Formic Acid Market Set for Strong Global Growth Driven by Agriculture, Leather Processing, and Industrial Chemicals | Forecast to 2031

Los Angeles, United States - QY Research has unveiled its latest study titled "Global Formic Acid Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031." This newly released report delivers a comprehensive overview of the global Formic Acid market, analyzing the forces shaping its growth trajectory and providing valuable insights for stakeholders, investors, and industry professionals.

The global market for Formic Acid was estimated to be worth US$ 279 million in 2024 and is forecast to a readjusted size of US$ 373 million by 2031 with a CAGR of 4.0% during the forecast period 2025-2031.

The research covers key areas including market dynamics, segmentation, regional performance, competitive landscape, and emerging technology trends that are redefining industry standards. Backed by reliable data and expert analysis, the report serves as a trusted guide to understanding both microeconomic and macroeconomic factors driving market evolution.

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This report provides a comprehensive assessment of recent tariff adjustments and international strategic countermeasures on Formic Acid cross-border industrial footprints, capital allocation patterns, regional economic interdependencies, and supply chain reconfigurations.

Formic acid (also called methanoic acid) is a colorless liquid with a sharp odor. It is also the simplest carboxylic acid. The chemical formula is HCOOH or HCO2H. Formic acid is an environmentally acceptable and highly efficient organic acid. It is used in many areas, from leather processing to feed preservation. In 2024, global Formic Acid production reached approximately 782 K MT, with an average global market price of around US$ 357 per MT.

Competitive Landscape: -

BASF
Eastman
Perstorp
Rashtriya Chemicals and Fertilizers
Gujarat Narmada Valley Fertilizers & Chemicals
LUXI
Feicheng Acid
Chongqing Chuandong Chemical
Shijiazhuang Taihe Chemical

The competitive landscape is a must-have information for the market players to withstand the competition present in the global Formic Acid market. This further helps the market participants to develop effective strategies to optimize their market positions. Moreover, the competitive analysis helps them to determine potential advantages as well as barriers within the global Formic Acid market. This way, they can monitor how their competitors are implementing various strategies including pricing, marketing, and distribution.

Market Growth Drivers -

The formic acid market is an established segment of the global chemicals industry, driven by its versatility as both an industrial chemical and an agricultural additive. It is extensively used in textile dyeing and finishing, leather processing, and rubber coagulation, where its strong acidity and reducing properties make it a cost-effective solution. In agriculture, formic acid is valued as a feed preservative and antibacterial agent, helping to improve livestock nutrition and reduce spoilage-an application that has seen steady growth in regions with intensive farming practices. Its role as a reducing agent in chemical manufacturing, as well as emerging uses in fuel cells as a hydrogen carrier, add further growth potential, particularly in the context of sustainable energy and green chemistry initiatives.

On the supply side, production is concentrated among a handful of global chemical companies with large-scale facilities in Asia-Pacific and Europe, supported by integrated methanol and acetic acid operations. Asia-Pacific dominates consumption due to its strong industrial base in textiles, leather, and rubber, while Europe emphasizes agriculture and environmentally regulated applications. Market growth is being shaped by regulatory trends encouraging eco-friendly preservatives and technological innovation in formic acid's use as a clean energy vector. Looking forward, steady expansion is expected, with demand supported by both traditional industries and new opportunities in renewable energy and sustainable materials.

Regional Insights -

The report takes readers on a journey through four key regions: United States, Asia-Pacific, and EMEA. Key nations like the United States, Germany, the United Kingdom, China, Japan, South Korea, and more are thoroughly examined. The data is presented in a timeline from 2024 as the base year, with projections extending to 2031.

North America: United States, Canada, Mexico

Latin America: Brazil and other key markets

Asia Pacific: China, Japan, South Korea, India, ASEAN countries

Europe, Middle East & Africa (EMEA): Major European economies, GCC countries, and African nations

The report provides a region-wise breakdown of market share, consumption trends, and future prospects.

Detailed of Formic Acid Market Segmentation -

The report offers great insights into important segments of the global Formic Acid market while concentrating on their CAGR, market size, market share, and future growth potential. The global Formic Acid market is mainly segmented according to type of product, application, and region. Each segment in these categories is extensively researched to become familiar with their growth prospects and key trends. Segmental analysis is highly important to identify key growth pockets of a global market. The report provides specific information on the market growth and demand of different products and applications to help players to focus on profitable areas of the global Formic Acid market.

Segmentation By Type :-

Content 85%
Content below 85%
Content above 90%

Segmentation By Application -

Agriculture
Leather & Textile
Rubber
Chemical & Pharmaceuticals
Others

This segmentation helps identify high-growth opportunities and niche segments for investors and businesses.

