Formic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Global Formic Acid Market is segmented by Application (Animal Feed and Silage Additives, Leather Tanning, Textile Dyeing and Finishing, Intermediary in Pharmaceuticals, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle-East and Africa). The report offers market size and forecasts for all the above segments in volume (Kilo Tons).

Formic Acid Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

Formic Acid Market Size

Formic Acid Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 3.50 %
Fastest Growing Market Asia-Pacific
Largest Market Asia-Pacific
Market Concentration High

Major Players

Formic Acid Market Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of Formic Acid Market with other markets in Chemicals & Materials Industry

Plastics, Polymers, and Elastomers

Adhesives and Sealants

Commodity Chemicals

Water and Wastewater Treatment

Advanced Materials

Construction Chemicals and Materials

Formic Acid Market Analysis

The Formic Acid Market is expected to register a CAGR of greater than 3.5% during the forecast period.

The global chemical industry is experiencing significant transformation driven by sustainability initiatives and technological advancements in production processes. The emergence of innovative applications across various end-use industries has created new opportunities for formic acid manufacturers. The International Feed Industry Federation reports that global commercial feed manufacturing generates an estimated annual turnover exceeding USD 400 billion, highlighting the robust demand from the animal feed sector. The formic acid industry is witnessing increased focus on research and development activities to explore novel applications and improve production efficiency.


The leather industry continues to evolve with changing consumer preferences and sustainability concerns. The sector has witnessed substantial growth in recent years, with the luxury leather goods segment demonstrating strong market potential. Manufacturers are increasingly adopting environmentally friendly production processes and exploring innovative applications in high-value products. The integration of advanced technologies in leather processing has led to improved efficiency and product quality, while simultaneously reducing environmental impact.


The pharmaceutical sector represents another significant market for formic acid, with applications ranging from drug synthesis to intermediate chemical production. The industry's focus on research and development has led to the discovery of new applications in drug manufacturing processes. Pharmaceutical companies are increasingly investing in sustainable production methods and exploring novel applications of formic acid in drug formulation. The sector's continuous innovation and stringent quality requirements have driven manufacturers to develop higher purity grades of formic acid.


The textile industry's transformation has created new opportunities for formic acid applications in dyeing and finishing processes. Manufacturers are developing innovative solutions to meet the growing demand for sustainable textile processing methods. The industry has witnessed increased adoption of advanced technologies and processes that optimize resource utilization and minimize environmental impact. Textile manufacturers are particularly focused on developing eco-friendly solutions that maintain product quality while reducing chemical consumption and environmental footprint.

Segment Analysis: Application

Animal Feed and Silage Additive Segment in Formic Acid Market

The animal feed and silage additive segment dominates the global formic acid market, accounting for approximately 37% of the total market volume in 2024. This segment's leadership position is driven by the critical role of formic acid in preserving and improving the quality of animal feed and silage. The compound serves as an essential preservative and antibacterial agent in livestock feed, particularly important in winter cattle feed preservation. In poultry farming, formic acid is crucial for eliminating salmonella bacteria, while in cattle feed, it helps decrease intragastric pH value, activate pepsin, and promote protein decomposition. The segment is also experiencing the fastest growth rate of around 4% for the period 2024-2029, primarily due to increasing global demand for high-quality animal protein, expanding poultry consumption in Asia-Pacific countries, and a rising focus on feed safety and efficiency in livestock production.

Market Analysis of Formic Acid Market: Chart for Application

Leather Tanning Segment in Formic Acid Market

The leather tanning segment represents the second-largest application in the formic acid market, with a significant market share of nearly 30% in 2024. This substantial share reflects the essential role of formic acid in leather processing, where it serves multiple functions including tanning, dyeing, and sterilizing skins and hides. The segment's prominence is supported by the growing global leather industry, particularly in emerging economies where leather production continues to expand. Formic acid's ability to facilitate efficient and homogeneous tanning of hides, while ensuring superior finish quality such as suede, makes it indispensable in leather processing. The demand is further driven by the growing footwear industry, automotive leather applications, and increasing consumer preference for leather goods in both developed and developing markets.

