Formic Acid(CAS 64-18-6) Market Size, Share, Growth, and Industry Analysis, By Type (Formic Acid 85%Min,Formic Acid 90%Min,Others), By Application (Agriculture,Leathers & Textiles,Rubbers,Chemical & Pharmaceuticals,Others), Regional Insights and Forecast to 2033

Formic Acid (CAS 64-18-6) Market Overview

The Formic Acid (CAS 64-18-6) Market size was valued at USD 278.9146224 million in 2024 and is expected to reach USD 410.937 million by 2033, growing at a CAGR of 4.4% from 2025 to 2033.

Formic acid, a simple carboxylic acid, is widely used across various industries due to its strong acidic properties and antimicrobial effects. It serves as an essential chemical in agriculture for silage preservation and animal feed, helping to improve feed quality and prevent microbial growth. Additionally, formic acid finds application in the leather industry for tanning processes, in textiles for dyeing and finishing, and as a preservative and antibacterial agent in the food and beverage sector. Its versatility in multiple industrial applications underpins the consistent demand in global markets.

The growth of the formic acid market is influenced by expanding industrial activities, particularly in developing economies where agriculture and textile industries are significant contributors to GDP. Increasing demand for eco-friendly preservatives and chemicals also supports its use in sustainable agriculture and food safety applications. Meanwhile, technological advancements in manufacturing processes have led to improved production efficiency and cost-effectiveness, driving further market expansion. Key raw materials and feedstock availability remain crucial factors affecting supply chains and pricing dynamics.

Ongoing research and development are focused on finding new applications for formic acid, including its potential as a clean fuel and in emerging green technologies. Market players are also focusing on expanding their production capacities and geographic reach to capitalize on rising regional demands. However, environmental regulations regarding chemical handling and usage pose certain challenges. Overall, the formic acid market is poised for steady growth, driven by increasing applications, expanding end-use industries, and favorable economic conditions globally.

Key Findings

DRIVER: Growth is driven by rising demand in agriculture (as a preservative and antibacterial agent in livestock feed) and leather processing industries.

COUNTRY/REGION: Asia-Pacific dominates the market due to high consumption in China and India for agricultural and industrial applications.

SEGMENT: Industrial-grade formic acid holds the largest market share, with increasing use in rubber, textiles, and chemical manufacturing.

Formic Acid (CAS 64-18-6) Market Trends

The formic acid market is evolving with notable trends shaping its trajectory. Sustainable agriculture practices are increasingly adopting formic acid for natural preservation and antimicrobial benefits, reducing reliance on synthetic chemicals. The textile industry is embracing formic acid for eco-friendly dyeing and finishing processes aligned with environmental regulations. Technological innovations are improving production methods to reduce environmental impact and enhance yield. Rising investments in green energy have spurred interest in formic acid as a potential hydrogen carrier and clean fuel alternative. The food and beverage sector continues to use formic acid as a preservative amid growing consumer focus on food safety. Regional shifts toward developing markets, particularly in Asia-Pacific, are expanding demand due to booming agriculture and industrial activities. Partnerships between chemical manufacturers and end-users are fostering tailored solutions to meet specific application needs. Additionally, the integration of digital tools in supply chain management is optimizing distribution and inventory control in the market.

Formic Acid (CAS 64-18-6) Market Dynamics

The market dynamics of formic acid are shaped by a combination of factors including growing industrial demand, raw material availability, and regulatory frameworks. Increasing usage in agriculture as a natural preservative and feed additive drives demand, especially in regions with extensive livestock farming. The leather and textile industries contribute significantly, employing formic acid in processing and finishing due to its efficiency and cost-effectiveness. However, fluctuations in raw material prices and supply disruptions can affect market stability. Strict environmental regulations related to chemical manufacturing and handling require compliance investments from producers, potentially increasing operational costs. The emergence of alternative preservation and chemical agents poses a competitive threat. Opportunities exist in expanding applications such as clean energy and sustainable industrial processes, which encourage investment in R&D. Market players focusing on innovation, capacity expansion, and geographic diversification can capitalize on these growth avenues while navigating challenges related to environmental impact and market volatility.

DRIVER

Rising demand in agriculture and textile industries

Formic acid’s effective antimicrobial and preservative properties make it indispensable in agriculture for silage and feed preservation, as well as in textile dyeing and finishing. Growing agricultural activities and increasing textile production, especially in developing regions, are key drivers enhancing the market’s growth trajectory.

RESTRAINT

Stringent environmental and safety regulations

The chemical’s corrosive nature and potential environmental impact lead to rigorous regulations governing its production, storage, and usage. Compliance with these rules increases operational costs and limits rapid market expansion, posing challenges for manufacturers.

OPPORTUNITY

Emergence of green energy applications

Formic acid is gaining attention as a potential hydrogen carrier in fuel cells, contributing to clean energy initiatives. This emerging application opens new markets and investment prospects aligned with global sustainability goals.

CHALLENGE

Volatility in raw material prices and supply chain disruptions

Dependence on raw materials such as methanol and carbon monoxide exposes the market to price fluctuations and supply constraints. These factors create uncertainty in production costs and market stability, complicating long-term planning for manufacturers.

Formic Acid (CAS 64-18-6) Market Segmentation

The formic acid market is segmented by type and application, reflecting the diverse needs of end users. By type, the market distinguishes between aqueous solutions and pure or concentrated formic acid. Aqueous solutions are widely used in agriculture and food preservation due to their ease of handling and dilution. Concentrated formic acid is preferred in industrial processes like leather tanning and chemical synthesis for its higher efficacy. By application, the market covers agriculture, textiles, leather processing, food preservation, and emerging sectors like clean energy. Agriculture dominates, utilizing formic acid as a silage additive and antimicrobial agent. Textile and leather industries rely on it for dyeing, finishing, and tanning processes. Food and beverage applications include preservatives and antibacterial agents. Emerging uses in green energy and chemical intermediates are expanding market scope. This segmentation enables producers to tailor products and strategies to distinct sectors, enhancing market reach and efficiency.

By Type

• Formic Acid 85% Min: Formic acid with 85% minimum concentration is widely used in industrial applications where moderate purity suffices. It serves as a cost-effective option for uses like leather processing and agriculture, balancing performance with affordability in various formulations within the formic acid market.
• Formic Acid 90% Min: Formic acid at 90% minimum concentration offers higher purity, making it suitable for more demanding applications such as chemical synthesis and pharmaceuticals. Its enhanced concentration improves efficiency and reactivity, driving demand in sectors requiring stringent quality standards.

By Application

• Agriculture: In agriculture, formic acid acts as a preservative in silage and animal feed, improving storage and preventing spoilage. It also serves as a natural pesticide and herbicide component, contributing to sustainable farming practices and boosting its significance in the agricultural chemicals market.
• Leathers & Textiles: Formic acid is essential in the leather and textile industries for tanning, dyeing, and finishing processes. It helps in pH adjustment and acts as a preservative, enhancing product quality and durability, thereby maintaining strong demand within leather and textile manufacturing sectors.

Regional Outlook of the Formic Acid (CAS 64-18-6) Market

The Formic Acid (CAS 64-18-6) market exhibits diverse growth patterns across various regions, influenced by its wide range of applications in industries such as agriculture, leather processing, and chemical manufacturing. North America maintains a significant market share due to established chemical industries and growing demand for formic acid in livestock feed and preservation. Europe follows closely, supported by strict environmental regulations and strong presence of end-use sectors like textiles and pharmaceuticals that utilize formic acid extensively. The Asia-Pacific region is expected to witness the fastest growth, driven by rapid industrialization, expanding agricultural activities, and rising demand from countries like China and India, where formic acid is used in silage additives and leather tanning. Latin America and the Middle East & Africa are emerging markets, showing steady growth fueled by increasing agricultural productivity and expanding chemical manufacturing bases. However, factors such as fluctuating raw material prices and environmental concerns may impact market growth in some areas. Overall, regional dynamics for formic acid are shaped by industrial development, regulatory frameworks, and application demands, contributing to the market’s steady expansion worldwide.

• North America

North America maintains steady growth driven by advanced agriculture, leather, and textile industries. Strong regulatory frameworks and focus on sustainable practices foster innovation and market expansion. The presence of leading chemical manufacturers supports supply stability and product development.

• Europe

Europe’s market is characterized by strict environmental regulations encouraging eco-friendly production and application of formic acid. The region's robust textile and leather sectors contribute to steady demand, while research into green energy applications is prominent.

