Formic Acid Market is predicted to reach USD 3.85 Billion at a CAGR of 9.53% during the forecast period

Market Research Future (MRFR) has published a cooked research report on the “Formic Acid Market” that contains information from 2018 to 2030. The Formic Acid Market is estimated to register a CAGR of 9.53% during the forecast period of 2023 to 2030.

MRFR recognizes the following companies as the key players in the global Formic Acid Market — BASF SE, Perstorp, Eastman Chemical Company, Luxi Chemical Group Co. Ltd, Anhui Asahi Kasei Chemical, Feicheng Acid Chemical, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Chongqing Chuandong Chemical Co, and Perstorp.

Market Highlights

The global Formic Acid Market is accounted to register a CAGR of 9.53% during the forecast period and is estimated to reach USD 3.85 Billion by 2030.

Formic acid, with the chemical formula HCOOH, is a colorless, pungent liquid that is an important building block in the chemical industry. It is used in various applications, including agriculture, food, leather, and textiles. 

Segment Analysis

The global Formic Acid Market has been segmented based Production Method, and Application.

The market segmentation, based on Production Method, includes Oxalic Acid and Carbonylation of Methanol. The Carbonylation of the Methanol segment may dominate the market. In this process, carbon monoxide and methanol are reacted in the presence of a catalyst to produce formic acid. This method offers several advantages, including higher yield, lower production costs, and more environmentally friendly compared to traditional methods of formic acid production, such as oxidation of formaldehyde.

Based on Application, the global market segmentation includes Rubber, Leather Production, Cleaning Agent, Finishing Textiles, Preservatives, Dyeing, Animal Feed, and Others. The Animal Feed application is holding the largest and fastest market. The use of formic acid in animal feed has been increasing due to the growing demand for meat and other animal products, particularly in developing countries. This has led to a greater focus on animal health and nutrition, which has increased the demand for feed additives such as formic acid.

Regional Analysis

The global Formic Acid Market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific is currently the largest and fastest-growing market for formic acid. The region accounts for a significant share of the market, driven by factors such as increasing demand for animal feed additives, growth in the leather and textile industries, and rising demand for formic acid in various other applications. China is the largest producer and consumer of formic acid globally, accounting for a significant share of the Asia-Pacific market. The country's large and growing population, coupled with increasing demand for meat and other animal products, is driving the growth of the animal feed industry and, in turn, the demand for formic acid as a preservative and antibacterial agent. Other countries in the region, such as India, Japan, and South Korea, are also experiencing significant growth in the market, driven by factors such as increasing industrialization and the growing demand for sustainable and environmentally friendly products.

The demand for formic acid in other regions, such as North America and Europe, is also increasing but at a slower pace compared to the Asia Pacific. However, the development of new applications and the growing trend towards using natural and bio-based products is expected to drive the growth of the formic acid market in these regions.

Key Findings of the Study

• The global Formic Acid Market is expected to reach USD 3.85 Billion by 2030, at a CAGR of 9.53% during the forecast period.


• Asia Pacific is currently the largest and fastest-growing market for formic acid. The region accounts for a significant share of the market, driven by factors such as increasing demand for animal feed additives, growth in the leather and textile industries, and rising demand for formic acid in various other applications. C


• The market segmentation, based on Production Method, includes Oxalic Acid and Carbonylation of Methanol. The Carbonylation of the Methanol segment may dominate the market. In this process, carbon monoxide and methanol are reacted in the presence of a catalyst to produce formic acid.


• BASF SE, Perstorp, Eastman Chemical Company, Luxi Chemical Group Co. Ltd, Anhui Asahi Kasei Chemical, Feicheng Acid Chemical, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Chongqing Chuandong Chemical Co, and Perstorp.