Pro
Chemicals & Materials
Bio-lubricants Market End-use Industry, By Others
| Label | Carbonylation of Methanol | Oxalic Acid |
|---|---|---|
| 2014 | 354.11 USD Mn | 151.88 USD Mn |
| 2015 | 357.91 USD Mn | 153.39 USD Mn |
| 2016 | 361.91 USD Mn | 154.98 USD Mn |
| 2017 | 368.29 USD Mn | 157.58 USD Mn |
| 2018 | 377.15 USD Mn | 161.24 USD Mn |
| 2019 | 388.67 USD Mn | 166.03 USD Mn |
| 2020 | 403.04 USD Mn | 172.03 USD Mn |
| 2021 | 420.54 USD Mn | 179.35 USD Mn |
| 2022 | 441.52 USD Mn | 188.14 USD Mn |
| 2023 | 466.40 USD Mn | 198.57 USD Mn |
| 2024 | 495.68 USD Mn | 210.85 USD Mn |
| 2025 | 530.01 USD Mn | 225.26 USD Mn |
| 2026 | 570.12 USD Mn | 242.10 USD Mn |
| 2027 | 616.96 USD Mn | 261.76 USD Mn |
Data Source: Wantstats Repository
Growth Outlook
- The 2027] by Production Method portion of the Global Formic Acid market [2014 market is on a steady long-term growth path. Segment value stands at roughly USD 812 Mn in 2026 and is projected to reach USD 879 Mn by 2027 — a gain of about 8% over the forecast period, translating to a CAGR in the high single digits.
- carbonylation of methanol segment accounted for the larger market share in the formic acid market, and is expected to reach USD 616. 96 Million in 2027 from USD 357.
- What the regional split looks like (2026): Carbonylation of Methanol leads, holding roughly 70% of segment value — the single largest regional share. Oxalic Acid is the second-largest contributor.
- By 2027, Carbonylation of Methanol alone is expected to reach USD 617 Mn, with Oxalic Acid at USD 262 Mn.
Market Dynamics
carbonylation of methanol segment accounted for the larger market share in the formic acid market, and is expected to reach USD 616.96 Million in 2027 from USD 357.91 Million in 2015. However, carbonylation of methanol segment is the fastest growing market, which is expected to grow at a CAGR of 4.97% during the forecast period 2016 - 2027.
Research Methodology
Figures reflect Wantstats’ original market research and forecasting models, compiled as part of the Wantstats research archive and published in 2023.
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