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Why This Report is a Must-Have -

ᗒ Historical Analysis (2020-2024) & Forecasts (2025-2031): Gain a clear understanding of market trends and future growth potential.

ᗒ Comprehensive Market Segmentation: Detailed breakdown by Type, Application, and Region to identify lucrative opportunities.

ᗒ Competitive Landscape: Insights into key players, their market share, and strategic developments like mergers, acquisitions, and expansion plans.

ᗒ Drivers & Restraints: Understand the factors shaping the market's growth and the challenges that could impact your strategy.

ᗒ Expert Opinions & Market Dynamics: Benefit from expert analysis to navigate market risks and capitalize on emerging trends.

Formic Acid Market Report Objectives -

(1) Analyzing the size of the global Formic Acid market on the basis of value and volume

(2) Accurately calculating the market shares, consumption, and other vital factors of different segments of the global Formic Acid market

(3) Exploring key dynamics of the global Formic Acid market

(4) Highlighting important trends of the global Formic Acid market in terms of production, revenue, and sales

(5) Deeply profiling top players of the global Formic Acid market and showing how they compete in the industry

(6) Studying manufacturing processes and costs, product pricing, and various trends related to them

(7) Showing the performance of different regions and countries in the global Formic Acid market

(8) Forecasting the market size and share of all segments, regions, and the global market.

Important Questions Answered included in the Report:-

(A) What is the market size and growth rate of the global and regional market by various segments?

(B) What is the market size and growth rate of the market for selective Countries?

(C) Which region or sub-segment is expected to drive the market in the forecast period?

(D) What factors are estimated to drive and restrain the market growth?

(E) What are the key technology and market trends shaping the market?

(F) what are the key opportunity in the market?

(G) Who are the leading manufacturers operating in the global Formic Acid market?

(H) Which key player accounted for the highest market share?

(I) What are the growth opportunities for the new entrants in the global Formic Acid market?

Table of Contents - Major Key Points:

