In 2022, the global formic acid market volume will reach 879.9 tons. Looking ahead, IMARC Group projects the market size to reach 1,126.24 tonnes by 2028, with a compound annual growth rate (CAGR) of 3.60% from 2023 to 2028.
Formic acid is a colorless, strongly acidic organic compound with a pungent odor that occurs naturally in ants. It is a hygroscopic liquid with a strong pungent odor, miscible with water and various organic solvents. It is produced commercially through the methanol carbonylation process or from various biomass sources such as agricultural waste and wood. It is available in both industrial and laboratory grades and is used for analytical and research purposes in laboratories. Its highly effective preservative properties help extend the shelf life of animal feed and silage, reduce waste and ensure a stable supply of nutritious feed.
Currently, the growing demand for formic acid in the textile and leather industries to improve the quality and durability of the final product, thereby increasing customer satisfaction, is one of the key factors driving the growth of the market. Apart from this, increasing production of formic acid from biomass to reduce dependence on fossil fuels is also driving the growth of the market. In addition, the market is benefiting from the growing use of formic acid as a tanning agent and color accelerator. In addition, an increase in the amount of formic acid used in rubber production also opens up good market prospects.
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