Formic Acid Market is Anticipated to Expand upto $2.32 Billion in 2029

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What Is the Forecasted Market Growth Rate of the Formic Acid Industry?
The market size of formic acid has seen consistent growth over the past few years. It's expected to expand from a worth of $1.79 billion in 2024 to $1.86 billion in 2025, with a compound annual growth rate (CAGR) of 4.0%. The surge in the historical era is a result of its extensive usage in textile and leather industries, agriculture sectors, chemical production, the rubber industry, as well as in laboratories and research.

How Will the Formic Acid Market Size Evolve From 2025 to 2029?
The market for formic acid is projected to witness robust expansion in the upcoming years, reaching a market worth of $2.32 billion by 2029, evolving at a CAGR of 5.6%. This growth during the predicted period is anticipated due to key factors including renewable energy storage, biofuel manufacturing, degradable polymers, hydrogen storage, and the use of formate salts for oil extraction. The trending factors expected to influence the market in the forecast period involves the use of formic acid in waste management, advancements in biotechnology, the production of carbon-neutral chemicals, the application of formate salts in the oil sector, and formic acid fuel cells.

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What Are the Main Growth Drivers in the Formic Acid Market Today?
The formic acid market's expansion is projected to be fueled by the increasing need for animal feed. Animal feed, which is grown or made for livestock and poultry, is an edible substance that is consumed by animals to enhance their diet with energy and minerals. Formic acid is typically added to animal feed to enhance its preservation, nutritional content, and overall animal wellbeing, serving as a preservative and antibacterial agent. For example, the Malaysian Investment Development Authority reported in July 2023 that farmers are now paying as much as RM 80 for a 50kg bag of cattle feed, a substantial increase from RM 45 in January 2022. This demonstrates the rising costs of importing livestock feed materials. So, the escalating demand for animal feed is propelling the formic acid market's growth.

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Which Formic Acid Market Segment Is Expected to Lead Through 2029?
The formic acid market covered in this report is segmented -

1) By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
2) By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
3) By End-Use Industry: Agriculture, Leather, Textiles And Apparel, Healthcare, Rubber, Chemical, Paper, Other End-Use Industries

Subsegments:
1) By Less Than 80% To 89.5%: Technical Grade Formic Acid, Industrial Grade Formic Acid
2) By 89.6% To 90.5%: Food Grade Formic Acid, Pharmaceutical Grade Formic Acid
3) By 91.6% To 99%: High Purity Formic Acid, Laboratory Grade Formic Acid
4) By More Than 99%: Ultra-Pure Formic Acid, Research Grade Formic Acid

Which Market Trends Are Expected to Dominate Formic Acid Industry Growth?
The emergence of groundbreaking technologies is an emerging trend augmenting the formic acid market. Dominant firms in the formic acid industry are concentrating on introducing novel technologies to fulfill precise demands and maintain market dominance. For example, in January 2022, the University of Science and Technology of China, in partnership with a team of scientists, devised a cutting-edge system to directly convert renewable electricity into pure formic acid by reducing carbon dioxide. The technique employs a copper-based single-atom ally catalyst and a unique electrochemical gadget based on solid-state electrolytes to create refined formic acid liquid fuels from carbon dioxide and water. This development is predicted to spur the proliferation of carbon dioxide upcycling spurred by green energy, holding enormous prospects for real-world implementation.

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Which Companies Hold the Largest Market Share in the Formic Acid Sector?
Major companies operating in the formic acid market include BASF SE, Honeywell International Inc., Evonik Industries AG, Eastman Chemical Company, Luxi Chemical Group Co. Ltd., Kemira Oyj, HELM AG, Perstorp Holdings AB, GMM Pfaudler Ltd., Gujarat Narmada Valley Fertilizers & Chemicals Limited, Alfa Aesar, Wuhan Rui Sunny Chemical Co. Ltd., Fleurchem Inc., Noah Chemicals, Polioli S.p.A., Shandong Feicheng Acid Chemicals Co.Ltd., Anhui Asahikasei Chemical Co. Ltd., Chongqing Chuandong Chemical (Group) Co. Ltd., Hubei Yihua Group Co. Ltd., Zibo Xinglu Chemical Factory, Shandong Haili Chemical Industry Co. Ltd., Vigon International

Where Is the Formic Acid Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the formic acid market in 2024, and is expected to be the fastest-growing region in the forecast period. The regions covered in the formic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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