Market Research ReportDec 2, 2022

Formic Acid Market

Formic Acid Market Research Report: Size, Share, Trend Analysis Production Method (Carbonylation of Methanol, Oxalic Acid), Application (Preservatives, Animal Feed, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production, Others) and By Region (Asia Pacific, Rest of the World, Europe, North America) - Growth Outlook & Industry Forecast To 2027

Vertical: CNMBase Year: 201512 Sections

Book Demo

Executive Summary

Formic Acid Market — Snapshot

Market Size (2015)
$511.30M
Projected (2027)
$878.72M
CAGR (2014–2027)
4.3%
Key Players
10+

Formic acid is a colorless, transparent liquid with a pungent odor scientifically known as methanoic acid. It has the molecular formula HCOOH or HCO2H. It belongs to group of carboxylic acids and is soluble in various alcohols, acetones and ethers. Formic acid can be synthetically produced as well as it is naturally found in ant venom. Most of the applications found for formic acid requires it to be concentrated upto 85%, 90%, 94% and 99%. According to industry standards, 85% concentration accounts for the highest demand worldwide.

Global Formic acid market is segmented according to production method and applications. According to production method carbonylation of methanol accounts for the highest percentage of share. Although the step involving hydrolysis is complex, and need competing technologies, carbonylation of methanol process is associated with companies such as Kemira and BASF. According to application, formic acid is used in silage preservative, animal feed, dyeing and finishing textiles, rubber & leather production and others including (pharmaceuticals, insecticides, paper & coatings). One of the prominent application of formic acid is in animal feed owing to its natural antibacterial properties. These is followed by silage preservatives, rubber & leather production and so on. According to Wantstats analysis, the global formic acid market was valued at USD 511.3 million in 2015 and is expected to be valued at USD 878.7 million by the end of 2027, expanding at a CAGR of 4.94%.

Key Insight

The Formic Acid Market market is projected to grow at a CAGR of 4.3% from 2014 to 2027.

Market Performance Trend

Historical performance and future projections (2020–2030, USD Billion)

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Market Scope & Coverage

What this report covers

Geographic Coverage: This analysis covers 4 regions: Asia Pacific, Rest of the World, Europe, North America.
Market Segmentation: The market is analyzed across 2 segments: Carbonylation of Methanol, Oxalic Acid. Forecasts are provided for each segment from 2014 to 2027.
Competitive Landscape: 10 leading companies are profiled, covering market positioning, strategies, and recent developments.

Market Size (USD Mn)

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Market Overview

Formic Acid Market — Growth Trajectory

Formic acid is the best quality chemical liquid belonging to a group of carboxylic acids scientifically called Methanoic acid. At room temperature, it is colorless liquid having a pungent odor and is soluble in alcohols, acetone and ethers. It has chemical formula as HCOOH or HCO2H. Formic acid can be processed naturally through ant’s venom as well as synthetically. Formic acid is mostly produced in a two-step procedure. First step includes the formation of methyl formate through carbonylation of methanol. Second step is followed by hydrolysis of the ester and rectification of the products to produce formic acid. These processes generate formic acid concentration ranging from 85% to 99%. Formic acid is used in various applications such as animal feed, rubber & leather industry, preservatives, dyeing & textile industry, pharmaceuticals, cleaning agents and paper & coating industry among others. Formic acid has one of the most powerful pH in organic acids. Thus, formic acid is used in many chemical processes to control the pH. Owing to its more acidic nature, the prominent industrial application of formic acid is rubber & leather production as it can deeply increase the absorbing capability of the product. Thus, in many industries formic acid is used as coagulant in rubber manufacturing. In addition to these, owing to its antibacterial properties, animal feed and silage preservatives are its dominating applications in global formic acid market.

Formic Acid Market — Growth Trajectory

Carbonylation of Methanol

Oxalic Acid

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Market Size Trend (USD Mn)

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Market Dimensions

How this market is segmented

Production Method is broken down into: Carbonylation of Methanol, Oxalic Acid.
Application is broken down into: Preservatives, Animal Feed, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production, Others.

