Why did the Formic Acid Price Change in July 2025? Formic Acid prices in the USA rose by 1.20% in Q2 2025, reaching an average of USD 956/MT. The market was supported by steady demand from the leather and rubber industries.

Get the latest insights on price movement and trend analysis of Formic Acid in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Explore the dynamic factors influencing formic acid pricing, from global demand and production costs to geopolitical events and environmental regulations. Understand regional price variations, market trends, and strategic purchasing insights for optimizing costs in the versatile chemical industry.

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Formic Acid Market Size 2025-2029

The formic acid market size is forecast to increase by USD 592.9 million at a CAGR of 5.4% between 2024 and 2029.

The market is experiencing significant growth due to the increasing demand for this compound as a preservative in various industries, including food and beverages, pharmaceuticals, and agriculture. Direct syntheses of formic acid in acidic media have made its production more cost-effective and accessible, expanding its application base. However, the market is not without challenges. The presence of cost-effective substitutes, such as acetic acid and propionic acid, poses a threat to formic acid's market share. To capitalize on the opportunities presented by this market, companies must focus on innovation and differentiation.
Developing new applications and improving the production efficiency of formic acid can help companies gain a competitive edge. In India, the growing demand for cattle feed has led to the use of formic acid as an animal feed preservative. Additionally, collaborations and partnerships with key players in related industries can provide valuable synergies and expand market reach. Overall, the market offers significant growth potential for companies that can navigate the competitive landscape and address the challenges presented by substitutes.

What will be the Size of the Formic Acid Market during the forecast period?

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Formic acid, with the chemical formula HCOOH and recognized as the simplest carboxylic acid and the simplest organic acid, holds a significant position in various industries due to its unique acid properties. This versatile compound is extensively used as a preservative in the dairy sector, livestock feed, and silage preservation. In the energy sector, formic acid is employed as a fuel cell additive, contributing to the reduction of greenhouse gas emissions and carbon footprint, offering sustainable solutions in the context of climate change and the transition away from fossil fuels. Additionally, formic acid plays a crucial role in the production of methanoic acid, transfer hydrogenation, and chemical synthesis.
Its applications extend to the processed food industry, where it serves as a preservative and antibacterial agent, and in the leather sector, where it is used as a tanning agent and preservative. Furthermore, formic acid is utilized in animal feed, textile dyeing, and rubber production, among other applications. Overall, the market is experiencing strong growth, driven by the increasing demand for sustainable solutions and the versatility of this essential organic acid.

How is this Formic Acid Industry segmented?

The formic acid industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Distribution Channel

  Offline
  Online


End-user

  Agriculture and animal feed
  Leather
  Textile
  Chemicals and pharmaceuticals
  Others


Grade Type

  Grade 85%
  Grade 94%
  Grade 99%
  Others


Application

  Animal Feed
  Silage
  Leather tanning
  Textile dyeing


Geography

  APAC

    Australia
    China
    India
    Japan
    South Korea


  North America

    US
    Canada


  Europe

    Germany
    UK


  Middle East and Africa

    South Africa


  South America

By Distribution Channel Insights

The offline segment is estimated to witness significant growth during the forecast period. Formic acid, with the chemical formula HCOOH and simple carboxylic acid structure, is a corrosive organic compound widely used in various industries. This colorless, pungent liquid is employed as an antibacterial agent, silage additive, and animal feedstock. In high concentrations, it undergoes exponential development through processes like Carbonylation of Methanol, Oxidation of Formaldehyde, and Transfer Hydrogenation. Formic acid is integral to industries such as Leather Production, Cleaning Agent, Finishing textiles, and Performance Materials. It's also used in Performance Chemicals, Dispersions and Pigments, Care Chemicals, Industrial Solutions, Surface Technologies, and Agricultural Solutions. Applications include Fluoro Silicone, Hydrogen Peroxide, Hydrogen Gas, Carbon Dioxide, and Hydrogen Storage Processes.

