Formic Acid Market Analysis

Application (Leather & Textile Processing, Agriculture, Animal Feed, Cleaning, Coating, Rubber, Intermediate)

Leather and textile processing segment is anticipated to account for more than 44.1% formic acid market share by the end of 2037. This high-purity formic acid is widely used for dyeing, finishing processes, and the production of synthetic fibers. Leather and textile producers make high use of formic acid to control the pH level and enhance the dye stability. For instance, the Observatory for Economic Complexity revealed that the textiles held 7^th position as the most traded product, with a global trade of USD 941 billion in 2022. This explains that, as the demand for textiles increases the consumption of formic acid is set to uplift.

Grade (20%, 25%, 40%, 60%, 70%, 75%, 85%, 90%, 94%, 99%)

By 2037, 99% formic acid segment is predicted to hold more than 16.2% formic acid market share. The abundance of 99% formic acid and more environment friendliness are majorly contributing to its high sales. These high-purity grade-type formic acids are utilized as preservatives and antibacterial agents in feed production for animals. For instance, the Research Nester study estimates that the global animal feed trade reached USD 44.5 billion in 2022 and also ranked as the 106^th most traded product, worldwide. Thus, a constant rise in the demand for animal feed products is estimated to push the consumption rates of 99 % grade formic acid.

Our in-depth analysis of the global market includes the following segments: