Formic Acid Market: Emerging Opportunities Across End‑Use Industries

 

Report Overview:

The global formic acid market is projected to grow robustly from about USD 1.3 billion in 2024 to roughly USD 2.7 billion by 2034, at a compounded annual growth rate (CAGR) of 7.7%. The Asia‑Pacific region is currently driving the market, accounting for nearly half (48.3%) of sales around USD 600 million in 2024.

Among product grades, the 85% concentration leads with a dominant share of 49.3%, chosen particularly for its balance of purity and cost-effectiveness. From an application perspective, the animal feed sector is in the forefront, consuming more than 38.8% of global volume, thanks to rapid growth in livestock and the need for feed preservation. Meanwhile, innovators in India are exploring CO₂ conversion to formic acid using non-precious metal catalysts signaling sustainability driven advancements in production

Key Takeaways:

  • Market to double to USD 2.7 billion by 2034, CAGR of 7.7%

  • 85% grade commands nearly 50% market share .

  • Animal feed is top application (38.8%) in 2024

  • Asia‑Pacific leads with ~48.3% share (~USD 600 M)

Formic-Acid-Market

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Key Market Segments:

By Type

  • Grade 85%
  • Grade 94%
  • Grade 99%
  • Others

By End Use

  • Animal Feed
    • Poultry
    • Swine
    • Ruminants
    • Aquatic
    • Others
  • Agriculture
  • Leather and Textile
  • Rubber
  • Chemical and Pharmaceutical
  • Dyeing
  • Others

DORT Analysis

Drivers

  • Booming livestock industry fuels feed-preservative demand, especially silage and feed additives.

  • Strong expansion in leather, textile, rubber processing for formic-acid‑based tanning and pH adjustment

  • New production capacity (e.g., BASF in Louisiana) increases supply and reduces lead times

  • Rising agrochemical & pharma needs amid supply constraints pushed pricing, spurring producer interest

Opportunities

  • CO₂‑to‑formic acid tech in India promises greener, low-cost production

  • Clean‑tech plant expansions (e.g., U.S., Asia) could shorten supply chains and meet regional demand .

  • Sustainability movement favors bio‑based acid solutions, enabling premium pricing in developed markets.

  • Leather/textile demand in emerging economies like China/India opens new regional market pockets

Restraints

  • Cost-competitive substitutes such as microflora enhancers and peptides weaken demand

  • Supply disruptions (e.g., logistics, weather events) can destabilize prices and sow uncertainty .

  • Variable feedstock prices (methanol, CO₂ streams) may inflate production costs.

  • Environmental/procurement regulations could affect manufacturing practices in sensitive regions.

Trends

  • Strategic investments in region-specific production (e.g., BASF’s U.S. facility) underscore de‑globalization.

  • Partnerships for sustainable process development are gaining traction worldwide.

  • Feed acidifier blends growing, yet formic acid holds ~27% of feed‑acid segment

  • Volatility in Q1 2025 prices reflects tight logistics and strong downstream sectors .

Market Key Players:

  • Alpla Group Amcor
  • Anhui Asahi Kasei Chemical
  • AVA Biochem
  • Avantium
  • BASF SE
  • Chongqing Chuandong Chemical Co
  • Eastman Chemical Company
  • Feicheng Acid Chemical
  • Gujarat Narmada Valley Fertilizers & Chemicals Limited
  • Luxi Chemical Group Co. Ltd
  • Origin Materials
  • Perstorp
  • Sulzer
  • Swicofil
  • Toyobo

Conclusion:

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