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United States Formic Acid Market Analysis 2025-2032 | Industry Growth, Applications & Revenue | Gujarat Narmada Valley Fertilizers & Chemicals Limited, Luxi Chemical Group Co Ltd., Perstorp Holdings AB. PT Sintas Kurama Perdana
Formic Acid Market
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United States: Recent Industry Developments - Formic Acid Market
✅ October 2025: BASF Corporation expanded its Louisiana plant to boost sustainable formic acid production, supporting agricultural and leather industries.
✅ September 2025: Eastman Chemical introduced a new low-carbon formic acid solution for industrial cleaning applications.
✅ August 2025: Perstorp U.S. launched bio-based formic acid aimed at reducing emissions in animal feed and food preservation processes.
Japan: Recent Industry Developments
✅ October 2025: Mitsubishi Gas Chemical began pilot testing of CO2-derived formic acid for hydrogen storage applications.
✅ September 2025: Tokyo Chemical Industry Co. developed high-purity formic acid grades for semiconductor manufacturing.
✅ August 2025: Asahi Kasei initiated R&D collaborations with local universities for renewable formic acid synthesis using biomass feedstocks.
Key Player:
BASF SE, Eastman Chemical Company, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Luxi Chemical Group Co Ltd., Perstorp Holdings AB. PT Sintas Kurama Perdana, Thermo Fisher Scientific, Spectrum Chemical Mfg. Corp., Lanxess AG and Alfa Chemistry
Forecast Projection:
The global Formic Acid market is set to witness strong growth from 2025 to 2032. After maintaining steady momentum in 2024, the market is expected to accelerate as key industry players implement strategic initiatives to boost adoption. Companies that adapt to these emerging trends will be well-positioned to capture new opportunities and enhance their revenue potential throughout the forecast period.
Market Intelligence Research Process:
The Formic Acid Market Report by DataM Intelligence offers a comprehensive analysis built on a mix of primary and secondary research. It explores key factors driving the industry, including government policies, market trends, competitive landscape, technological advancements, and upcoming innovations. This in-depth study uncovers both growth opportunities and potential challenges, helping businesses navigate market fluctuations and make data-driven decisions for sustainable success.
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Key Segments:
By Grade: (Less than 80% to 89.5%, 89.5% to 90.5%, 91.6% to 99%, Above 99%)
By Production Method: (Carbonylation of Methanol, Hydrolysis of Methyl Formate)
By Application: (Leather Tanning, Animal Feed & Silage Additives, Pharmaceutical Intermediate, Cleaning Agents, Preservatives, Dyeing, Latex, Others)
By End-User: (Agriculture, Leather, Textile and Apparels, Healthcare, Rubber, Chemical, Paper, Others)
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FAQ's
Q1: What is the market size of the Formic Acid Market?
A: The global Formic Acid Market size was valued at USD $1.1 billion in 2022 and is expected to reach USD $1.4 billion by 2031, driven by rising demand across key industries.
Q2: What is the growth rate of the Formic Acid Market?
A: The Formic Acid Market is projected to grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031, indicating robust expansion opportunities worldwide.
Q3: Which regions dominate the Formic Acid Market?
A: North America holds the largest share of the Formic Acid Market
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The global Formic Acid market in Q3 2025 experienced mixed movements across regions, reflecting variations in demand, supply, logistics, and feedstock costs. In North America, prices declined due to softer downstream demand from leather, rubber, and agriculture sectors, with the Formic Acid Price Index in the USA falling by 6.10% quarter-over-quarter to an average of USD 897.67/MT. APAC markets,…
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