Formic Acid Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Formic Acid Market is segmented by Grade Type (75%, 80%, 85%, 94%, and 99%), Application (Animal Feed, 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 & Africa).

Market Snapshot

Formic Acid Market Overview
Study Period: 2016-2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3 %
Formic Acid Market Top Companies

Need a report that reflects how COVID-19 has impacted this market and its growth?

Market Overview

The formic acid market was valued at around 600 kiloton in 2020, and the market is projected to register a CAGR of over 3% during the forecast period (2021-2026).

Due to COVID-19, lockdown regulations, and a deficient number of workers, the production in various chemical and other industries has decreased, and the supply of raw materials to the industries decreased. The animal feed industry, which is the major end-user industry of formic acid, has also been badly affected by the closure of restaurants around the world. The coronavirus crisis has severely harmed the supply of animal feed, despite the fact that demand has remained relatively stable world. Owing to all these factors, the formic acid market is negatively impacted by COVID-19.

  • Over the medium term, the major factors driving the growth of formic acid are the increasing demand for preservatives and feed additives and the increasing consumption of meat and poultry.
  • On the flipside, regulations regarding the usage of formic acid and COVID-19 impact on formic acid are expected to hinder the market growth.
  • The Asia-Pacific region is expected to dominate the market and is estimated to witness the highest CAGR during the forecast period.

Scope of the Report

The simplest carboxylic acid is formic acid, systematically named methanoic acid, and has the chemical formula HCOOH. In chemical synthesis, it is an important intermediate and occurs naturally, most notably in some ants. Formic acid is produced industrially from methanol. The formic acid market is segmented by grade type, applications, and geography. By grade type, the market is segmented into 75%, 80%, 85%, 94%, and 99%. By application, the market is segmented into animal feed, leather tanning, textile dyeing, and finishing. 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 on the basis of volume (kiloton) and value (USD million).

Grade Type
Animal Feed
Silage Additive
Leather Tanning
Textile Dyeing and Finishing
Intermediary in Pharmaceuticals
Other Applications
South Korea
Rest of Asia-Pacific
North America
United States
United Kingdom
Rest of Europe
South America
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa

Report scope can be customized per your requirements. Click here.

Key Market Trends

Animal Feed has a Huge Market Potential

  • Formic acid, as a commercial animal feed additive, is added to the animal diet for feed acidification.
  • It is used as an animal feed additive for fisheries, cattle, poultry, etc. The growth of cattle and poultry is higher in countries, such as the United States, China, India, etc., and these are the countries where the demand for formic acid increased at a moderately high rate.
  • Formic acid is also used as an antibacterial agent and preservative in livestock feed.
  • Formic acid is sprayed on fresh hay, in order to delay or halt decay, thereby allowing the feed a longer survival period. This process is of particular importance in the preservation of winter cattle feed.
  • In poultry farming, formic acid is applied to feed, in order to kill salmonella bacteria. These practices are widespread in Europe but are not as common in the United States due to the generally low commercial availability of formic acid.
  • In addition, the use of formic acid on hay feed may reduce the total milk fat when given to milch cows.
  • According to a survey by Alltech(animal nutrition, feed, and supplements company), the global animal feed production increased by 1% in 2020 to 1,187.7 million metric ton compared to 2019.
  • These applications of formic acid are on the rise due to the increase in demand for animal feed. This trend is expected to contribute to the demand for formic acid over the forecast period.
Formic Acid Market Revenue Share