Remaining Segments in Application

The remaining segments in the formic acid market include textile dyeing and finishing, intermediary in pharmaceuticals, and other applications, collectively accounting for about one-third of the formic acid market share. In the textile industry, the use of formic acid plays a crucial role in maintaining pH balance during dyeing and finishing processes, particularly for natural and synthetic fibers. The pharmaceutical segment utilizes formic acid as a key intermediate in the production of various medicines and pharmaceutical products. Other applications encompass its use in rubber processing, cleaning products, and as a preservative in various industrial processes. These segments continue to provide stable demand for formic acid, supported by ongoing industrialization and technological advancements in their respective sectors.

Formic Acid Market Geography Segment Analysis

Formic Acid Market in Asia-Pacific

The Asia-Pacific formic acid market represents the dominant market for formic acid globally, driven by robust demand across multiple industries, including animal feed, leather tanning, and textile manufacturing. The region's market dynamics are shaped by significant industrial activities in countries like China, India, Japan, and South Korea. The presence of major manufacturing facilities, a growing livestock industry, and an expanding textile sector contribute to the sustained demand for formic acid in these countries. The region benefits from extensive supply chain networks, technological advancements in production processes, and increasing investments in end-use industries.

Market Analysis of Formic Acid Market: Forecasted Growth Rate by Region

Formic Acid Market in China

China stands as the powerhouse in the Asia-Pacific formic acid market, commanding approximately 65% of the regional formic acid market share in 2024. The country's dominance is attributed to its massive industrial base, particularly in the leather processing and textile manufacturing sectors. China's robust agricultural sector, especially in livestock farming and feed production, creates substantial demand for formic acid as a feed preservative. The country's manufacturing capabilities are supported by advanced production technologies, extensive distribution networks, and strategic locations of production facilities near major consumption centers. The presence of key manufacturers and continued industrial expansion further strengthens China's position in the regional market.

Formic Acid Market in India

India emerges as the fastest-growing market in the Asia-Pacific formic acid market, with a projected growth rate of approximately 6% during 2024-2029. The country's rapid industrial development, particularly in the textile and leather processing sectors, drives this growth momentum. India's expanding livestock industry and increasing adoption of modern farming practices contribute significantly to the demand for formic acid in animal feed applications. The government's support for industrial development, coupled with increasing investments in manufacturing capabilities, creates favorable conditions for market expansion. The country's growing focus on sustainable production methods and technological advancements in manufacturing processes further augments market growth prospects.

Formic Acid Market in North America

The North America formic acid market demonstrates a well-established structure, characterized by sophisticated manufacturing capabilities and advanced technological integration. The region's market is primarily driven by demands from the United States, Canada, and Mexico, with significant applications in animal feed, pharmaceutical manufacturing, and textile processing industries. The presence of major industry players, robust research and development activities, and stringent quality standards define the regional market landscape.

Formic Acid Market in United States

The United States dominates the North America formic acid market, holding approximately 70% of the regional market share in 2024. The country's market leadership is supported by its advanced manufacturing infrastructure, extensive research and development activities, and diverse application base. The presence of major pharmaceutical manufacturers, large-scale livestock operations, and significant textile processing facilities drives consistent demand for formic acid. The country's focus on technological innovation and sustainable production practices further strengthens its market position.

Formic Acid Market in Mexico

Mexico emerges as the fastest-growing market in North America, with an expected growth rate of approximately 3.5% during 2024-2029. The country's expanding industrial base, particularly in leather processing and textile manufacturing, contributes to this growth trajectory. Mexico's strategic location, competitive production costs, and increasing investments in manufacturing capabilities create favorable conditions for market expansion. The country's growing focus on modernizing its agricultural sector and increasing adoption of advanced feed preservation techniques further drives market growth.

Formic Acid Market in Europe

The Europe formic acid market demonstrates a mature and sophisticated structure, characterized by advanced manufacturing capabilities and stringent quality standards. The region's market dynamics are influenced by significant industrial activities in Germany, the United Kingdom, France, and Italy. The strong presence of pharmaceutical manufacturing, advanced textile processing, and sustainable farming practices shapes the demand patterns across the region.

Formic Acid Market in Germany

Germany maintains its position as the largest market in the Europe formic acid market, supported by its robust industrial infrastructure and technological advancement. The country's strong presence in pharmaceutical manufacturing, chemical processing, and agricultural sectors drives consistent demand for formic acid. Germany's focus on sustainable production methods and stringent quality standards further strengthens its market position.