Geographic Analysis

Regional market breakdown

Asia Pacific market size reached $176.68M in 2014 and is projected to reach $316.34M by 2027, growing at a CAGR of 4.6%.
Rest of the World market size reached $76.17M in 2014 and is projected to reach $126.33M by 2027, growing at a CAGR of 4.0%.

Europe market size reached $146.68M in 2014 and is projected to reach $256.02M by 2027, growing at a CAGR of 4.4%.
North America market size reached $106.48M in 2014 and is projected to reach $180.02M by 2027, growing at a CAGR of 4.1%.

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Research Methodology

Formic Acid Market — How We Researched This Market

Research Process

Wantstats research are conducted by industry experts who offer their insight on the industry structure, market segmentation, technology assessment and competitive landscape (CL), and penetration, as well as on the emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analyzing historical trends and current market positions, our analysts predict where the market will be headed for the next five to ten years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.

In this particular report from the supply side, Wantstats has conducted primary surveys (interviews) with the key level executives (VPs, CEOs, Marketing Directors, and Business Development Managers and Others) of the companies that range from active & prominent to midsized organizations of the market.

Primary Research

Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries. In addition to analyzing current and historical trends, our analysts predict where the market is headed over the next five to ten years.

It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report, we have conducted primary surveys (interviews) with the key level executives (VPs, CEOs, Marketing Directors, Business Development Managers and many more) of the major players active in the market.

Secondary Research

Secondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and commercial study of the global formic acid market. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, corporate presentations, company web sites, international organization of chemical manufacturers, among others. Some paid databases and many others were also utilized for collecting credible information.

Market Size Estimation

Both, top-down and bottom-up approaches were used to estimate and validate the size of the global market and to estimate the size of various other dependent submarkets in the overall formic acid market. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research. This entire procedure included the study of the annual and financial reports of the top market players and extensive interviews with industry leaders such as CEOs, VPs, directors, and marketing executives for key insights. All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All the possible parameters that affect the markets, covered in this research study, have been well accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data was consolidated and added with detailed inputs and analysis from Wantstats and presented in this report. The following figure shows an illustrative representation of the overall market size estimation process employed for the purpose of this study.

Base Year
2015
Historical Period
2014 – 2014
Forecast Period
2016 – 2027
Primary Interviews
150+

Research Process

Historical data (2014–2015) and forecast period (2015–2027)

Problem Definition

Market scoping
Objective setting
Framework design

Secondary Research

Literature review
Data mining
Trend analysis

Primary Research

Expert interviews
Field visits
Surveys

Data Analysis

Quantitative modeling
Statistical testing
Validation

Insights & Reporting

Synthesis
Recommendations
Visualization

Research Depth

Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.

Historical vs. Forecast Data

Historical (observed)

Forecast (modelled)

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Competitive Landscape & Porter's Five Forces

Formic Acid Market — Competitive Analysis

In competitive landscape, the report studies the key developments adopted by the companies between 2012 and 2017. Players in this market adopted various strategies to expand their global footprint and augment their market share. The key strategies followed by most companies in the global formic acid market were expansion, agreements and collaborations, new product development, mergers and acquisitions.

Some of the major players operating in this market includes BASF SE (Germany), Perstorp AB (Sweden), Eastman Chemical Company (U.S), Gujarat Narmada Valley Fertilizers& Chemicals Limited (India), Feicheng Acid Chemical (China), Chongqing Chuandong Chemical (Group) Co., Ltd (China), LUXI Group CO. (China), LTD, Shanxi Province Yuanping Chemicals Co., Ltd. (China), Rashtriya Chemicals and Fertilizers Limited (RCF) (India) and Thermo Fisher Scientific Inc., among others.

