PUBLISHER: QYResearch | PRODUCT CODE: 1866614
PUBLISHER: QYResearch | PRODUCT CODE: 1866614
The global market for Formic Acid was estimated to be worth US$ 279 million in 2024 and is forecast to a readjusted size of US$ 373 million by 2031 with a CAGR of 4.0% during the forecast period 2025-2031.
This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Formic Acid cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.
Formic acid (also called methanoic acid) is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is an environmentally acceptable and highly efficient organic acid. It is used in many areas, from leather processing to feed preservation. In 2024, global Formic Acid production reached approximately 782 K MT, with an average global market price of around US$ 357 per MT.
The formic acid market is an established segment of the global chemicals industry, driven by its versatility as both an industrial chemical and an agricultural additive. It is extensively used in textile dyeing and finishing, leather processing, and rubber coagulation, where its strong acidity and reducing properties make it a cost-effective solution. In agriculture, formic acid is valued as a feed preservative and antibacterial agent, helping to improve livestock nutrition and reduce spoilage-an application that has seen steady growth in regions with intensive farming practices. Its role as a reducing agent in chemical manufacturing, as well as emerging uses in fuel cells as a hydrogen carrier, add further growth potential, particularly in the context of sustainable energy and green chemistry initiatives.
On the supply side, production is concentrated among a handful of global chemical companies with large-scale facilities in Asia-Pacific and Europe, supported by integrated methanol and acetic acid operations. Asia-Pacific dominates consumption due to its strong industrial base in textiles, leather, and rubber, while Europe emphasizes agriculture and environmentally regulated applications. Market growth is being shaped by regulatory trends encouraging eco-friendly preservatives and technological innovation in formic acid's use as a clean energy vector. Looking forward, steady expansion is expected, with demand supported by both traditional industries and new opportunities in renewable energy and sustainable materials.
This report aims to provide a comprehensive presentation of the global market for Formic Acid, focusing on the total sales volume, sales revenue, price, key companies market share and ranking, together with an analysis of Formic Acid by region & country, by Type, and by Application.
The Formic Acid market size, estimations, and forecasts are provided in terms of sales volume (K MT) and sales revenue ($ millions), considering 2024 as the base year, with history and forecast data for the period from 2020 to 2031. With both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Formic Acid.
Market Segmentation
By Company
Segment by Type
Segment by Application
By Region
Chapter Outline
Chapter 1: Introduces the report scope of the report, global total market size (value, volume and price). This chapter also provides the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 2: Detailed analysis of Formic Acid manufacturers competitive landscape, price, sales and revenue market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 4: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 5: Sales, revenue of Formic Acid in regional level. It provides a quantitative analysis of the market size and development potential of each region and introduces the market development, future development prospects, market space, and market size of each country in the world.
Chapter 6: Sales, revenue of Formic Acid in country level. It provides sigmate data by Type, and by Application for each country/region.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product sales, revenue, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Conclusion.