1 Market Overview
1.1 Formic Acid Product Introduction
1.2 Global Formic Acid Market Size Forecast
1.2.1 Global Formic Acid Sales Value (2020-2031)
1.2.2 Global Formic Acid Sales Volume (2020-2031)
1.2.3 Global Formic Acid Sales Price (2020-2031)
1.3 Formic Acid Market Trends & Drivers
1.3.1 Formic Acid Industry Trends
1.3.2 Formic Acid Market Drivers & Opportunity
1.3.3 Formic Acid Market Challenges
1.3.4 Formic Acid Market Restraints
1.4 Assumptions and Limitations
1.5 Study Objectives
1.6 Years Considered
2 Competitive Analysis by Company
2.1 Global Formic Acid Players Revenue Ranking (2024)
2.2 Global Formic Acid Revenue by Company (2020-2025)
2.3 Global Formic Acid Players Sales Volume Ranking (2024)
2.4 Global Formic Acid Sales Volume by Company Players (2020-2025)
2.5 Global Formic Acid Average Price by Company (2020-2025)
2.6 Key Manufacturers Formic Acid Manufacturing Base and Headquarters
2.7 Key Manufacturers Formic Acid Product Offered
2.8 Key Manufacturers Time to Begin Mass Production of Formic Acid
2.9 Formic Acid Market Competitive Analysis
2.9.1 Formic Acid Market Concentration Rate (2020-2025)
2.9.2 Global 5 and 10 Largest Manufacturers by Formic Acid Revenue in 2024
2.9.3 Global Top Manufacturers by Company Type (Tier 1, Tier 2, and Tier 3) & (based on the Revenue in Formic Acid as of 2024)
2.10 Mergers & Acquisitions, Expansion
3 Segmentation by Type
3.1 Introduction by Type
3.1.1 Content 85%
3.1.2 Content below 85%
3.1.3 Content above 90%
3.2 Global Formic Acid Sales Value by Type
3.2.1 Global Formic Acid Sales Value by Type (2020 VS 2024 VS 2031)
3.2.2 Global Formic Acid Sales Value, by Type (2020-2031)
3.2.3 Global Formic Acid Sales Value, by Type (%) (2020-2031)
3.3 Global Formic Acid Sales Volume by Type
3.3.1 Global Formic Acid Sales Volume by Type (2020 VS 2024 VS 2031)
3.3.2 Global Formic Acid Sales Volume, by Type (2020-2031)
3.3.3 Global Formic Acid Sales Volume, by Type (%) (2020-2031)
3.4 Global Formic Acid Average Price by Type (2020-2031)
4 Segmentation by Application
4.1 Introduction by Application
4.1.1 Agriculture
4.1.2 Leather & Textile
4.1.3 Rubber
4.1.4 Chemical & Pharmaceuticals
4.1.5 Others
4.2 Global Formic Acid Sales Value by Application
4.2.1 Global Formic Acid Sales Value by Application (2020 VS 2024 VS 2031)
4.2.2 Global Formic Acid Sales Value, by Application (2020-2031)
4.2.3 Global Formic Acid Sales Value, by Application (%) (2020-2031)
4.3 Global Formic Acid Sales Volume by Application
4.3.1 Global Formic Acid Sales Volume by Application (2020 VS 2024 VS 2031)
4.3.2 Global Formic Acid Sales Volume, by Application (2020-2031)
4.3.3 Global Formic Acid Sales Volume, by Application (%) (2020-2031)
4.4 Global Formic Acid Average Price by Application (2020-2031)
5 Segmentation by Region
5.1 Global Formic Acid Sales Value by Region
5.1.1 Global Formic Acid Sales Value by Region: 2020 VS 2024 VS 2031
5.1.2 Global Formic Acid Sales Value by Region (2020-2025)
5.1.3 Global Formic Acid Sales Value by Region (2026-2031)
5.1.4 Global Formic Acid Sales Value by Region (%), (2020-2031)
5.2 Global Formic Acid Sales Volume by Region
5.2.1 Global Formic Acid Sales Volume by Region: 2020 VS 2024 VS 2031
5.2.2 Global Formic Acid Sales Volume by Region (2020-2025)
5.2.3 Global Formic Acid Sales Volume by Region (2026-2031)
5.2.4 Global Formic Acid Sales Volume by Region (%), (2020-2031)
5.3 Global Formic Acid Average Price by Region (2020-2031)
5.4 North America
5.4.1 North America Formic Acid Sales Value, 2020-2031
5.4.2 North America Formic Acid Sales Value by Country (%), 2024 VS 2031
5.5 Europe
5.5.1 Europe Formic Acid Sales Value, 2020-2031
5.5.2 Europe Formic Acid Sales Value by Country (%), 2024 VS 2031
5.6 Asia Pacific
5.6.1 Asia Pacific Formic Acid Sales Value, 2020-2031
5.6.2 Asia Pacific Formic Acid Sales Value by Region (%), 2024 VS 2031
5.7 South America
5.7.1 South America Formic Acid Sales Value, 2020-2031
5.7.2 South America Formic Acid Sales Value by Country (%), 2024 VS 2031
5.8 Middle East & Africa
5.8.1 Middle East & Africa Formic Acid Sales Value, 2020-2031
5.8.2 Middle East & Africa Formic Acid Sales Value by Country (%), 2024 VS 2031
6 Segmentation by Key Countries/Regions
6.1 Key Countries/Regions Formic Acid Sales Value Growth Trends, 2020 VS 2024 VS 2031
6.2 Key Countries/Regions Formic Acid Sales Value and Sales Volume
6.2.1 Key Countries/Regions Formic Acid Sales Value, 2020-2031
6.2.2 Key Countries/Regions Formic Acid Sales Volume, 2020-2031
6.3 United States
6.3.1 United States Formic Acid Sales Value, 2020-2031
6.3.2 United States Formic Acid Sales Value by Type (%), 2024 VS 2031
6.3.3 United States Formic Acid Sales Value by Application, 2024 VS 2031
6.4 Europe
