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Formic Acid Market Analysis, By Demand, By Region, By Applications and Forecast Report Till 2032

Formic Acid Market Overview: 

The Formic Acid market is estimated to grow from USD 0.70 billion in 2023 to USD 1.4 billion by 2032, at a CAGR of 7% during the forecast period. Formic acid is the simplest form of carboxylic acid, also known as methanoic acid. The name formic is derived from the Latin word for ant, ‘formica’ which refers to formic acid production by the distillation of ant bodies. Naturally, formic acid is found in many insects including ants and bees in their bites and stings. Synthetically, formic acid can be produced by a variety of methods including hydrolysis of formamide, methyl formate hydrolysis, oxidation of hydrocarbons, and acidolysis of alkali formats. 

Formic Acid Capacity Analysis: 

The major producers of formic acid include Eastman Chemical Company, BASF SE, Gujarat Narmada Valley Fertilizers & Chemicals Limited, Liaocheng Luxi Chemical, Feicheng Acid Chemical, Chongqing Chuandong Chemical, etc. BASF and Shandong Liaocheng Luxi Chemical are the biggest formic acid producers in the world together producing more than 700 kilotons of formic acid. 

Global Formic Acid Capacity By Company - 2023 (KT)
Global Formic Acid Capacity By Company - 2021 (Kilo Tons)

Formic Acid Manufacturers:

Note: BASF and Shandong Liaocheng Luxi Chemical are among the major producers.

Formic acid is used in a variety of end-use industries such as pharmaceuticals, Agriculture & Animal Nutrition, Leather Tanning Textile Dyeing & Finishing, and Chemicals & Rubber Chemicals. Formic acid is majorly used in animal feed and also finds its application in leather tanning, textile, rubber, and pharmaceutical industries. 

Formic Acid Demand Analysis:

Global demand for formic acid is driven in large part by usage in Agriculture & Animal Nutrition applications. Formic acid finds its use in animal feed additives as an effective solution to keep animals safe and healthy. The usage of formic acid as a feed additive helps create an unfavorable environment for bacterial growth, preventing fungal and microbial contamination. Salmonella infections in animals mainly come from contaminated feed. The anti-microbial effect of formic acid helps prevent the entry of harmful bacteria and helps maintain feed hygiene. The Agriculture & Animal Nutrition applications accounted for more than 35% of global formic acid demand. The addition of formic acid in animal feed helps reduce the pH in the animals’ stomachs to improve nutrient digestion and digest complex diets as well as protect the host from pathogenic invasion. 

Pharmaceutical application is the second biggest consumer of formic acid accounting for more than 20% of the global demand and it is further poised to register a CAGR of 6% in the long term forecast to cross 300 kilotons by 2032. One of the main drivers of formic acid's use in the pharmaceutical industry is its potent antimicrobial properties, which make it an effective agent for cleaning and sterilizing pharmaceutical equipment and surfaces, and for preventing bacterial growth in pharmaceutical products. It also offers anti-inflammatory properties, which make it a useful ingredient in topical and oral pharmaceutical products for treating skin conditions and other inflammatory disorders. Pharmaceutical application is estimated to be the fastest growing application in the forecast period owing to the increasing need for high-quality, safe, and effective pharmaceutical products, as well as the growing demand for formic acid-based derivatives and their applications in the pharmaceutical industry.

Global Formic Acid Demand-Supply Analysis- 2016-2032
Global Formic Acid Demand Supply Analysis- 2016-2032

Formic Acid Region Analysis:

Asia-Pacific is the largest producer and consumer of formic acid owing to the strong demand from applications like Pharmaceuticals, Leather Tanning, and Textile Dyeing & Finishing. The region accounts for around more than 70% of the global formic acid capacity. Western Europe is the second largest manufacturer of formic acid accounting for around 25% of the global formic acid capacity in 2023. 

Asia-Pacific has remained a net exporter of formic acid with average annual net exports being around 170 Kiloton during 2016-2023. The region is a key market for formic acid on the back of China, India, Indonesia, Taiwan, and ASEAN countries. China holds more than 95% share of the total capacities in the Asia-Pacific region and exports more than 30% of the Formic Acid produced in the country to the world. 

Asia-Pacific recorded the largest demand for formic acid in 2023 on the back of China, which accounted for more than 75% of the regional market. The region accounted for more than 50% of the global formic acid demand and it is projected to cross 800 Kiloton by 2032 witnessing a CAGR of 5% in the long-term forecast. Middle East & Africa is forecasted to grow at 3.6% by 2032. Pharmaceuticals application is one of the largest consumers of formic acid in the Asia Pacific region. In the pharmaceutical industry, formic acid is used as a disinfectant for cleaning and sterilizing pharmaceutical equipment and surfaces. It is also majorly used as an Active pharmaceutical ingredient (API) owing to its antimicrobial and anti-inflammatory properties.