Formic acid plays a role in mitigating climate change by reducing carbon emissions in the Dairy sector and Fuel cells. It's also used in the Livestock industry, Acetic Acid production, and Oil and Gas industries. In the Metallurgy Industry, Leather industry, and Rubber industry, formic acid functions as a carboxylic acid, enhancing the properties of various materials. In household cleaning products and processed food, formic acid serves as a preservative. In agriculture, it's used as a liquid storage and regulatory guideline compli

In May 2025, the average import price for formic acid, its salts and esters amounted to $520 per ton, shrinking by -20.2% against the previous month.

This statistic shows the value from EU and non-EU exports of formic acid in the United Kingdom between 2010 and 2019. In 2019, non-EU exports of formic acid reached a value of roughly *** million British pounds.

Explore the factors influencing the formic acid market in 2023, including supply-demand dynamics, geopolitical influences, and sustainability trends. Learn how these elements shape pricing and impact industries such as agriculture and textiles, with prices ranging from $500 to $1100 per ton depending on concentration and region.

The Formic Acid market is estimated to grow from USD 0.70 billion in 2023 to USD 1.4 billion by 2034, at a CAGR of 7% during the forecast period

¿Por qué cambió el precio del ácido formal en julio de 2025? Los precios del ácido formico en los EE.UU. aumentaron un 1,20% en el 2º trimestre de 2025, alcanzando un promedio de USD 956/MT. El mercado fue apoyado por la demanda constante de la industria del cuero y el caucho.

The global formic acid market was valued at USD 1.77 billion in 2022 and will expand to USD 2.55 billion by 2030, registering a CAGR of 4.8 % for the forecast period 2023-2030. Factors Affecting Formic Acid Market Growth

Increasing demand for animal and poultry feed:

A significant increase in the demand for animal and poultry feed is fueling the growth of the formic acid market. In the feed additives, aldehyde and organic acids are more utilized chemicals. But among the other organic acids, formic acid is used extensively in livestock and poultry feed as a preservative. The growth of livestock and poultry production is driven by urbanization, population growth, and increasing income levels. Livestock animals and poultry birds need nutrients like carbohydrates, fat, protein, and vitamins for their good health. Hence there is high demand for poultry and animal feed. It is effective against bacteria, fungi, and yeast. It limits the growth of Salmonella spp and other foodborne pathogens. Formic acid has been used as a feed antibacterial to reduce pathogen levels in a variety of feed matrices derived from cereal grains.

Increased demand for packaged food:

The growing food industry and rising demand for packaged food are helping to expand the formic acid market. During a pandemic, most people switch to ready-to-eat food or ready-to-cook food, which accelerates the adoption of packaged food. Packaged food includes snacks, cereals, meals, frozen foods, juices, pickles, and others. Formic acid is used in packaged food as a preservative to inhibit the growth of fungi. Thus, it helps to increase the shelf life of products like vegetables, snacks, pickles, juices, and smoked fish. It is also used in cheese to limit the growth of bacteria and improve the acidity level. Formic acid, an organic acid feed preservative, generates a viable-but-nonculturable state and enhances the antimicrobial resistance capability of food. It inhibits the growth of microbes like E-coli, Salmonella, Listeria, and Campylobacter.

The Restraining Factor of Formic Acid:

Availability of a substitute:

The usage of alternative products for formic acid is expected to hinder the growth of the formic acid market. Substitutes used for formic acid are sulfuric acid, hydrochloric acid, trifluoroacetic acid, phosphoric acid, and urea sulfate. Vinegar, citric acid, and lactic acid are used in food as a preservative. The most used alternative for formic acid is urea sulfate. Urea sulfate is superior to formic acid because of its retan, color, and fatliquoring process. Urea sulfate is also cost-effective. Also, the harmful effect on the environment and humans is expected to hinder the market's growth. The market may be improved by raising product quality and superiority.