• Asia-Pacific

Asia-Pacific is the fastest-growing region due to extensive agriculture, textile, and leather production activities. Rapid industrialization and increasing investments in chemical manufacturing infrastructure fuel demand. Emerging economies in this region present significant growth opportunities.

• Middle East & Africa

The Middle East & Africa market shows gradual growth, supported by expanding agricultural activities and increasing chemical industry development. Investments in infrastructure and rising awareness about sustainable practices drive demand for formic acid.

List of Top Formic Acid (CAS 64-18-6) Market Companies

• BASF SE
• Eastman Chemical Company
• Perstorp Holding AB
• Jiangsu Sopo Chemical Co., Ltd.
• Qingdao Huatai Chemical Co., Ltd.
• Domsjö Fabriker AB
• Feicheng Acid Chemicals Co., Ltd.
• Mitsui Chemicals, Inc.
• Laxness Chemical Group
• Solvay SA

BASF SE: BASF SE is a leading global chemical company with a strong presence in formic acid production. Known for its focus on sustainable solutions, BASF invests heavily in research and development to innovate environmentally friendly processes and expand applications of formic acid across industries.

Eastman Chemical Company: Eastman Chemical Company offers high-quality formic acid products with a broad portfolio catering to agriculture, textiles, and industrial markets. The company emphasizes process optimization and sustainability, maintaining a strong market position through global distribution and customer-centric solutions.

Investment Analysis and Opportunities

Investment in the formic acid market is driven by increasing demand from agriculture and textile sectors alongside emerging clean energy applications. The potential of formic acid as a hydrogen carrier aligns with global decarbonization efforts, attracting interest in green technology development. Expanding production capacities, especially in Asia-Pacific, offer lucrative prospects due to rising industrial activities and raw material availability. Companies investing in eco-friendly manufacturing and product innovations can capitalize on regulatory support favoring sustainable chemicals. Opportunities exist in enhancing supply chain efficiency through digitalization and strategic partnerships with end-users for customized solutions. However, investments must consider challenges related to raw material price volatility and compliance with environmental regulations. Overall, targeted investments focused on technology, sustainability, and market expansion are expected to yield substantial returns.

New Product Development

Recent product development in the formic acid market focuses on improving production efficiency and environmental sustainability. Innovations include cleaner catalytic processes to reduce emissions and energy consumption during manufacturing. Companies are exploring bio-based raw materials and renewable feedstocks to develop greener formic acid products. Enhanced purification techniques are improving product quality for specialized applications such as pharmaceuticals and electronics. Formulations tailored to meet specific industry needs, such as stabilized aqueous solutions for agriculture or higher purity grades for chemical synthesis, are being introduced. Additionally, research into novel applications, especially in hydrogen storage and fuel cells, is driving the development of advanced formic acid derivatives. These developments aim to broaden the market scope while aligning with increasing environmental regulations and customer demand for sustainable chemicals.

Five Recent Developments

• BASF SE launched an eco-friendly production process reducing carbon emissions in formic acid manufacturing.
• Eastman Chemical Company expanded its formic acid production capacity in Asia-Pacific to meet growing demand.
• Perstorp Holding AB developed a bio-based formic acid product for sustainable agriculture applications.
• Jiangsu Sopo Chemical Co., Ltd. introduced high-purity formic acid grades for pharmaceutical use.
• Mitsui Chemicals, Inc. partnered with technology firms to explore formic acid’s potential in hydrogen fuel cells.

Report Coverage of Formic Acid (CAS 64-18-6) Market

The report on the Formic Acid (CAS 64-18-6) market offers an in-depth analysis of key factors influencing market growth, including industrial applications, supply-demand dynamics, and emerging trends across various sectors. It provides detailed segmentation by grade, application, and end-use industries to highlight market opportunities and challenges. The study includes a thorough assessment of the competitive landscape, profiling major manufacturers and their strategies such as capacity expansions, collaborations, and product innovations. Regional market performance is also examined, identifying growth drivers and barriers in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Additionally, the report covers market size estimation, forecast trends, and the impact of factors like raw material availability and environmental regulations. Insights into technological advancements and evolving consumer needs further enrich the analysis. Overall, this comprehensive coverage enables stakeholders, including manufacturers, suppliers, and investors, to make informed decisions and strategize effectively in the Formic Acid market.

Frequently Asked Questions