Gujarat Narmada Valley Fertilizers & Chemicals Limited
LUXI GROUP
Perstorp Holdings ABPOLIOLI SpA
PT Pupuk Kujang
Wuhan Ruisunny Chemical Co. Ltd
Prakash Chemicals Agencies Pvt. Ltd.
GJ Chemical
EMCO Dyestuff
Kakadiya Chemicals
Meru Chem Pvt. Ltd
SGS & Company
CDH Fine Chemical
Rashtriya Chemicals and Fertilizers Limited
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Global Formic Acid Market is estimated to be valued at USD 2.48 Bn in 2025 and is expected to reach USD 3.68 Bn by 2032, growing at a compound annual growth rate (CAGR) of 5.8% from 2025 to 2032.
Report Coverage
Report Details
Base Year:
2024
Market Size in 2025:
USD 2.48 Bn
Historical Data for:
2020 To 2024
Forecast Period:
2025 To 2032
Forecast Period 2025 to 2032 CAGR:
5.80%
2032 Value Projection:
USD 3.68 Bn
Figure. Formic Acid Market Share (%), By Region 2025
The market is expected to witness a significant growth rate over the forecast period owing to the growing demand from several end-use industries. Formic acid, also known as methanoic acid, is a colorless acid with a pungent sour odor. It is one of the simplest carboxylic acids and finds applications as preservatives, animal feed additives, leather tanning, textile dying, and rubber vulcanization among others. Rapid industrialization along with the growth of the agriculture and food processing industries in developing economies are the major drivers propelling the growth of the global formic acid market. However, strict environment regulations over emissions of volatile organic compounds during the production process may hamper the market growth.
Market Dynamics:
The global formic acid market is projected to observe impressive growth during the forecast period primarily driven by factors such as increasing demand from silage production and chemical intermediates manufacturing. As formic acid is widely used as an animal feed additive in silage production to inhibit the growth of unwanted molds and improve the quality of silage. Rising meat consumption worldwide has augmented the market growth. Moreover, formic acid serves as an important chemical intermediate in the production of various chemicals including rubber accelerators, pharmaceuticals, dyes, and gum inhibitors.
Key Features of the Study:
This report provides an in-depth analysis of the global formic acid market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2025-2032), considering 2024 as the base year.
It elucidates potential revenue growth opportunities across different segments and explains attractive investment proposition matrices for this market.
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
It profiles key players in the global formic acid market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
Key companies covered as a part of this study include BASF SE, Eastman Chemical Company, Shandong Acid Technology Co. Ltd, Gujarat Narmada Valley Fertilizers & Chemicals Limited, LUXI GROUP, Perstorp Holdings ABPOLIOLI SpA, PT Pupuk Kujang, Wuhan Ruisunny Chemical Co. Ltd, Prakash Chemicals Agencies Pvt. Ltd., GJ Chemical, EMCO Dyestuff, Kakadiya Chemicals, Meru Chem Pvt. Ltd, SGS & Company, CDH Fine Chemical, Rashtriya Chemicals, and Fertilizers Limited.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
The global formic acid market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global formic acid market.
Detailed Segmentation-
By Type:
Grade 85%
Grade 94%
Grade 99%
Others
By Application:
Animal Feed and Silage Additive
Leather Tanning
Textile Dyeing and Finishing
Intermediary in Pharmaceuticals
Other Applications
By Region:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Company Profiles:
BASF SE
Eastman Chemical Company
Shandong Acid Technology Co. Ltd
Gujarat Narmada Valley Fertilizers & Chemicals Limited
LUXI GROUP
Perstorp Holdings ABPOLIOLI SpA
PT Pupuk Kujang
Wuhan Ruisunny Chemical Co. Ltd
Prakash Chemicals Agencies Pvt. Ltd.
GJ Chemical
EMCO Dyestuff
Kakadiya Chemicals
Meru Chem Pvt. Ltd
SGS & Company
CDH Fine Chemical
Rashtriya Chemicals and Fertilizers Limited
Table of Contents
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Market Snippet, By Type
Market Snippet, By Application
Market Snippet, By Region
Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Drivers
Restraints
PEST Analysis
PORTER's Five Forces Analysis
Market Opportunities
Regulatory Scenario
Industry Trend
Mergers and Acquisitions
4. Global Formic Acid Market - Impact of Coronavirus (COVID-19) Pandemic
Overview
Factors Affecting the Global Formic Acid Market
Impact Analysis
5. Global Formic Acid Market, By Type, 2020-2032, (US$ Bn & KT)
Introduction
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Grade 85%
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Grade 94%
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Grade 99%
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Others
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
6. Global Formic Acid Market, By Application, 2020-2032, (US$ Bn & KT)
Introduction
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Animal Feed and Silage Additive
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Leather Tanning
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Textile Dyeing and Finishing
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Intermediary in Pharmaceuticals
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
Other Applications
Market Share Analysis, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, 2020 - 2032
Segment Trends
7. Global Formic Acid Market, By Region, 2020-2032, (US$ Bn & KT)
Introduction
Market Share Analysis, By Region, 2025, 2028 and 2032 (%)
Y-o-Y Growth Analysis, For Region, 2020-2032
North America
Introduction
Market Size and Forecast, By Type, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Application, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Country, 2020 - 2032, (US$ Bn & KT)
U.S.
Canada
Latin America
Introduction
Market Size and Forecast, By Type, 2020 - 2032, (US$ Bn & KT))
Market Size and Forecast, By Application, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Country, 2020 - 2032, (US$ Bn & KT)
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Introduction
Market Size and Forecast, By Type, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Application, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Country, 2020 - 2032, (US$ Bn & KT)
U.K.
Germany
Italy
France
Spain
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, By Type, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Application, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Country, 2020 - 2032, (US$ Bn & KT)
China
India
Japan
ASEAN
Australia
South Korea
Rest of Asia Pacific
Middle East & Africa
Introduction
Market Size and Forecast, By Type, 2020 - 2032, (US$ Bn & KT)
Market Size and Forecast, By Application, 2020 - 2032 (US$ Bn & KT)
Market Size and Forecast, By Country, 2020 - 2032, (US$ Bn & KT)
GCC Countries
Israel
Rest of Middle East & Africa
8. Competitive Landscape
Market Share Analysis
Company Profiles
BASF SE
Company Overview
Product Portfolio
Recent Developments/Updates
Eastman Chemical Company
Company Overview
Product Portfolio
Recent Developments/Updates
Shandong Acid Technology Co. Ltd
Company Overview
Product Portfolio
Recent Developments/Updates
Gujarat Narmada Valley Fertilizers & Chemicals Limited