The global formic acid market is expected to grow from USD 1.50 billion in 2022 to USD 2.11 billion by 2032, at a CAGR of 3.50% from 2023-2030. The increasing demand for animal feed from the livestock industry will augment the growth of the global formic acid market.
Formic acid is the common name for methanoic acid, which has the chemical formula CH2O2. Formic acid is the simplest carboxylic acid. It is a colourless liquid with a pungent smell. It is of the acidic family and is corrosive in nature. It is found in nature, especially in the anti or nettle sting. Chemically it is produced as a by-product of acetic acid production. It can also be created through the hydrogenation of carbon dioxide, oxidation of biomass and other laboratory methods. The most known use of formic acid in the chemical industry is its use to produce methanol. Formic acid is also used in silage and animal feed preservation, given its antibacterial and preservative properties. It is used in the dairy sector as well. Formic acid aids in the fuel cells. It can be used in the metallurgy industry for soldering. Other sectors that use formic acid include leather, rubber, textile, food and beverages and pharmaceutical. It is also extensively used in the chemical and industrial sectors. The wide uses and applications of formic acid will propel the market’s growth and offer potential market growth opportunities for the industrial players.
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February 2022 - An environmental concern on a global scale is climate change. The excessive use of fossil fuels plays a significant role in climate change. Carbon dioxide (CO2), a greenhouse gas that contributes to global warming, is produced by them. In light of this, governments all over the world are developing regulations to reduce such carbon emissions. However, reducing carbon emissions alone might not be sufficient. It's also essential to manage the carbon dioxide produced. In this regard, researchers have proposed chemically transforming CO2 into value-added substances like methanol and formic acid (HCOOH). The latter must be produced from a source of a hydride ion (H-), which is one proton and two electrons in weight. A hydride (H-) generator and reservoir in biological systems is the nicotinamide adenine dinucleotide (NAD+/NADH) reduction-oxidation pair. In light of this, a team of scientists led by Professor Hitoshi Tamiaki from Ritsumeikan University in Japan have now created a novel chemical process that converts CO2 to HCOOH using ruthenium complexes that resemble NAD+/NADH. The researchers are excited by their findings and intend to create a new method of converting sunlight into chemical energy to create fresh, sustainable materials.
The increasing demand for formic acid from the agriculture, dairy and livestock sectors of the global economy – The agricultural, dairy and livestock industry is vital to the worldwide economy. These industries are a primary sector of the economy and offer employment and livelihood to lakhs of people globally. These industries are crucial for food security and the safety of the world. The livestock industry is a source of additional income for the farmers. Governments are promoting them worldwide to increase farmers' or agricultural labourers' income and accord them income security with this additional source. The quality of livestock is equally important, so animal health takes precedence in the global economy. Formic acid has preservative and antibacterial properties, which make it ideal for preserving the nutritive value of animal feed and arresting its decaying process. Formic acid is a cost-effective way to ensure good animal health. Good animal health ensures high-quality animal products. The nutritive animal feed enables the livestock to fight diseases and infections better. Furthermore, formic acid is utilized in the dairy industry to rid the products of harmful bacteria like E. Coli and prolong their shelf-life. Therefore, the growing importance of livestock shores up the demand for animal feed, followed by an equal rise in formic acid demand, which will drive the global market's growth. A similar demand rise for dairy and dairy products will also propel the global formic acid market's growth.
There are several health risks associated with formic acid – Formic acid can pose several health hazards when it comes in contact with the skin or through inhalation. Prolonged exposure can cause damage to the eyes, skin and internal organs like the lungs and throat. The corrosive nature of the substance can irritate the skin, throat, and nose. Prolonged exposure can cause headaches, dizziness, nausea, vomiting, allergies, and irritation. Severe health risks are irreversible damage to the eyes, lungs and kidneys. Therefore, the several health risks posed by exposure to formic acid will limit its growth.
The growing applications of formic acid – Formic acid has antibacterial and preservative properties, which makes them ideal for use in the agriculture industry to preserve animal feed. These properties are also sought in the food and beverages industry to seal the nutritive value of the products and prolong their shelf life. Similar applications include the use of formic acid in leather tanning, fuel cells, personal care and the cosmetics industry, to name a few. Industrial cleaning agents also use formic acid as a reactant in their manufacturing process. The significant use of formic acid in rubber, textile and medicine will also drive up its demand in the future. The growing global population and rising disposable income will increase the demand for food, beverages, clothes, cleaners, medicines and cosmetics. This rise in consumer demand will shore up the demand for formic acid. Therefore, the growing applications for formic acid will offer lucrative opportunities for the global market in the forecast period.
