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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Formic Acid Market size was valued at US$ 2,315.6 million in 2023 and is poised to grow at a CAGR of 5.3 % over 2024-2030. Formic acid is the simplest carboxylic acid which is a low flammable, colorless, clear, and corrosive liquid with a pungent odor. It is an important organic compound with a wide range of applications across different industries. The global formic acid market is experiencing significant growth due to its versatile nature and diverse range of applications. One of the major factors driving the formic acid market is the increasing demand for formic acid as a preservative and acidifying agent in the food industry. It is commonly used in food additives, animal feed, and as a cleaning agent in food processing equipment. Formic acid's ability to inhibit bacterial growth and extend the shelf life of food products has led to its widespread adoption in the food and beverage sector.
Moreover, formic acid finds applications in pharmaceuticals, cosmetics, and various chemical processes, which contribute the growth of the formic acid market. Furthermore, growing concern for environmental sustainability and the rising demand for eco-friendly products have fuelled the demand for formic acids and create further opportunities for the production of formic acid from renewable resources, which is expected to contribute to the growth of the formic acid. However, the production, handling, and use of formic acid are subject to various regulations and safety standards imposed by government authorities, which pose some challenges for the growth of the formic acid market. Several manufacturers are constantly, announcing partnerships, acquisitions and striving to develop innovative products to drive further growth of the formic acid market. For instance, in July 2022, Ingenza is partnering with Johnson Matthey to produce formic acid from captured industrial CO2 emissions for use across a wide range of industries such as pharmaceuticals and agriculture, and as a potential feedstock for other bioprocesses.
Study Period
2024-2030Base Year
2023CAGR
5.3%Largest Market
Asia PacificFastest Growing Market
Asia Pacific
Growing leather and textile industries worldwide is one of the major factors driving the formic acid market. Formic acid is used as a tanning agent in leather production, a dye to stain natural and synthetic fibers such as wool and nylon, and a dye-fixing agent in textile printing and dyeing processes. Moreover, expanding rubber industry is another driver of the formic acid market as it uses formic acid as a coagulant in the latex production process to get a high quality natural rubber product. The growing demand for rubber products, including tires and other industrial goods, is fueling the need for formic acid in this sector.
Formic acid market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Asia Pacific is anticipated to dominate the formic acid market in the forecasting years. The Asia-Pacific region is the largest consumer and producer of formic acid. Countries like China and India have a strong presence in the market due to their growing industrial sectors, especially in agriculture, textiles, and leather industries. Moreover, Europe is a also a prominent region in the formic acid market owing to its well established livestock and agriculture industries, as well as stringent environmental regulations, contribute to the demand for formic acid.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
|
Report Study Period |
2024-2030 |
|
Market Size in 2023 |
US$ 2,315.6 million |
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Market CAGR |
5.3% |
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By Application |
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Ans: Formic acid market was valued at US$ 2,315.6 Million in 2023 and is anticipated to grow at a CAGR of 5.3 % over 2024-2030.
Ans: Advancements in Formic Acid Production Technology and growth in various end-use industries are some of the factors that create potential opportunities for the growth of the formic acid market.
Ans: Focus on sustainable production and Rising Adoption of Organic Acids in Food Preservation are some of the major trends in the formic acid market.
Ans: BASF SE, Shandong Acid Technology Co. Ltd., LUXI Group, Eastman Chemical Company, Perstorp, Eastman Chemical Company, Anhui Asahi Kasei Chemical, Feicheng Acid Chemical, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Chongqing Chuandong Chemical Co are a few companies operating in formic acid market.