Impact of the COVID-19 pandemic on the Formic Acid market:

Due to the adverse effects on end-use industries like animal feed, leather, and textile, the formic acid market is severely affected during COVID-19. The pandemic adversely impacted the availability of animal feed. The import and export of animal feed were stopped or reduced as a result of the lockdown and the disruption of the supply chain, which had a detrimental effect on the formic acid market. Worldwide, the consumption of meat has declined resulting in a decline in the growth of animal feed as well as the formic acid market. Due to strict lockdown rules, employees started going back to their home countries, badly disrupting the distribution, supply networks, and production of formic acid. After the pandemic, all activities are resumed. Distribution, supply chain, and production of animal feed, as well as the formic acid market also returned to their pre-pandemic level. Introduction of Formic Acid

Formic acid is a colorless and fuming liquid with a pungent smell and has a chemical formula HCOOH. Formic acid is also known as methanoic acid, formylic acid, and aminic acid. It has several uses. Formic acid is primarily used as an antimicrobial and preservative agent and is majorly utilized to manufacture rubber and leather. Formic acid is found naturally in ants, bees, and insects. Wood ants produce a large quantity of formic acid. It is also found in some fruits. Formic acid can be used in cleaning, dyeing, and tanning. It is an additive for grease, animal feeds, and fungicides. It is an ingredient utilized in cosmetics and medicines. It is also used as a food pres...

In 2023, overseas purchases of formic acid, its salts and esters decreased by -13.5% to 90 tons, falling for the second consecutive year after two years of growth.

The anhydrous formic acid market is experiencing steady growth, projected to reach a market size of $25 million in 2025, with a compound annual growth rate (CAGR) of 5.1% from 2025 to 2033. This growth is driven by increasing demand from various industries, including the textile industry (as a dyeing and finishing agent), the leather industry (for tanning), and the agricultural sector (as a preservative and silage additive). Furthermore, the rising adoption of formic acid as a sustainable alternative to traditional chemicals in various applications contributes significantly to market expansion. Key players like Eastman, Perstorp, and several significant Chinese manufacturers are actively shaping the market landscape through strategic expansions, technological advancements, and innovative product offerings. The market is segmented based on application, with the textile and leather industries currently dominating the demand, though the agricultural sector shows promising growth potential. While challenges such as price volatility of raw materials and environmental regulations might pose some restraints, the overall market outlook remains positive, driven by the increasing focus on sustainable and eco-friendly solutions across diverse industries. The forecast period from 2025 to 2033 is expected to witness a continued expansion of the anhydrous formic acid market, fueled by emerging applications in areas such as animal feed preservation and fuel cell technology. The competitive landscape is characterized by a mix of established global players and regional manufacturers, fostering innovation and competition. Future growth will likely be influenced by government policies promoting sustainable practices and technological advancements aimed at improving the efficiency and cost-effectiveness of formic acid production and utilization. The market's expansion is expected to be geographically diverse, with regions showing varying growth rates based on economic factors, industrial development, and regulatory frameworks.

7125 Global import shipment records of Formic,acid with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

The global Formic Acid market has reached around 995 thousand tonnes in 2024 and is expected to grow at a CAGR of 4.45% during the forecast period until 2035.