The stringent regulatory guidelines governing the uses/applications of formic acid – The significant health risks posed by formic acid categorize it as a serious occupational hazard substance which is monitored and controlled by the relevant authorities. Given the wise application base of formic acid, there are well-defined occupational health guidelines mandating its use, exposure, and preventive and corrective steps in case of accidents. These guidelines and implemented strictly by the relevant institution of all countries. Therefore, the stringent guidelines governing the uses and applications of formic acid will challenge the market's growth.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. The Asia Pacific region emerged as the largest global formic acid market, with a 46% market revenue share in 2022. The Asia Pacific region now dominates the formic acid market due to the region's growing consumer demand. A significant proportion of the global population resides in the Asia Pacific, specifically in India and China. The two countries have large consumer markets. Rapid urbanization and industrialization are driving the region's growth and development. The regional market also has a robust manufacturing sector which caters to the large consumer base of the market. The increasing per capita income of the region has contributed to the increasing demand for food, beverages, and textiles. The rubber and leather industry of the region is also booming, given the robust export market for these products. The extensive network of pharmaceutical chains in India and China also drives the regional market's growth. The significant livestock industry of these nations will propel the demand for formic acid to preserve animal feed. The ever-growing dairy industry of the region, which is known for its export-worthy products, will also support the region's formic acid market's development. The growing promotion of bee-keeping by governments will also augment the regional formic acid market's development. The presence of global manufacturers in the textile, industrial, food and beverages, energy and pharmaceutical sector in the region contribute significantly to the region's dominance in the global market.
Asia Pacific Region Formic Acid Market Share in 2022 - 46%
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The grade type segment is divided into 85% grade, 94% grade, 99% grade and others. The 94% grade segment dominated the market with a revenue share of around 48% in 2022. 94% grade forming acid has wide applications. It is used in the food and beverages, pharmaceuticals, textiles, rubber and chemical industries. It is comparatively better for the environment, and therefore its popularity is on the rise. It is used to produce medicines, cosmetics, personal care products and cleaners. Therefore, the wide variety of applications across numerous industries will propel the segment’s growth.
The end user is divided into silage additives and animal feeds, textile dyeing, rubber chemicals, pharmaceutical intermediate, leather and tanning, oil and gas, and others. The silage additives and animal feed segment dominated the market with a market share of around 37% in 2022. Silage is fermented green grass fodder which is preserved with the help of formic acid. It is given to the livestock as it is highly nutritive, which supports the growth, immunity and development of cattle and other livestock. Similarly, the animal feed is the fodder and foliage which forms the diet of livestock. They are rich in the necessary nutrition and important for preserving animal health. These products become vital in the absence of natural pasture or inadequate vegetation. The growing concerns about animal health, given the rising animal diseases and infections, will increase the demand for silage and animal feed. Climate change and anthropological factors have altered land use and vegetation cover, reducing livestock's natural food sources. Furthermore, the government initiatives aimed at encouraging the livestock industry and preserving animal has led to subsidized animal feed in several economies which will bode well for the segment. Therefore, the growing emphasis on animal health and the promotion of the livestock industry will contribute to the segment's dominance in the forecast period.
|Market Size||Revenue (USD Billion)|
|Market size value in 2022||USD 1.50 Billion|
|Market size value in 2032||USD 2.11 Billion|
|CAGR (2023 to 2032)||3.50%|
|Regional Segments||The regions examined for the market are Europe, Asia Pacific, North America, South America, and Middle East & Africa.|
|Segments||The research segment is based on grade type and end user.|
As per The Brainy Insights, the size of the formic acid market was valued at USD 1.50 billion in 2022 to USD 2.11 billion by 2032.
Global formic acid market is growing at a CAGR of 3.50% during the forecast period 2023-2030.
The market's growth will be influenced by the increasing demand for formic acid from the agriculture, dairy and livestock sectors of the global economy.
There are several health risks associated with formic acid and that could hamper the market growth.