| 1.Executive Summary |
| 2.Global Formic Acid Market Introduction |
| 2.1.Global Formic Acid Market - Taxonomy |
| 2.2.Global Formic Acid Market - Definitions |
| 2.2.1.Application |
| 2.2.2.Region |
| 3.Global Formic Acid Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Formic Acid Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Formic Acid Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Animal Feed |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Pharmaceutical |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Beekeeping |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Liquid Fuel Cells |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Tanning and Leather Production |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Textile Industry |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. Food Industry |
| 5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 5.8. Detergents, |
| 5.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.8.3. Market Opportunity Analysis |
| 5.9. Perfume and Cologne |
| 5.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.9.3. Market Opportunity Analysis |
| 5.10. Chemistry Lab Applications |
| 5.10.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.10.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.10.3. Market Opportunity Analysis |
| 5.11. Others |
| 5.11.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.11.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.11.3. Market Opportunity Analysis |
| 6.Global Formic Acid Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. North America |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Europe |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Asia Pacific (APAC) |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Middle East and Africa (MEA) |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Latin America |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 7.North America Formic Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.1.1.Animal Feed |
| 7.1.2.Pharmaceutical |
| 7.1.3.Beekeeping |
| 7.1.4.Liquid Fuel Cells |
| 7.1.5.Tanning and Leather Production |
| 7.1.6.Textile Industry |
| 7.1.7.Food Industry |
| 7.1.8.Detergents, |
| 7.1.9.Perfume and Cologne |
| 7.1.10.Chemistry Lab Applications |
| 7.1.11.Others |
| 7.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 7.2.1.United States of America (USA) |
| 7.2.2.Canada |
| 8.Europe Formic Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.1.1.Animal Feed |
| 8.1.2.Pharmaceutical |
| 8.1.3.Beekeeping |
| 8.1.4.Liquid Fuel Cells |
| 8.1.5.Tanning and Leather Production |
| 8.1.6.Textile Industry |
| 8.1.7.Food Industry |
| 8.1.8.Detergents, |
| 8.1.9.Perfume and Cologne |
| 8.1.10.Chemistry Lab Applications |
| 8.1.11.Others |
| 8.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 8.2.1.Germany |
| 8.2.2.France |
| 8.2.3.Italy |
| 8.2.4.United Kingdom (UK) |
| 8.2.5.Spain |
| 9.Asia Pacific (APAC) Formic Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Animal Feed |
| 9.1.2.Pharmaceutical |
| 9.1.3.Beekeeping |
| 9.1.4.Liquid Fuel Cells |
| 9.1.5.Tanning and Leather Production |
| 9.1.6.Textile Industry |
| 9.1.7.Food Industry |
| 9.1.8.Detergents, |
| 9.1.9.Perfume and Cologne |
| 9.1.10.Chemistry Lab Applications |
| 9.1.11.Others |
| 9.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.China |
| 9.2.2.India |
| 9.2.3.Australia and New Zealand (ANZ) |
| 9.2.4.Japan |
| 9.2.5.Rest of APAC |
| 10.Middle East and Africa (MEA) Formic Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Animal Feed |
| 10.1.2.Pharmaceutical |
| 10.1.3.Beekeeping |
| 10.1.4.Liquid Fuel Cells |
| 10.1.5.Tanning and Leather Production |
| 10.1.6.Textile Industry |
| 10.1.7.Food Industry |
| 10.1.8.Detergents, |
| 10.1.9.Perfume and Cologne |
| 10.1.10.Chemistry Lab Applications |
| 10.1.11.Others |
| 10.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.GCC Countries |
| 10.2.2.South Africa |
| 10.2.3.Rest of MEA |
| 11.Latin America Formic Acid Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Animal Feed |
| 11.1.2.Pharmaceutical |
| 11.1.3.Beekeeping |
| 11.1.4.Liquid Fuel Cells |
| 11.1.5.Tanning and Leather Production |
| 11.1.6.Textile Industry |
| 11.1.7.Food Industry |
| 11.1.8.Detergents, |
| 11.1.9.Perfume and Cologne |
| 11.1.10.Chemistry Lab Applications |
| 11.1.11.Others |
| 11.2. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Brazil |
| 11.2.2.Mexico |
| 11.2.3.Rest of LA |
| 12. Competition Landscape |
| 12.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 12.2.1.BASF SE |
| 12.2.2.Shandong Acid Technology Co. Ltd. |
| 12.2.3.LUXI Group |
| 12.2.4.Eastman Chemical Company |
| 12.2.5.Perstorp |
| 12.2.6.Eastman Chemical Company |
| 12.2.7.Anhui Asahi Kasei Chemical |
| 12.2.8.Feicheng Acid Chemical |
| 12.2.9.Gujarat Narmada Valley Fertilizers & Chemicals Limited |
| 12.2.10.Chongqing Chuandong Chemical Co |
| 13. Research Methodology |
| 14. Appendix and Abbreviations |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.