The pharmaceutical industry in Asia Pacific is witnessing strong growth, driven by factors such as a large and growing population, a growing middle class, government support, economic development, increased R&D spending, and a growing generic drug market. Chemicals & Rubber Chemicals is the second biggest consumer of formic acid accounting for more than 20% of the regional demand. The application is further poised to register strong growth in the forecast period owing to the increasing use of formic acid in rubber, oil & gas, food & beverages, and other industries.

Asia Pacific Formic Acid Demand By Country - 2023 (KT)
Asia Pacific Formic Acid Demand By Country - 2021 (Kilo Tons)

Formic Acid Trade Analysis:

The total trade of Formic acid in 2023 was around 520 kilotons. Western Europe along with Asia accounts for over 95% of the global formic acid exports. North America is forecast to be a net exporter of formic acid in the long-term forecast with small capacity additions speculated in the region. The emergence of formates as deicing agents owing to stringent environmental regulations to come into effect should drive capacity additions in the region. 

Furthermore, the shale gas boom would also drive demand growth of formic acid for potassium formates in the long-term forecast. Capacity additions are also expected in the Middle East & Africa which has been a net importer of formic acid as of 2023.

Formic Acid Average Prices By Region  2016-2032 ($ / Kg)

Global Formic Acid Average Prices, By Application, 2016-2032 ($ / Kg)

Scope of Report 
The Formic Acid report describes the global Formic Acid market, with focus on the country, applications and other end-use scenarios. The study provides:

•  Demand-Supply Analysis
•  Demand Composition, by Applications
•  Capacity & Production
•  Trade (Import, Export and Net Export)
•  Sales & Revenue 
•  Pricing Analysis
•  Market Dynamics
Country Summaries & Product Review
•  Supply-Demand Balance 
•  Formic Acid Market data in terms of volume and value for each end-use at regional and country level
•  Formic Acid Market analysis for Production, Capacity, Demand, at Regional and Country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook 
•  Industry & Policy Developments 
•  End-use Industry / Applications Market
•  Reasoning & Analysis
•  Market Review
•  Comparative Analysis
•  Latest Trends and Market Developments
•  Key Players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment

1.  Introduction
      •  Scope
      •  Market Coverage
          -  Grade
          -  Applications
          -  Regions
          -  Countries
      •  Years Considered
          -  Historical - 2016 – 2020
          -  Base - 2021
          -  Forecast Period - 2022 – 2032
      •  Research Methodology
          -  Approach
          -  Research Methodology
          -  Prismane Consulting Market Models
          -  Assumptions & Limitations
          -  Abbreviations & Definitions
          -  Conversion Factors
          -  Data Sources
2.  Market Synopsis 
      •  Market Evolution
      •  Demand-Supply Overview
      •  Industry Structure
      •  Strategic Issues
      •  End-use Trends
      •  Growth Forecast
3.  Economic & Energy Outlook
      •  GDP and Demographics
      •  Monetary & Fiscal Policies
      •  Crude Oil Production and prices
      •  Natural Gas
      •  Electricity Prices
4.  End-use Sector Performance
      •  Agriculture
      •  Textile
      •  Pharmaceutical
      •  Chemical
      •  Others
5.  Plants & Projects Analysis
      •  Formic Acid Production Capacity, by Company
      •  Formic Acid Production Capacity, by Country and by region
      •  Capacity Overview, By Technology
6.  Introduction to Formic Acid and Market Overview 
      •  Product Description
      •  Grades & Properties
      •  Raw Material
      •  Manufacturing Process
      •  Environmental Issues
      •  Value Chain
      •  Applications
7.  Market Dynamics and Industry Trends 
      •  Market Dynamics 
          -  Drivers
          -  Restraints
          -  Opportunities
          -  Challenges
8.  Global Formic Acid Demand-Supply Analysis, By Grade, By Application, (Volume, Value) (2016–2032)
      •  Strategic Issues
      •  Demand-Supply Analysis and Forecast (2016 – 2032)
          -  Capacity
          -  Capacity Utilization (%)
          -  Production
          -  Imports
          -  Exports
          -  Net Exports
          -  Demand
          -  Demand Growth Rate (%)
          -  Driving Force Analysis
      •  Global Formic Acid Market, By Grade
          -  75%
          -  85%
          -  90%
          -  94%
          -  99%
      •  Global Formic Acid Market, By Application 
          -  Animal Feed Additives
          -  Leather & Tanning
          -  Pharmaceuticals
          -  Textile Dyeing & Finishing
          -  Rubber Chemicals
          -  Others
9.  Demand-Supply Analysis and Market Review, By Region, By Country (Volume, Value), (2016– 2032)
      •  Strategic Issues
      •  Capacity
      •  Capacity Utilization (%)
      •  Production
      •  Imports
      •  Exports
      •  Net Exports
      •  Demand
      •  Demand Growth Rate (%)
      •  Formic Acid Market, By Grade
      •  Formic Acid Market, By Application
Note: Demand-Supply Analysis has been provided for all major Regions / Countries as mentioned below. The demand-supply (consumption) split by grade and by Application, has been provided for each of the countries/regions in Volume (Kilotons) and Value (USD Million).
      •  North America
         -  USA
         -  Canada
         -  Mexico
      •  Western Europe
         -  Germany
         -  France
         -  Italy
         -  United Kingdom
         -  Spain
         -  Rest of Western Europe
      •  Central & Eastern Europe
         -  Russia
         -  Poland
         -  Rest of Central & Eastern Europe
      •  Asia-Pacific
         -  China
         -  Japan
         -  India
         -  South Korea
         -  ASEAN
         -  Rest of Asia-Pacific
      •  Central & South America
         -  Brazil
         -  Rest of CSA
      •  Middle East & Africa
         -  Saudi Arabia
         -  Egypt
         -  South Africa
         -  Rest of MEA
Note: CAGR will be calculated for all the grade and applications to arrive at the regional/global demand growth for the forecast period (2022 – 2032)
10.  Pricing Analysis
      •  Average Formic Acid Prices, USD/Kg
      •  Average Formic Acid prices, by Country 
      •  Average Formic Acid prices, by Region
      •  Price Forecast
11.  Key Strategic Issues
12.  Business Opportunity Assessment 
      •  Market Attractiveness Assessment
      •  Prospective & Target Market Study
13.  Strategic Recommendation & Suggestions
14.  Company Analysis and Market Share Analysis
      •  Formic Acid Manufacturers Profiles/ Company Analysis
         -  Basic Details
         - Headquarters, Key Markets
         -  Ownership
         -  Company Financial
         -  Manufacturing Bases
         -  Global Turnover
         -  Total Employee
         -  Product Portfolio / Services / Solutions
         -  Key Business Strategies adopted and Prismane Consulting Overview
         -  Recent Developments
         -  Companies Covered
             -  BASF SE
             -  Perstorp AB
             -  Eastman Chemical Company
             -  Feicheng Acid Chemicals Co. Ltd.
             -  Gujarat Narmada Valley Fertilizers & Chemicals Ltd.
             -  Taminco Corporation
             -  Luxi Chemical Group Co. Ltd
             -  Anhui Asahi Kasei Chemical
             -  Rashtriya Chemicals and Fertilizers Limited (RCF)
             -  Other Manufacturers
Note: This section includes company information, company financials, manufacturing bases, and operating regions. Company financials have been mentioned only for those companies where financials were available in SEC Filings, annual reports, or company websites. All the reported financials in this report are in U.S. Dollars. Financials reported in other currencies have been converted using average currency conversion rates. Company profiles may include manufacturers, suppliers, and distributors.
15.  Appendices
      •  Demand-Supply - Regions
      •  Demand-Supply– Countries
      •  Capacities, 2016-2032

Scope of Report 
The Formic Acid report describes the global Formic Acid market, with focus on the country, applications and other end-use scenarios. The study provides:

•  Demand-Supply Analysis
•  Demand Composition, by Applications
•  Capacity & Production
•  Trade (Import, Export and Net Export)
•  Sales & Revenue 
•  Pricing Analysis
•  Market Dynamics
Country Summaries & Product Review
•  Supply-Demand Balance 
•  Formic Acid Market data in terms of volume and value for each end-use at regional and country level
•  Formic Acid Market analysis for Production, Capacity, Demand, at Regional and Country level
•  Historical, Current & Market Forecast
•  Macro-economic factors like GDP, Population and World Economic integration
•  Economic & Energy Outlook 
•  Industry & Policy Developments 
•  End-use Industry / Applications Market
•  Reasoning & Analysis
•  Market Review
•  Comparative Analysis
•  Latest Trends and Market Developments
•  Key Players
•  Strategic Issues and Recommendations
•  Business Opportunity Assessment


Frequently Asked Questions

how big is formic acid market?
formic acid market was 520 thousand tons in 2023 and it is projected to cross 800 Kiloton by 2032 witnessing a CAGR of 5% in the 2024-2032 forecast. Middle East & Africa is forecasted to grow at 3.6% by 2032.
Who manufactures formic acid?
Eastman Chemical Company BASF SE Gujarat Narmada Valley Fertilizers & Chemicals Limited Liaocheng Luxi Chemical Feicheng Acid Chemical Chongqing Chuandong Chemical Note: BASF and Shandong Liaocheng Luxi Chemical are among the major producers.