PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1954655
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1954655
The global formic acid market was valued at USD 691.7 million in 2025 and is projected to grow from USD 717.3 million in 2026 to USD 1,032.47 million by 2034, registering a CAGR of 4.60% during the forecast period (2026-2034).
Asia Pacific dominated the global market in 2025, accounting for USD 336.4 million, supported by strong demand from agriculture, textile, and chemical industries across China, India, and Japan.
Formic acid (HCOOH) is a colorless, pungent organic acid widely used in agriculture, leather processing, textile dyeing, rubber manufacturing, chemicals, and pharmaceuticals. It acts as a preservative, antibacterial agent, silage treatment solution, and pH regulator, particularly in livestock feed and agrochemical applications.
Market Trends
Increasing Role in Fuel Cell Technology
While traditionally used in agriculture and leather processing, formic acid is gaining attention in fuel cell technology. Direct Formic Acid Fuel Cells (DFAFCs) offer a safer and cost-effective alternative to hydrogen storage. Growing research into renewable energy storage and bio-based chemical production is expanding future opportunities.
Shift Toward Bio-Based Production
Manufacturers are increasingly investing in sustainable production methods using renewable feedstocks to reduce carbon footprints. Automation, AI integration, and improved manufacturing technologies are further enhancing product quality and cost efficiency.
Market Dynamics
Market Drivers
Expanding Agricultural Sector
The agriculture segment remains the largest consumer of formic acid. Rising global emphasis on livestock nutrition and silage preservation is driving demand. The agricultural segment accounted for 41.35% market share in 2026, making it the leading application segment.
Formic acid helps suppress harmful bacteria such as Salmonella and E. coli in poultry and livestock feed. Growing government initiatives to enhance domestic agricultural production further support market growth.
Growth in Leather & Textile Industry
Formic acid plays a vital role in leather tanning and textile dyeing. It enhances leather durability, neutralizes lime during processing, and improves color stability in fabrics. Increasing demand for leather products in automotive, fashion, and upholstery sectors is fueling steady growth.
Market Restraints
Health and Safety Concerns
High-grade formic acid is corrosive and poses health risks if exposure exceeds recommended limits (5-10 ppm as per regulatory standards). Strict handling, storage, and disposal regulations increase operational costs, limiting broader adoption in certain industries.
Market Opportunities
Pharmaceutical and Chemical Derivatives
Formic acid is increasingly used in producing esters, formates, and pharmaceutical intermediates. Its antimicrobial and anti-inflammatory properties support its growing adoption in drug formulation and chemical synthesis, offering lucrative growth opportunities.
Market Challenges
Despite these challenges, post-COVID-19 recovery and government funding have strengthened supply chains globally.
By Grade
By Application
Asia Pacific
Asia Pacific led the market in 2025 with USD 336.4 million. Growth is supported by expanding agriculture and textile industries.
Projected 2026 values:
Europe
Europe remains a significant market driven by eco-friendly leather processing and strict chemical regulations.
North America
North America benefits from advanced agriculture and de-icing applications.
Latin America & Middle East & Africa
These regions are expected to grow moderately, supported by expanding livestock farming and industrial applications.
Competitive Landscape
The market is highly competitive with leading players such as:
Companies focus on capacity expansion, bio-based innovation, and strategic partnerships to maintain competitive advantage.
Conclusion
The global formic acid market is projected to grow steadily from USD 691.7 million in 2025 to USD 1,032.47 million by 2034, at a CAGR of 4.60%. Growth is primarily driven by rising agricultural demand, expanding leather and textile industries, and increasing pharmaceutical applications. Although regulatory challenges and raw material volatility present hurdles, advancements in sustainable production and bio-based alternatives are expected to support long-term market expansion. Asia Pacific will continue to dominate the market, while Europe and North America remain significant contributors through technological innovation and industrial demand.
Segmentation By Grade
By Application
By Region