Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Formic Acid Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Are the Key Forecast Insights for the Formic Acid Market Growth?
The market size of the Formic Acid industry has been growing consistently. The market increased from $1.79 billion in 2024 to $1.86 billion in 2025. The CAGR was 4.0% during this period.
What Is the Predicted Industry Size and CAGR of the Formic Acid Market in 2029?
The Formic Acid market is projected to reach a size of $2.32 billion in 2029, with a compound annual growth rate (CAGR) of 5.6%.
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Which Factors Are Driving Growth in the Formic Acid Market?
The key Drivers in the formic acid market are:
• Rising demand for animal feed
• Utilization of formic acid as an additive in animal feed
• Increasing use of formic acid as a preservative in livestock feed
• Growing interest in formic acid as an antibacterial agent in animal feed.
Which Segment Trends Are Covered in the Formic Acid Market Forecast?
The formic acidmarket covered in this report is segmented –
1) By Purity: Less Than 80% To 89.5%, 89.6% To 90.5%, 91.6% To 99%, More Than 99%
2) By Application: Animal Feed, Silage, Leather Tanning, Textile Dyeing
3) By End-Use Industry: Agriculture, Leather, Textiles And Apparel, Healthcare, Rubber, Chemical, Paper, Other End-Use Industries
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What Are the Current Market Trends in the Formic Acid Industry?
The key trends in the formic acid market are:
• The introduction of new technologies is a notable emerging trend in the formic acid market.
• Many key formic acid market players are developing and launching innovative technologies to meet market needs and maintain their competitive positioning.
• There's a distinct trend towards utilizing renewable energy to transform carbon dioxide into pure formic acid.
• The future of the formic acid market could be significantly influenced by the industrialization of carbon dioxide recycling driven by green energy.
Who are the Key Companies in the Formic Acid Market?
The key players in the formic acid market are:
• BASF SE
• Honeywell International Inc.
• Evonik Industries AG
• Eastman Chemical Company
• Luxi Chemical Group Co. Ltd.
• Kemira Oyj
• HELM AG
• Perstorp Holdings AB
• GMM Pfaudler Ltd.
• Gujarat Narmada Valley Fertilizers & Chemicals Limited
• Alfa Aesar
• Wuhan Rui Sunny Chemical Co. Ltd.
• Fleurchem Inc.
• Noah Chemicals
• Polioli S.p.A.
• Shandong Feicheng Acid Chemicals Co.Ltd.
• Anhui Asahikasei Chemical Co. Ltd.
• Chongqing Chuandong Chemical (Group) Co. Ltd.
• Hubei Yihua Group Co. Ltd.
• Zibo Xinglu Chemical Factory
• Shandong Haili Chemical Industry Co. Ltd.
• Vigon International
What are the Regional Trends Across the Formic Acid Market?
Asia-Pacific was the largest region in the formic acid market in 2024, and is expected to be the fastest-growing region in the forecast period
