and wide application in key industries. It is highly favored for use in silage preservation, leather tanning, and textile processing. The segment's strength lies in balancing concentration and cost-effectiveness, making it an ideal choice for industries prioritizing efficiency and sustainable chemical solutions.
• Based on the application, the market is classified into animal feed and silage additives, leather tanning, textile dying and finishing, intermediary in pharmaceuticals, and others, amongst which animal feed and silage additives dominates the market. Animal feed and silage additives dominate the formic acid market due to their role in enhancing feed quality and preservation. Formic acid helps maintain the nutritional value of silage by preventing spoilage and promoting fermentation. This application supports livestock health and productivity, driving significant demand in agricultural and livestock-centric regions.
• On the basis of the end use, the market has been divided into agriculture, leather and textile, rubber, chemical and pharmaceutical, dyeing, animal feed and others. Among these, agriculture accounts for the majority of the market share. Agriculture holds the majority share of the formic acid market, primarily due to its use as a silage preservative and additive in animal feed. This application helps in maintaining feed quality and extends shelf life, supporting livestock health. The growing global demand for high-quality animal products continues to fuel this market segment.

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