Formic Acid Market Growth in Germany

Germany also leads the European market in terms of growth potential, driven by continuous technological innovations and expanding applications across various industries. The country's commitment to sustainable manufacturing practices and increasing investments in research and development contribute to market expansion. The growing emphasis on eco-friendly production methods and rising demand from pharmaceutical and agricultural sectors support this growth trajectory.

Formic Acid Market in South America

The South American formic acid market is characterized by growing industrial applications and increasing adoption of modern manufacturing practices. Brazil and Argentina emerge as key markets in the region, with Brazil leading in terms of market size and growth potential. The region's expanding leather processing industry, growing livestock sector, and increasing pharmaceutical manufacturing activities drive market development. The presence of established manufacturing facilities and improving distribution networks supports market growth across the region.

Formic Acid Market in Middle East & Africa

The Middle East & African formic acid market demonstrates growing potential, supported by increasing industrialization and expanding manufacturing capabilities. Saudi Arabia leads the regional market in terms of size, while South Africa shows promising growth prospects. The region's developing textile industry, growing pharmaceutical manufacturing sector, and increasing adoption of modern farming practices contribute to market expansion. The presence of improving infrastructure and rising investments in industrial development support market growth across the region.

Formic Acid Industry Overview

Top Companies in Formic Acid Market

The formic acid market is characterized by continuous product innovation and operational improvements among leading players like BASF SE, LUXI Group, Shandong Acid Technology, and Eastman Chemical Company. Companies are increasingly focusing on developing environmentally sustainable production processes, particularly exploring CO2-based formic acid synthesis as an alternative to conventional fossil fuel-based methods. Strategic consolidation moves have become prominent, exemplified by major integrations like LUXI Group joining Sinochem Holdings. Operational agility has become crucial as manufacturers adapt to volatile raw material prices and shifting regional demand patterns. Market leaders are strengthening their positions through backward integration of raw material supply chains while simultaneously expanding their geographic presence through strategic partnerships and capacity expansions across key regions.

Consolidated Market with Strong Regional Players

The global formic acid market exhibits a highly consolidated structure where major chemical conglomerates dominate the landscape alongside specialized regional manufacturers. These industry leaders leverage their integrated production facilities, established distribution networks, and technological capabilities to maintain their market positions. The market has witnessed significant consolidation through mergers and acquisitions, particularly in the Asian region where Chinese manufacturers have strengthened their positions through strategic integrations with larger chemical groups.


The competitive dynamics are shaped by the presence of both diversified chemical companies that produce formic acid as part of their broader portfolio and specialized manufacturers focused primarily on formic acid and its derivatives. Market entry barriers remain substantial due to high capital requirements, technical expertise needs, and the importance of established customer relationships in key application segments. The industry structure is further reinforced by backward integration strategies of major players, who control significant portions of the raw material supply chain.

Innovation and Sustainability Drive Future Success

Success in the formic acid industry increasingly depends on companies' ability to develop sustainable production processes and meet evolving customer requirements across diverse end-use industries. Manufacturers must focus on optimizing production costs while maintaining product quality and ensuring reliable supply to maintain their competitive edge. The development of value-added applications, particularly in emerging sectors like fuel cells and pharmaceutical intermediates, presents opportunities for market players to differentiate their offerings and capture higher margins.


Future market success will require companies to balance environmental compliance with cost competitiveness while managing the risk of substitution from alternative products. Players must invest in research and development to improve production efficiency and develop new applications while maintaining strong relationships with key customers in animal feed, leather tanning, and textile industries. Regional expansion strategies need to account for local regulatory requirements, particularly regarding environmental protection and product safety standards. Companies that can effectively combine technological innovation with strategic market presence while maintaining operational flexibility will be best positioned for long-term success.

Formic Acid Market Leaders

  1. BASF SE

  2. Perstorp

  3. Eastman Chemical Company

  4. LUXI GROUP

  5. Shandong Acid Technology Co. Ltd.

  6. *Disclaimer: Major Players sorted in no particular order
Formic Acid Market Concentration
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Formic Acid Market News

  • In March 2021, BASF SE announced an increase in formic acid prices in North America for all grades, which would be USD 0.05 per pound.