6.4.1 Europe Formic Acid Sales Value, 2020-2031
6.4.2 Europe Formic Acid Sales Value by Type (%), 2024 VS 2031
6.4.3 Europe Formic Acid Sales Value by Application, 2024 VS 2031
6.5 China
6.5.1 China Formic Acid Sales Value, 2020-2031
6.5.2 China Formic Acid Sales Value by Type (%), 2024 VS 2031
6.5.3 China Formic Acid Sales Value by Application, 2024 VS 2031
6.6 Japan
6.6.1 Japan Formic Acid Sales Value, 2020-2031
6.6.2 Japan Formic Acid Sales Value by Type (%), 2024 VS 2031
6.6.3 Japan Formic Acid Sales Value by Application, 2024 VS 2031
6.7 South Korea
6.7.1 South Korea Formic Acid Sales Value, 2020-2031
6.7.2 South Korea Formic Acid Sales Value by Type (%), 2024 VS 2031
6.7.3 South Korea Formic Acid Sales Value by Application, 2024 VS 2031
6.8 Southeast Asia
6.8.1 Southeast Asia Formic Acid Sales Value, 2020-2031
6.8.2 Southeast Asia Formic Acid Sales Value by Type (%), 2024 VS 2031
6.8.3 Southeast Asia Formic Acid Sales Value by Application, 2024 VS 2031
6.9 India
6.9.1 India Formic Acid Sales Value, 2020-2031
6.9.2 India Formic Acid Sales Value by Type (%), 2024 VS 2031
6.9.3 India Formic Acid Sales Value by Application, 2024 VS 2031
7 Company Profiles
7.1 BASF
7.1.1 BASF Company Information
7.1.2 BASF Introduction and Business Overview
7.1.3 BASF Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.1.4 BASF Formic Acid Product Offerings
7.1.5 BASF Recent Development
7.2 Eastman
7.2.1 Eastman Company Information
7.2.2 Eastman Introduction and Business Overview
7.2.3 Eastman Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.2.4 Eastman Formic Acid Product Offerings
7.2.5 Eastman Recent Development
7.3 Perstorp
7.3.1 Perstorp Company Information
7.3.2 Perstorp Introduction and Business Overview
7.3.3 Perstorp Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.3.4 Perstorp Formic Acid Product Offerings
7.3.5 Perstorp Recent Development
7.4 Rashtriya Chemicals and Fertilizers
7.4.1 Rashtriya Chemicals and Fertilizers Company Information
7.4.2 Rashtriya Chemicals and Fertilizers Introduction and Business Overview
7.4.3 Rashtriya Chemicals and Fertilizers Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.4.4 Rashtriya Chemicals and Fertilizers Formic Acid Product Offerings
7.4.5 Rashtriya Chemicals and Fertilizers Recent Development
7.5 Gujarat Narmada Valley Fertilizers & Chemicals
7.5.1 Gujarat Narmada Valley Fertilizers & Chemicals Company Information
7.5.2 Gujarat Narmada Valley Fertilizers & Chemicals Introduction and Business Overview
7.5.3 Gujarat Narmada Valley Fertilizers & Chemicals Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.5.4 Gujarat Narmada Valley Fertilizers & Chemicals Formic Acid Product Offerings
7.5.5 Gujarat Narmada Valley Fertilizers & Chemicals Recent Development
7.6 LUXI
7.6.1 LUXI Company Information
7.6.2 LUXI Introduction and Business Overview
7.6.3 LUXI Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.6.4 LUXI Formic Acid Product Offerings
7.6.5 LUXI Recent Development
7.7 Feicheng Acid
7.7.1 Feicheng Acid Company Information
7.7.2 Feicheng Acid Introduction and Business Overview
7.7.3 Feicheng Acid Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.7.4 Feicheng Acid Formic Acid Product Offerings
7.7.5 Feicheng Acid Recent Development
7.8 Chongqing Chuandong Chemical
7.8.1 Chongqing Chuandong Chemical Company Information
7.8.2 Chongqing Chuandong Chemical Introduction and Business Overview
7.8.3 Chongqing Chuandong Chemical Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.8.4 Chongqing Chuandong Chemical Formic Acid Product Offerings
7.8.5 Chongqing Chuandong Chemical Recent Development
7.9 Shijiazhuang Taihe Chemical
7.9.1 Shijiazhuang Taihe Chemical Company Information
7.9.2 Shijiazhuang Taihe Chemical Introduction and Business Overview
7.9.3 Shijiazhuang Taihe Chemical Formic Acid Sales, Revenue, Price and Gross Margin (2020-2025)
7.9.4 Shijiazhuang Taihe Chemical Formic Acid Product Offerings
7.9.5 Shijiazhuang Taihe Chemical Recent Development
8 Industry Chain Analysis
8.1 Formic Acid Industrial Chain
8.2 Formic Acid Upstream Analysis
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.2.3 Manufacturing Cost Structure
8.3 Midstream Analysis
8.4 Downstream Analysis (Customers Analysis)
8.5 Sales Model and Sales Channels
8.5.1 Formic Acid Sales Model
8.5.2 Sales Channel
8.5.3 Formic Acid Distributors
9 Research Findings and Conclusion
10 Appendix
10.1 Research Methodology
10.1.1 Methodology/Research Approach
10.1.1.1 Research Programs/Design
10.1.1.2 Market Size Estimation
10.1.1.3 Market Breakdown and Data Triangulation
10.1.2 Data Source
10.1.2.1 Secondary Sources
10.1.2.2 Primary Sources
10.2 Author Details
10.3 Disclaimer

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