Threat of New Entrants

The formic acid market is estimated to have medium threat of new entrants. The high capital intensive nature of the formic acid industry is anticipated to be a major barrier for new entrants in the industry. Moreover, the R&D expenditure on the development of new products to cater the demand for high performance formic acid across the application industries require technical expertise and capital which is limited to the tier 1 players. However, increasing demand for formic acid will offer lucrative opportunities for new entrants in the forecast period.

Threat of Rivalry

The formic acid market is estimated to have medium threat of rivalry, as the market is estimated to be fragmented with tier 1 manufacturers and small manufacturers from China. Each tier 1 player operating in the market, has extended portfolio for formic acid through dedicated quality products in application industries. Regionally, there is intensifying competition as major players like BASF, Eastman Chemical Company and Perstorp AB are into expansion and product development through research & development. Moreover, the competition is mostly around the quality and price of formic acid.

Threat of Substitute

Threat of substitute for formic acid in the market is anticipated to be low in the current scenario. As there are currently no substitutes for formic acid, which serves the purpose of controlling pH level in the application industries without jeopardizing the performance. Formic acid is the only substitute for many acids such as acetic acid, citric acid, lactic acid, amidosulfonic acid and others. For instance, formic acid is replacing fossil fuels in fuel cells to save energy and extra cost of production. Teknion Company based in Canada and Germany based BASF, the largest producers of formic acid, are into production of the fuel cells that uses formic acid directly. Thus, over time and ongoing research and development, formic acid applications can be materialized to increase their market share.

Bargaining Power of Supplier

The bargaining power of suppliers is expected to be medium in the formic acid market. As the market is fragmented between organized and unorganized players across the globe. However, the market scenario will change in the coming years, as there is an expected supply deficit for formic acid and increased demand for the product from the various end-use industries. Thus, over the forecast period the bargaining power of suppliers is expected to increase.

Bargaining Power of Buyer

The bargaining power of a buyer is estimated to be low as there are low choices available for the buyers. The application industries heavily depend on formic acid as it is used as a natural antibacterial agent in food additive and control pH in leather industry. However, in the long run considering the foreseen supply deficit in the market, will lead to low bargaining power of the buyers.

Quantitative Analysis

Regional Breakdown

Regional market breakdown for Formic Acid Market.

Regional Market Size (USD Mn)

Market estimates by geography (2027)

Asia Pacific$0.32B

Rest of the World$0.13B

Europe$0.26B

North America$0.18B

USD Mn

InsightAsia Pacific leads with $316.34M by 2027.

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Regional Market Data

REGION	2014	2015	2027	CAGR	SHARE
Asia Pacific	$176.68M	$212.96M	$316.34M	4.6%	36%
Rest of the World	$76.17M	$88.10M	$126.33M	4.0%	14%
Europe	$146.68M	$174.39M	$256.02M	4.4%	29%
North America	$106.48M	$124.44M	$180.02M	4.1%	20%
Total	$506.01M	$599.89M	$878.71M	4.3%	100%

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Segment Revenue (2027)

Carbonylation of Methanol

Oxalic Acid

00.250.50.751

Carbonylation of Methanol75%
Oxalic Acid25%

Total Market Size

$878.72M

Market by Segment (2027)

APPLICATION	REVENUE ($B)	GROWTH RATE	MARKET PENETRATION
Carbonylation of Methanol	$660.95M	5.0%	75%
Oxalic Acid	$217.77M	2.7%	25%

* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.

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Analytics

Formic Acid Market — Key Findings

Analytical insights on Formic Acid Market covering market dynamics, competitive landscape, and strategic outlook.

Key Analytical Findings

The Formic Acid Market market is projected to reach $878.72M by 2027, growing at 4.3% CAGR. The Carbonylation of Methanol segment holds the largest share.