The global market for Formic Acid 85% is experiencing robust growth, projected to reach a substantial size. While the provided CAGR is missing, a reasonable estimate, considering typical growth rates in the chemical industry and the increasing demand for formic acid in various applications, could be placed around 5-7% annually. Based on a market size of $271.8 million in 2025 and this estimated CAGR, the market is expected to significantly expand over the forecast period (2025-2033). This growth is primarily fueled by increasing demand from key industries, including the textile industry (for dyeing and finishing), animal feed, and the leather industry (for tanning). Further expansion is anticipated due to the growing adoption of formic acid as a sustainable alternative in several applications compared to traditional chemicals. The rising awareness of environmental concerns and government regulations promoting eco-friendly solutions are also contributing factors. Major players such as BASF, Eastman, and Perstorp are actively shaping the market landscape through technological advancements, strategic partnerships, and capacity expansions. The regional distribution of market share will likely be influenced by factors like industrial activity, government policies, and economic conditions. Regional variations in growth are expected, with regions experiencing rapid industrialization and significant agricultural activities likely to exhibit higher demand. Competitive dynamics within the industry are shaped by factors such as pricing strategies, technological innovation, and the geographic reach of established and emerging players. While challenges such as price volatility of raw materials and stringent regulations might pose certain restraints, the overall outlook for the Formic Acid 85% market remains positive, driven by sustained demand across multiple sectors and the growing interest in sustainable chemical solutions.

Indonesia Export: Value: Salts of Formic Acid data was reported at 0.000 USD mn in Dec 2023. This records a decrease from the previous number of 0.000 USD mn for Nov 2023. Indonesia Export: Value: Salts of Formic Acid data is updated monthly, averaging 0.000 USD mn from Apr 2019 (Median) to Dec 2023, with 9 observations. The data reached an all-time high of 0.087 USD mn in Aug 2020 and a record low of 0.000 USD mn in Apr 2019. Indonesia Export: Value: Salts of Formic Acid data remains active status in CEIC and is reported by Statistics Indonesia. The data is categorized under Indonesia Premium Database’s Foreign Trade – Table ID.JAH029: Foreign Trade: by HS 8 Digits: Export: HS29: Organic Chemicals.

18137 Global export shipment records of Formic Acid with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

The global market for Formic Acid 85% is experiencing robust growth, projected to reach $193.4 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 5.0% from 2025 to 2033. This expansion is driven by increasing demand across diverse application sectors. The agriculture industry is a major consumer, utilizing formic acid as a preservative, pesticide, and silage additive, benefiting from its natural properties and eco-friendly attributes. The textile and leather industries also rely heavily on formic acid for various processing steps. Further growth is fueled by expanding chemical and pharmaceutical applications where it serves as a crucial reagent and intermediate in the production of various compounds. The industrial grade segment holds the largest market share due to its widespread use in various manufacturing processes. Regional variations in growth rates are anticipated, with Asia-Pacific, particularly China and India, expected to lead owing to the rapid industrialization and growing agricultural activities. North America and Europe will also demonstrate steady growth driven by established industrial bases and regulatory support for sustainable chemicals. Competition in the market is relatively high, with key players such as BASF, Eastman, and Perstorp leading the industry through technological innovation and strategic partnerships. However, the market faces certain restraints including price volatility of raw materials and stringent environmental regulations in certain regions, requiring manufacturers to adapt and optimize production processes. The forecast period (2025-2033) will likely witness increased investment in research and development towards more efficient production methods and exploring novel applications of formic acid, expanding its market reach further. Furthermore, the increasing focus on sustainable and biodegradable chemicals will create favorable conditions for formic acid's growth, especially within the agricultural and textile sectors. While challenges regarding raw material costs and environmental considerations remain, the overall outlook for the Formic Acid 85% market is optimistic, fueled by a consistent demand from its diverse end-use industries and the trend towards eco-friendly solutions. This positive trajectory is expected to continue throughout the forecast period and beyond.

Formic acid is available in various grades, including technical, food, and pharmaceutical grades. The technical grade is primarily used in industrial applications, while the food and pharmaceutical grades meet stringent purity standards for use in food and drug manufacturing. Each grade has specific properties and applications, catering to the diverse needs of different industries. Recent developments include: In May 2023, scientists at the Indian Institute of Technology (IIT) Guwahati, innovated a catalyst that can produce hydrogen gas for wood alcohol, without the production of carbon dioxide. With the environmentally safe process, it also produces formic acid which can be useful for various end users in industrial chemicals., In July 2022, biotechnology company Ingenza stated that the company has formed a strategic partnership with Johnson Matthey to form a formic acid from the various industrial carbon dioxide emission for the use of several industries like pharmaceuticals and agriculture and as future prospects for the feedstock for bioprocess., 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.. Notable trends are: Rising Demand for Preservatives from Agricultural Sectors to Drive Market Growth.