1.1. Objectives of the Study
1.2. Market Definition
1.3. Research Scope
1.5. Key Target Audience
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
4.1. Porter’s Five Forces Analysis
4.2. Value Chain Analysis
4.3. Top Investment Pockets
4.3.1. Market Attractiveness Analysis By Grade Type
4.3.2. Market Attractiveness Analysis By End User
4.3.3. Market Attractiveness Analysis By Region
4.4. Industry Trends
5. Market Dynamics
5.1. Market Evaluation
5.2.1. The increasing demand for formic acid from the agriculture, dairy and livestock sectors of the global economy
5.3.1. There are several health risks associated with formic acid
5.4.1. The growing end users of formic acid
5.5.1. The stringent regulatory guidelines governing the uses/end users of formic acid
6. Global Formic Acid Market Analysis and Forecast, By Grade Type
6.1. Segment Overview
6.2. 85% Grade
6.3. 94% Grade
6.4. 99% Grade
7. Global Formic Acid Market Analysis and Forecast, By End User
7.1. Segment Overview
7.2. Silage Additives and Animal Feeds
7.3. Textile Dyeing
7.4. Rubber Chemicals
7.5. Pharmaceutical Intermediate
7.6. Leather and Tanning
7.7. Oil and Gas
8. Global Formic Acid Market Analysis and Forecast, By Regional Analysis
8.1. Segment Overview
8.2. North America
8.5. South America
8.6. Middle East and Africa
8.6.2. South Africa
9. Global Formic Acid Market-Competitive Landscape
9.2. Market Share of Key Players in the Formic Acid Market
9.2.1. Global Company Market Share
9.2.2. North America Company Market Share
9.2.3. Europe Company Market Share
9.2.4. APAC Company Market Share
9.3. Competitive Situations and Trends
9.3.1. Product Launches and Developments
9.3.2. Partnerships, Collaborations, and Agreements
9.3.3. Mergers & Acquisitions
10. Company Profiles
10.1. BASF SE
10.1.1. Business Overview
10.1.2. Company Snapshot
10.1.3. Company Market Share Analysis
10.1.4. Company Product Portfolio
10.1.5. Recent Developments
10.1.6. SWOT Analysis
10.2. Eastman Chemical Co. Ltd.
10.2.1. Business Overview
10.2.2. Company Snapshot
10.2.3. Company Market Share Analysis
10.2.4. Company Product Portfolio
10.2.5. Recent Developments
10.2.6. SWOT Analysis
10.3. Gujarat Narmada Valley Fertilizers and Chemicals Limited
10.3.1. Business Overview
10.3.2. Company Snapshot
10.3.3. Company Market Share Analysis
10.3.4. Company Product Portfolio
10.3.5. Recent Developments
10.3.6. SWOT Analysis
10.4. Huanghua Pengfa Chemical Co. Ltd.
10.4.1. Business Overview
10.4.2. Company Snapshot
10.4.3. Company Market Share Analysis
10.4.4. Company Product Portfolio
10.4.5. Recent Developments
10.4.6. SWOT Analysis
10.5. LUXI Group
10.5.1. Business Overview
10.5.2. Company Snapshot
10.5.3. Company Market Share Analysis
10.5.4. Company Product Portfolio
10.5.5. Recent Developments
10.5.6. SWOT Analysis
10.6. Mudanjiang Fengda Chemicals Co. Ltd.
10.6.1. Business Overview
10.6.2. Company Snapshot
10.6.3. Company Market Share Analysis
10.6.4. Company Product Portfolio
10.6.5. Recent Developments
10.6.6. SWOT Analysis
10.7.1. Business Overview
10.7.2. Company Snapshot
10.7.3. Company Market Share Analysis
10.7.4. Company Product Portfolio
10.7.5. Recent Developments
10.7.6. SWOT Analysis
10.8. Rashtriya Chemicals and Fertilizers Limited
10.8.1. Business Overview
10.8.2. Company Snapshot
10.8.3. Company Market Share Analysis
10.8.4. Company Product Portfolio
10.8.5. Recent Developments
10.8.6. SWOT Analysis
10.9. Shandong Feicheng Acid Chemicals Co. Ltd.
10.9.1. Business Overview
10.9.2. Company Snapshot
10.9.3. Company Market Share Analysis
10.9.4. Company Product Portfolio
10.9.5. Recent Developments
10.9.6. SWOT Analysis
10.10. Taminco Corporation
10.10.1. Business Overview
10.10.2. Company Snapshot
10.10.3. Company Market Share Analysis
10.10.4. Company Component Portfolio
10.10.5. Recent Developments
10.10.6. SWOT Analysis
List of Table
1. Global Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
2. Global 85% Grade Formic Acid Market, By Region, 2019-2032 (USD Billion)
3. Global 94% Grade Formic Acid Market, By Region, 2019-2032 (USD Billion)
4. Global 99% Grade Formic Acid Market, By Region, 2019-2032 (USD Billion)
5. Global Others Formic Acid Market, By Region, 2019-2032 (USD Billion)