Market Dynamics

The global formic acid market is expected grow substantially and register a healthy CAGR of 4.94 % over the forecast period 2016-2027. Some of the protuberant trends and drivers supporting the growth of global formic acid market are identified as, ban on the use of antibiotics as growth promoters in animal feedstock and subsequent use of formic acid as an alternative and increasing demand of formic acid in coagulating latex for rubber sheet can further augment the demand of formic acid in coming years. Moreover, substantial growth of agriculture industry has accounted for higher usage of formic acid in animal feed and preservatives. With environment acceptability, favorable legislation and innovation of more products with respect to various applications can further enhance the growth of formic acid. However, changing climatic conditions has negatively impacted application industries such as animal feed, preservatives and leather & rubber. Hence, this can restraint the market growth. Additionally, higher toxicity levels in 99% and 94% grades of formic acid can hampers the growth of formic acid market. However, product diversification and improved technology in feed additives provide substantial market opportunities. Further, expansions and investments in formic acid development by major key players is expected to provide opportunities across the value chain.

Market Drivers

Formic acid is extensively used in silage preservatives and animal feed to reduce bacterial content and maintain nutritional value of the feed to ensure animal performance. With increasing population, demand for quality food products with organic acids & salts like formic acid has witnessed a surge in feed preservation. Many countries had banned the use of antibiotics in food preservation owing to health and safety hazards. In year 2006, Europe banned the use of antibiotics as growth promoters in animal feedstock. North America market is heading slowly towards ban of antibiotics as the pressure builds up in the market due to health concerns from the consumers which is changing and shifting their preferences to organic alternatives. Silage with below 30% dry matter is difficult to ensile, since plant sugars contained are still yet to be concentrated in the matter. However, in difficult ensile conditions, formic acid is used as ensile additive. To rapidly decrease the pH by using formic acid, the fermentation bacteria in the silage are inhibited by using Amasil, a buffered acid product. Moreover, company like BASF produces ‘Lupro-Mix’ product, which is ensiling additive based on propionic and formic acid usually used for producing good silage even under difficult conditions.

Market Opportunities

Major players in the market are focusing on developments such as merger & acquisition, expansion, collaboration and new production development in order to maintain market share. BASF opened a new formic acid production plant in Geismar, Louisiana with the annual production capacity of 50,000 tons. This will help the company to cater to the North and South American market. In 2013, Taminco Corp. signed an agreement to acquire formic acid business of Kemira Oyj to facilitate the sales in niche business segments including feed and airport runway deicing. Key players are driving the market share as 60% of the market is in China followed by Germany. This is due to rising number of patents registrations such as Perstorp Ab for ‘Apparatus for the production of formic acid’ and BASF Aktiengesellschaft patented the preparation of formic acid. Hence, with rising number of developments, major players are providing opportunities across the value chain from manufacturers to suppliers.

Market Restraints

Climate is changing daily due to human exploitation as well as natural calamities. There is already evidence in animal and plants behavior and distribution that they are migrating easily before the season and species are exhausting in few parts of region. Moreover, this has affected nutritional value of fresh hay and caused lower amount of milk production by cow.

High concern of growing global warming has negatively impacting the food additive products. Silage preservatives and animal feed additives extensively uses formic acid to maintain the nutritional value. By addition of formic acid, silage can ferment the product even at lower temperature. But with changing temperature, fermentation is difficult to achieve. This affects the nutritional value of feed products. Moreover, high heat stress results significantly a negative burden on livestock producers by changing the milk component, meat production and causing a decline in the reproductive efficiency of animals. Thus, fluctuation in climatic conditions has affected the production of certain industries including silage preservatives and animal feed additives thereby affecting formic acid market.

Strategic Outlook and Future Directions

Near-term growth will likely concentrate in modular bioreactor lines and closed-system media workflows that shorten validation cycles while preserving batch traceability.

Partnerships between CDMOs and instrumentation vendors should accelerate standard datasets for comparability across sites, improving forecasting models used in capacity planning.

Longer horizon, organoid and microphysiological adoption may reshape segment mix; teams that invest early in assay interoperability and cloud QC hooks are better positioned to capture upside without fragmenting their analytics stack.