Renewable CO₂-to-Formic Acid Market Outlook

According to our latest research, the global Renewable CO₂-to-Formic Acid market size reached USD 143.5 million in 2024, driven by growing investments in sustainable chemical processes and decarbonization initiatives. The market is anticipated to expand at a robust CAGR of 23.8% during the forecast period, with the market size projected to reach USD 1,206.7 million by 2033. This remarkable growth is fueled by increasing demand for green chemicals, advancements in carbon capture and utilization (CCU) technologies, and strong policy support for emissions reduction. As per the latest research, the renewable CO₂-to-formic acid market is poised for transformative growth, underpinned by its crucial role in the circular carbon economy and sustainable industrial applications.

The primary growth driver for the renewable CO₂-to-formic acid market is the escalating global focus on carbon neutrality and climate change mitigation. As governments and industries worldwide intensify efforts to reduce greenhouse gas emissions, the conversion of CO₂ into value-added chemicals such as formic acid has gained significant traction. Formic acid, synthesized from renewable CO₂ sources, serves as a sustainable alternative to conventional fossil-based production methods, which are energy-intensive and environmentally detrimental. The integration of renewable energy sources—such as solar and wind—into the CO₂ conversion process further enhances the sustainability profile of formic acid, making it an attractive solution for industries seeking to lower their carbon footprint. This alignment with global decarbonization goals is expected to propel market adoption across diverse sectors.

Another critical factor fueling market growth is the rapid advancement and commercialization of innovative technologies for CO₂ reduction and conversion. Breakthroughs in electrochemical, biocatalytic, and photocatalytic processes have significantly improved the efficiency, scalability, and economic viability of converting CO₂ into formic acid. These technological advancements are reducing production costs, optimizing energy consumption, and enabling decentralized production models. Furthermore, increased funding for research and development, coupled with strategic collaborations between academia, startups, and established chemical companies, is accelerating the deployment of these technologies at a commercial scale. The confluence of technological innovation and supportive regulatory frameworks is expected to create a fertile environment for sustained market expansion.

Regulatory policies and incentives are also playing a pivotal role in shaping the renewable CO₂-to-formic acid market landscape. Many governments are implementing stringent emissions standards, carbon pricing mechanisms, and subsidies for carbon capture and utilization projects. The European Union, for instance, has established ambitious targets for industrial decarbonization and green chemistry under its Green Deal and Circular Economy Action Plan, directly benefiting the deployment of CO₂-to-formic acid technologies. Similarly, North America and Asia Pacific are witnessing increased policy support and investment in sustainable chemical manufacturing. These policy interventions are not only driving demand but also catalyzing innovation and infrastructure development, thereby reinforcing the market’s growth trajectory.

From a regional perspective, Europe currently dominates the renewable CO₂-to-formic acid market, accounting for the largest share in 2024, followed by Asia Pacific and North America. The region’s leadership is attributed to robust regulatory frameworks, significant investments in CCU technologies, and a mature chemical industry ecosystem. Asia Pacific, led by China, Japan, and South Korea, is emerging as a high-growth market, fueled by rising environmental awareness, rapid industrialization, and government initiatives to promote green technologies. North America is also witnessing substantial growth, driven by increasing adoption of sustainable manufacturing processes and a strong focus on reducing industrial emissions. These regional dynamics are expected to intensify competition and foster innovation in the global renewable CO₂-to-formic acid market.

Technology Analysis

The technology segment within the renewable CO₂-to-formic acid market is highly dynamic, encompassing a range of innovative approaches such as e