Top Growth Trends in the Formic Acid Market: Insights into Market Size and Opportunities for 2025-2034
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What External and Internal Drivers Are Contributing to the Growth of theFormic Acid Market?
The rise in animal feed requirement is anticipated to propel the formic acid market’s expansion. Animal feed denotes the food cultivated or produced for farm animals and poultry, offering them a dietary supplement rich in energy and minerals. Formic acid features predominantly in animal feed as an enhancer to boost preservation, nutritional content, and overall animal health. It serves as a preservative and an antibacterial agent in farm animal feed. For example, in July 2023, as per the Malaysian Investment Development Authority, a government agency of Malaysia, the price for a 50kg bag of cattle feed has escalated to RM 80, up from RM 45 in January 2022. This increase illustrates the burgeoning expenses linked with livestock feed material imports. Therefore, the escalating need for animal feed is spearheading the formic acid market’s growth.
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#What Growth Opportunities Will Drive the Formic Acid Market’s CAGR Through 2034?
The market size of formic acid has experienced robust growth in the recent past. It is projected to increase from $1.79 billion in 2024 to $1.89 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. This noteworthy escalation in the historical phase can be credited to sectors such as textiles and leather, agricultural utilization, chemical production, the rubber industry as well as laboratories and research.
In the coming years, it’s anticipated that the formic acid market will witness robust expansion. The market estimation is projected to reach $2.37 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.9%. This predicted growth within the forecast period can be linked to aspects like renewable energy storage, biofuel creation, biodegradable polymers, hydrogen storage and the use of formate salts in oil recovery. Key trends projected for this period encompass the utilization of formic acid in waste management, the growth of biotechnology, carbon-neutral chemical production, application of formate salts in the oil sector, and formic acid fuel cells.
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Which Upcoming Market Trends and Innovations Are Set to Influence theFormic Acid Market’s Path Forward?
Emerging technologies are becoming an increasingly significant trend in the formic acid industry. Several prominent firms within this market are concentrating their efforts on unveiling state-of-the-art technologies to fulfill specific needs and to retain their standing in the industry. As an example, in January 2022, the University of Science and Technology of China, along with a team of researchers, created a breakthrough system that allows renewable electricity to convert carbon dioxide directly into pure formic acid. This system employs a single-atom alloy catalyst made of copper, and an advanced electrochemical device employing solid-state electrolytes, generating refined formic acid liquid fuels from carbon dioxide and water. This development is projected to stimulate carbon dioxide upcycling powered by renewable energy, a process with enormous potential for real-world application.
Who Are the Dominant Market Players Pushing the Boundaries of theFormic Acid Market?
Major companies operating in the formic acid market include 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
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The formic acid market 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
Subsegments:
1) By Less Than 80% To 89.5%: Technical Grade Formic Acid, Industrial Grade Formic Acid
2) By 89.6% To 90.5%: Food Grade Formic Acid, Pharmaceutical Grade Formic Acid
3) By 91.6% To 99%: High Purity Formic Acid, Laboratory Grade Formic Acid
4) By More Than 99%: Ultra-Pure Formic Acid, Research Grade Formic Acid
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What Regions Are Dominating the Formic Acid Market Growth?
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. The regions covered in the formic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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