Market Value by Segment (2027)

Value (USD Mn)

Carbonylation of Methanol

Oxalic Acid

Companies

Key companies profiled in Formic Acid Market

Profiles of 106 companies operating in the Formic Acid Market market, including revenue, employee count, and market positioning where available.

Region

Industry

Founded Year

Showing 106 of 106 companies

Rashtriya

Rashtriya Chemicals and Fertilizers Limited (RCF)

Chemicals & Materials

Rashtriya Chemicals and Fertilizers Limited (RCF) a government of India undertaking the Company was founded in 1978 and is headquartered in Mumbai, India. It is a leading fertilizer and chemical manufacturing company with about 80% of its equity held by the Government of India. It has two operating units, one at Trombay in Mumbai and the other at Thal, Raigad district, about 100 KM from Mumbai. Government of India has accorded "Mini-Ratna" status to RCF. The company is a household name in rural India with brands "Ujjwala" (urea) and "Suphala" (complex fertilizers) which carry a high brand equity. The company produces of 6.5 lac MT Complex fertilizers and 1.6 lac MT of Industrial Chemicals every year. As of Dec. 2016, the company has registered revenue of USD 965.03 Million under its fertilizer segment. The company has an annual production capacity of 10 MT., in formic acid.

United States, North America

Gujarat Na

Gujarat Narmada Valley Fertilizers& Chemicals Limited (India)

Chemicals & Materials

Established in 1976 and headquartered is located in Bharuch, India. Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC) majorly operates through three business segments, Industrial Chemicals, Fertilizers and Information Technology (‘IT’) Products. Under its industrial chemicals segment, the company manufactures Formic Acid. GNFC is one of the largest producers of formic Acid along with Acetic acid and Methanol in the country. GNFC produces formic acid 85% concentration on a large scale in the country. As of 2016, the company generated a revenue of USD 735.93 million.

United States, North America

Perstorp

Food & Beverages

Established in 1881, Perstorp Holdings A.B’s headquarter is located in Malmo Sweden. Operating in three business segments such as Specialties & Solutions, Advanced Chemicals & Derivatives and Bio-Products. The company’s formic acid is used by various industries such as feed & food including segments as poultry, feed preservation, silage preservation, aquaculture, food, swine, feed hygiene, ruminants and tanning. The company operates through three business segments including specialties & solutions, advanced chemicals & derivatives, and bio-products. It caters adhesives to end-use industries including packaging, transport, footwear, and electronics. In addition, the company is engaged in manufacturing propionic acid, formic acid and silage additives for promotion of healthy animals and animal food. Perstorp Group has production lines in Europe, Asia and North America. Perstorp group is controlled by a major European private Equity Company named PAI partners. The company has its sales market in Europe, North America, South America, Asia, Africa and Oceania. The production capacity of Perstorp for formic acid is approximately 40,000 tons per annum. The company registered generated a total revenue of USD 1322.48 million in 2016 with the help of 1500 employees.

United States, North America

Feicheng A

Feicheng Acid Chemical (China)

Chemicals & Materials

Established in 1994, Feicheng Acid Chemical Company has its headquarters located in Mountain Tai, (Mainland) China. The company is among the top 500 Chinese chemical companies that has established a provincial New Product Exploiting Center. The company produces mainly formic acid, methylamine and methanol. With the brand Chung Wang, the product of formic acid has been awarded as “Shandong Famous Brand” and “High-Tech Quality Product”. Over the time period, company has expanded its annual production capacity of formic acid to 100,000 metric ton. The company uses methyl formate technology for production of formic acid which has also been adopted by major players in China and Germany. The company generated about USD 7.85 million revenue in 2016 with the help of 700 employees.

United States, North America

United States, North America

Eastman Ch

Eastman Chemical Company

United States, North America

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Charts

10 interactive charts drawn from the Formic Acid Market dataset — market size, regional splits and each segment breakdown. Open one to read its full data table and download it.