Asia-Pacific Region to Dominate the Market

  • The Asia-Pacific region dominated the global market share. The region is expected to dominate the market during the forecast period, owing to the demand for meat and poultry, coupled with the demand from the textile industry in countries such as China and India.
  • China is among the largest meat producers in the world. The top three categories include pork, chicken, and beef. In 2019, according to the National Bureau of Statistics China, the volume of beef and veal production in China is around 6.67 million metric ton.
  • In 2020, according to the US Department of Agriculture, broiler meat production in China is estimated at around 15.5 million metric ton.
  • At present, India is the fifth-largest feed manufacturer in the world. The commercial feed industry in India is around 28 million metric ton and caters largely to poultry feed (70-75%), aquaculture feed (10-12%), and dairy feed (10-15%). In terms of revenue, the local animal feed is valued at more than USD 5.35 billion in 2019, and it is expected to reach more than USD 12 billion by 2025, with a CAGR of more than 14%. In 2019, India exported 123,830 metric ton of various kinds of animal feed to the world, valued at 228 million USD, representing 1.5% of the world's export.
  • China's textile and apparel makers are going through painful industrial restructuring. While the country, with enormous production capacity, is still the world's largest clothing exporter, oversupply at home, high labor costs, and rising global protectionism all eroded its competitiveness.
  • All the aforementioned factors, in turn, are expected to increase the demand for formic acid in the region during the forecast period.
Formic Acid Market Growth Rate By Region

Competitive Landscape

The formic acid market is fragmented. The major players in the market are BASF SE, Perstorp, Eastman Chemical Company, LUXI GROUP, and Anhui Asahi Kasei Chemical Co. Ltd, among others.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Drivers

      1. 4.1.1 Increasing Demand for Preservatives and Feed Additives

      2. 4.1.2 Increasing Consumption of Meat and Poultry

    2. 4.2 Restraints

      1. 4.2.1 Emerging Cost-effective Substitutes

      2. 4.2.2 Impact of COVID-19

      3. 4.2.3 Other Restraints

    3. 4.3 Industry Value Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Buyers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

    5. 4.5 Price Analysis

  5. 5. MARKET SEGMENTATION (Market Size by Volume and Value)

    1. 5.1 Grade Type

      1. 5.1.1 75%

      2. 5.1.2 80%

      3. 5.1.3 85%

      4. 5.1.4 94%

      5. 5.1.5 99%

    2. 5.2 Application

      1. 5.2.1 Animal Feed

        1. Silage Additive

        2. Preservative

      2. 5.2.2 Leather Tanning

      3. 5.2.3 Textile Dyeing and Finishing

      4. 5.2.4 Intermediary in Pharmaceuticals

      5. 5.2.5 Other Applications

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      2. 5.3.2 North America

        1. United States

        2. Canada

        3. Mexico

      3. 5.3.3 Europe

        1. Germany

        2. United Kingdom

        3. Italy

        4. France

        5. Rest of Europe

      4. 5.3.4 South America

        1. Brazil

        2. Argentina

        3. Rest of South America

      5. 5.3.5 Middle-East and Africa

        1. Saudi Arabia

        2. South Africa

        3. Rest of Middle-East and Africa


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share Analysis

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 Anhui Asahi Kasei Chemical Co. Ltd

      2. 6.4.2 BASF SE

      3. 6.4.3 Beijing Chemical Industry Group Co. Ltd

      4. 6.4.4 Eastman Chemical Company

      5. 6.4.5 Feicheng Acid Chemicals Co. Ltd

      6. 6.4.6 GNFC Limited

      7. 6.4.7 LUXI GROUP

      8. 6.4.8 Perstorp

      9. 6.4.9 Rashtriya Chemicals and Fertilizers Limited

      10. 6.4.10 Shandong Baoyuan Chemical Co. Ltd

      11. 6.4.11 Shanxi Province Yuanping Chemicals Co. Ltd

      12. 6.4.12 Wuhan Ruisunny Chemical

    5. *List Not Exhaustive

    1. 7.1 Organic Acid as a Substitute for Antibiotics in Animal Feed

**Subject to Availability

You can also purchase parts of this report. Do you want to check out a section wise price list?

Frequently Asked Questions

The Formic Acid Market market is studied from 2016 - 2026.

The Formic Acid Market is growing at a CAGR of >3% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

BASF SE , Perstorp , Eastman Chemical Company , LUXI GROUP, Anhui Asahi Kasei Chemical Co., Ltd are the major companies operating in Formic Acid Market.

80% of our clients seek made-to-order reports. How do you want us to tailor yours?

Please enter a valid email id!

Please enter a valid message!