Formic Acid Market is expected to witness a CAGR of 5.4% during the forecast period

The global formic acid market size was worth around USD 1,060 million in 2023 and is predicted to grow to around USD 1,700 million by 2032, with a compound annual growth rate (CAGR) of roughly 5.4% between 2024 and 2032.

Formic acid is the simplest type of carboxylic acid that is widely used as a preservative, antibacterial agent, and chemical intermediate in leather tanning, textile dyeing, and rubber production. New production methods include bio-based synthesis using renewable resources, better purification systems that improve quality, and eco-friendly manufacturing processes that lower waste and energy use. Modern plants use advanced distillation, automated quality checks, and waste treatment systems to keep product quality steady while protecting the environment. These advances give manufacturers, leather makers, and chemical companies reliable supplies of formic acid, higher purity products, and sustainable production options that meet changing environmental rules.

Browse the full “Formic Acid Market By Type (Grade 85%, Grade 94%, Grade 99%, and Others), By Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dyeing & Finishing, Intermediary in Pharmaceuticals, and Others), By End Use (Agriculture, Leather and Textile, Rubber, Chemical and Pharmaceutical, Dyeing, Animal Feed, and Others), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032”- Report at https://www.zionmarketresearch.com/report/formic-acid-market

The growth of the global formic acid industry is primarily driven by the expansion of leather industry operations, the increasing use of agricultural applications, and the growing demand for eco-friendly chemical solutions.

Market Growth Factors

Several factors are driving the expansion of the formic acid market.

• Leather industry growth: Rising global demand for leather and footwear increases formic acid use in tanning, providing better pH control and improved leather quality over traditional chemicals.
• Agricultural applications: Formic acid use as a silage preservative and feed additive supports livestock nutrition, especially in dairy and poultry seeking natural preservation methods.
• Green chemistry adoption: Focus on sustainable production encourages formic acid use as an eco-friendly alternative to stronger acids in cleaning, descaling, and textile processes.

Restraints

• Raw material price volatility: Production costs depend on methanol and carbon monoxide prices, causing uncertainty and affecting profits when feedstock costs rise.
• Limited production capacity: Few manufacturers dominate global formic acid supply, creating potential shortages and limiting market competition in high-demand regions.

Formic Acid Market: Report Scope

Market Segmentation

The formic acid market can be segmented by application, production method, concentration level, end-user industry, and region.

Based on application, the formic acid market is categorized into leather tanning processes, textile and dyeing operations, rubber processing applications, agriculture and animal feed, and chemical synthesis intermediates. Leather tanning processes are expected to lead the market during the forecast period due to consistent demand from global leather manufacturing and the superior performance characteristics of formic acid in leather processing operations.

Based on production method, the formic acid industry is divided into methyl formate hydrolysis, carbon monoxide and sodium hydroxide reaction, biomass-based synthesis, methanol carbonylation processes, and formamide hydrolysis methods. Methyl formate hydrolysis dominates the market due to its cost-effectiveness, robust manufacturing infrastructure, and reliable production yields, making it suitable for large-scale industrial applications.

Based on concentration level, the market is classified into 85% formic acid solutions, 94% concentrated formic acid, technical grade formulations, food grade preparations, and specialized high-purity products. 85% formic acid solutions lead the market as they represent the standard industrial concentration for most applications and provide an optimal balance between effectiveness and handling safety.

Based on end-user industry, the formic acid market is segmented into leather and textile manufacturing, agriculture and livestock sectors, rubber and polymer industries, pharmaceutical and chemical processing, and cleaning and maintenance services. Leather and textile manufacturing holds the largest market share due to extensive formic acid consumption in tanning, dyeing, and finishing processes across global production facilities.

Europe leads the global formic acid market due to established chemical manufacturing capabilities, strong leather processing industries, and advanced regulatory frameworks for chemical production and usage. The region benefits from mature industrial infrastructure, comprehensive quality standards, and continuous innovation in sustainable chemical processes. Growing emphasis on environmental compliance and green chemistry principles drives market development. The presence of major chemical producers and integrated supply chains has established market leadership across European manufacturing and processing sectors. Strong export capabilities and international trade partnerships further support market expansion opportunities. Increasing adoption of bio-based production methods and circular economy practices is also shaping future growth in the region.

Key Market Players

Leading companies operating in the global formic acid market include:

• BASF SE
• Eastman Chemical Co.
• GNFC Ltd.
• Joshi Agrochem Pharma Pvt. Ltd.
• Kakdiya Chemicals
• Kemira Oyj
• Luxi Chemical Group Co., Ltd.
• Merck KGaA
• MERU CHEM PVT. LTD.
• NuGenTec
• PETRONAS Chemicals Group Berhad
• Pon Pure Chemicals Group
• ProChem Inc.
• RXChemicals
• Shandong Acid Technology Co., Ltd.
• Shandong Jiuan
• Chemical Industry Co. Ltd.
• Shijiazhuang Taihe Chemical Co., Ltd.
• Thermo Fisher Scientific Inc.
• Tokyo Chemical Industry Co., Ltd.
• Vizag Chemical International

 Recent Developments

• In July 2025, Eastman Chemical Company was recognized as a leading player in the potassium formate market, alongside SLB and Perstorp, for its global reach and chemical expertise.

The global formic acid market is segmented as follows:

By Type

• Grade 85%
• Grade 94%
• Grade 99%
• Others

By Application

• Animal Feed and Silage Additives
• Leather Tanning
• Textile Dyeing and Finishing
• Intermediary in Pharmaceuticals
• Others

By End Use

• Agriculture
• Leather and Textile
• Rubber
• Chemical and Pharmaceutical
• Dyeing
• Animal Feed
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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