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Global Formic Acid Market United States and Canada Of North America By Country

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Global Formic Acid Market Germany, Spain, France, United Kingdom, Italy and Rest Of Europe By Country

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Global Formic Acid Market Rest Of The World Of Rest Of The World

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Global Formic Acid Market China, India, Japan and Rest Of Asia Pacific By Country

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Global Formic Acid Market By Region

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Formic Acid Market North America By Country

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About the Author

Plant Nutrition Research Team

Chemicals & Materials · Plant Nutrition

Wantstats' chemicals and materials team built this report from primary sources — plant capacity data, feedstock pricing, and direct conversations with people running these operations. Every figure has been checked against our proprietary databases and reviewed internally before release. This report specifically covers the Plant Nutrition space within that portfolio.

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Michael Robert

Manager, JavolVision

Thanks, I am so happy that we worked together. Maybe we still can work together in the future.

Joseph Aguayo

Sales Operations & Pricing Manager, Intel

Thanks. It's been a pleasure working with you, please use me as reference with any other Intel employees.

Bong Lau

Sales Leader, Bamberg

We bought your "2025 report" in 2020. Everything is fine and very good.

Peter Groot Koerkamp

Account and Business Manager, EFS-Holland BV

Thanks for sending the report it gives us a good global view of the Betaïne market.

Younghwan Choi

Senior Retail Manager, LG Chem

We found the report very insightful! we found your research firm very helpful. I'm sending this email to secure our future business.

Mark Irwin

Management Consultant, Level 21

I am very pleased with how market segments have been defined in a relevant way for my purposes (such as "Portable Freezers & refrigerators" and "last-mile"). In general the report is well structured. Thanks very much for your efforts.

Rob Kooiker

Group Product Manager HVAC & Fire Protection GMA, Rockwool

I have been reading the first document or the study, the Global HVAC and FP market report 2021 till 2026. Must say, good info! I have not gone in depth at all parts, but got a good indication of the data inside!

Jason Lee

R&D Director, Seojin

Thanks for your great support. Appreciate it. Well received report. It helps us to understand market well. We're planning other area of survey in the future, let's keep in touch.

Akif Moroglu

Strategy & Business Development Director, Dogan Holding

We got the report in time, we really thank you for your support in this process. I also thank to all of your team as they did a great job.

Formic Acid Market

Formic Acid Market Research Report: Size, Share, Trend Analysis Production Method (Carbonylation of Methanol, Oxalic Acid), Application (Preservatives, Animal Feed, Cleaning Agents, Dyeing and Finishing Textiles, Rubber & Leather Production, Others) and By Region (Asia Pacific, Rest of the World, Europe, North America) - Growth Outlook & Industry Forecast To 2027

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$4,950

Formic Acid Market

Key Insight

Market Performance Trend

Market Scope & Coverage

What this report covers

Formic Acid Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Formic Acid Market — Competitive Analysis

Regional Market Data

Segment Revenue (2027)

Segment Market Share

Market by Segment (2027)

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Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2027)

About the Author

Plant Nutrition Research Team

Market Performance Trend

Formic Acid Market — Growth Trajectory

Market Size Trend (USD Mn)

Market Dimensions

How this market is segmented

Geographic Analysis

Regional market breakdown

Problem Definition

Secondary Research

Primary Research

Data Analysis

Insights & Reporting

Research Depth

Historical vs. Forecast Data

Competitive Landscape & Porter's Five Forces

Formic Acid Market — Competitive Analysis

Regional Market Data

Segment Revenue (2027)

Segment Market Share

Market by Segment (2027)

Save over 20% onAnnual Subscription

Key Analytical Findings

Market Dynamics

Market Drivers

Market Opportunities

Market Restraints

Strategic Outlook and Future Directions

Market Value by Segment (2027)

About the Author

Plant Nutrition Research Team

Save over 20% on
Annual Subscription

Save over 20% on
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