Formic Acid Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Growing Demand for Animal Feed and Silage Additives
    • 4.1.2 Other Drivers
  • 4.2 Restraints
    • 4.2.1 Other Restraints
  • 4.3 Industry Value Chain Analysis
  • 4.4 Industry Attractiveness - Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition
  • 4.5 Price Analysis

5. MARKET SEGMENTATION(Market Size in Volume)

  • 5.1 Application
    • 5.1.1 Animal Feed and Silage Additives
    • 5.1.2 Leather Tanning
    • 5.1.3 Textile Dying and Finishing
    • 5.1.4 Intermediary in Pharmaceuticals
    • 5.1.5 Other Applications
  • 5.2 Geography
    • 5.2.1 Asia-Pacific
    • 5.2.1.1 China
    • 5.2.1.2 India
    • 5.2.1.3 Japan
    • 5.2.1.4 South Korea
    • 5.2.1.5 Rest of Asia-Pacific
    • 5.2.2 North America
    • 5.2.2.1 United States
    • 5.2.2.2 Canada
    • 5.2.2.3 Mexico
    • 5.2.3 Europe
    • 5.2.3.1 Germany
    • 5.2.3.2 United Kingdom
    • 5.2.3.3 Italy
    • 5.2.3.4 France
    • 5.2.3.5 Rest of Europe
    • 5.2.4 South America
    • 5.2.4.1 Brazil
    • 5.2.4.2 Argentina
    • 5.2.4.3 Rest of South America
    • 5.2.5 Middle-East and Africa
    • 5.2.5.1 Saudi Arabia
    • 5.2.5.2 South Africa
    • 5.2.5.3 Rest of Middle-East and Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) Analysis
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 BASF SE
    • 6.4.2 Eastman Chemical Company
    • 6.4.3 Shandong Acid Technology Co. Ltd
    • 6.4.4 Gujarat Narmada Valley Fertilizers & Chemicals Limited
    • 6.4.5 LUXI GROUP
    • 6.4.6 Perstorp Holdings AB
    • 6.4.7 POLIOLI SpA
    • 6.4.8 PT PUPUK KUJANG
    • 6.4.9 Rashtriya Chemicals and Fertilizers Limited
    • 6.4.10 Wuhan Ruisunny Chemical Co. Ltd
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Sustainable Use of Formic Acid in Fuel Cell
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Formic Acid Industry Segmentation

Animal feed and silage additive manufacturers use formic acid as an additive in solid or liquid forms, which are both considered safe for animal health. The formic acid market is segmented by Application and Geography. By Application, the product is segmented into animal feed and silage additives, leather tanning, textile dyeing, finishing, an intermediary in pharmaceuticals, and other applications. The report also covers the market size and forecasts for the formic acid market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (Kilotons).

Application Animal Feed and Silage Additives
Leather Tanning
Textile Dying and Finishing
Intermediary in Pharmaceuticals
Other Applications
Geography Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
South America Brazil
Argentina
Rest of South America
Middle-East and Africa Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Formic Acid Market Research FAQs

What is the current Formic Acid Market size?

The Formic Acid Market is projected to register a CAGR of greater than 3.5% during the forecast period (2025-2030)

Who are the key players in Formic Acid Market?

BASF SE, Perstorp, Eastman Chemical Company, LUXI GROUP and Shandong Acid Technology Co. Ltd. are the major companies operating in the Formic Acid Market.

Which is the fastest growing region in Formic Acid Market?

Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Formic Acid Market?

In 2025, the Asia-Pacific accounts for the largest market share in Formic Acid Market.

What years does this Formic Acid Market cover?

The report covers the Formic Acid Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Formic Acid Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Formic Acid Market Research

Mordor Intelligence provides a comprehensive analysis of the formic acid market. This report offers detailed insights into this vital chemical compound, also known as methanoic acid (HCOOH, CH2O2). Our expert research team examines formic acid manufacturers, production methods, and industry dynamics. We offer a detailed acid demand chart analysis and track formic acid price trends. The report is available in an easy-to-read PDF format for download. It covers extensive applications of formic acid across various sectors while monitoring formic acid price per ton fluctuations and market valuations.

The report benefits stakeholders by providing detailed formic acid market size projections and an analysis of the formic acid industry landscape. Our comprehensive coverage includes regional analysis of the Asia Pacific formic acid market, Europe formic acid market, and North America formic acid market, with a particular focus on emerging regions. The research thoroughly examines various uses of formic acid across different applications. This is supported by detailed formic acid diagrams and charts that illustrate market dynamics. Stakeholders gain access to current formic acid price data and future forecasts, enabling informed decision-making in this evolving market.