Formic Acid Market: By Application (Animal Feed, Pharmaceutical, Agriculture, Liquid Fuel Cells, Tanning and Leather Production, Textile Industry, Food Industry, Detergents, Perfume and Cologne, Chemistry Lab Applications, and Others), and Geography

Formic Acid Market size was valued at USD 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.

Formic Acid Market Key Developments:

• In May 2023, IIT Guwahati Researchers develop a catalyst to produce Sustainable Green Hydrogen fuel along with high market demand formic acid as by product.
• In September 2019, researchers at Osaka University have reported a nanocatalyst that is able to produce hydrogen isotope compounds D2 and HD via the heterogeneous dehydrogenation of formic acid in the presence of heavy water.