6. Global Formic Acid Market, By End User, 2019-2032 (USD Billion)
7. Global Silage Additives and Animal Feeds Formic Acid Market, By Region, 2019-2032 (USD Billion)
8. Global Textile Dyeing Formic Acid Market, By Region, 2019-2032 (USD Billion)
9. Global Rubber Chemicals Formic Acid Market, By Region, 2019-2032 (USD Billion)
10. Global Pharmaceutical Intermediate Formic Acid Market, By Region, 2019-2032 (USD Billion)
11. Global Leather and Tanning Formic Acid Market, By Region, 2019-2032 (USD Billion)
12. Global Oil and Gas Formic Acid Market, By Region, 2019-2032 (USD Billion)
13. Global Others Formic Acid Market, By Region, 2019-2032 (USD Billion)
14. Global Formic Acid Market, By Region, 2019-2032 (USD Billion)
15. North America Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
16. North America Formic Acid Market, By End User, 2019-2032 (USD Billion)
17. U.S. Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
18. U.S. Formic Acid Market, By End User, 2019-2032 (USD Billion)
19. Canada Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
20. Canada Formic Acid Market, By End User, 2019-2032 (USD Billion)
21. Mexico Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
22. Mexico Formic Acid Market, By End User, 2019-2032 (USD Billion)
23. Europe Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
24. Europe Formic Acid Market, By End User, 2019-2032 (USD Billion)
25. Germany Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
26. Germany Formic Acid Market, By End User, 2019-2032 (USD Billion)
27. France Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
28. France Formic Acid Market, By End User, 2019-2032 (USD Billion)
29. U.K. Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
30. U.K. Formic Acid Market, By End User, 2019-2032 (USD Billion)
31. Italy Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
32. Italy Formic Acid Market, By End User, 2019-2032 (USD Billion)
33. Spain Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
34. Spain Formic Acid Market, By End User, 2019-2032 (USD Billion)
35. Asia Pacific Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
36. Asia Pacific Formic Acid Market, By End User, 2019-2032 (USD Billion)
37. Japan Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
38. Japan Formic Acid Market, By End User, 2019-2032 (USD Billion)
39. China Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
40. China Formic Acid Market, By End User, 2019-2032 (USD Billion)
41. India Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
42. India Formic Acid Market, By End User, 2019-2032 (USD Billion)
43. South America Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
44. South America Formic Acid Market, By End User, 2019-2032 (USD Billion)
45. Brazil Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
46. Brazil Formic Acid Market, By End User, 2019-2032 (USD Billion)
47. Middle East and Africa Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
48. Middle East and Africa Formic Acid Market, By End User, 2019-2032 (USD Billion)
49. UAE Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
50. UAE Formic Acid Market, By End User, 2019-2032 (USD Billion)
51. South Africa Formic Acid Market, By Grade Type, 2019-2032 (USD Billion)
52. South Africa Formic Acid Market, By End User, 2019-2032 (USD Billion)
List of Figures
1. Global Formic Acid Market Segmentation
2. Formic Acid Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Formic Acid Market Attractiveness Analysis By Grade Type
9. Global Formic Acid Market Attractiveness Analysis By End User
10. Global Formic Acid Market Attractiveness Analysis By Region
11. Global Formic Acid Market: Dynamics
12. Global Formic Acid Market Share by Grade Type (2022 & 2032)
13. Global Formic Acid Market Share by End User (2022 & 2032)
14. Global Formic Acid Market Share by Regions (2022 & 2032)
15. Global Formic Acid Market Share by Company (2022)
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. The Brainy Insights has segmented the formic acid market based on below mentioned segments:
Formic Acid Market by Grade Type:
Formic Acid Market by End User:
Formic Acid Market by Region:
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