Formic Acid Market Regional Analysis:
North America Market Forecast
North America industry is predicted to dominate majority revenue share of 37.8% by 2035. The strong presence of industry giants, chemical research organizations and high livestock feed demand is fuelling the consumption of formic acid in the region. The United States holds a dominating position in the North America market and the formic acid demand in Canada is estimated to expand at the fastest CAGR through 2035.
The U.S. is one of the major exporters of formic acid to the world, and according to the World Integrated Trade Solution report the country exported around 18,450,00 kg of formic acid worldwide, in 2022. Furthermore, the Observatory of Economic Complexity reveals that the U.S. accounted for USD 5.05 million in formic acid exports in 2022. These statistics highlight the major role of the U.S. in the global formic acid market growth.
Canada is significantly contributing to the formic acid trade, through both import and export activities. For instance, the World Integrated Trade Solution study reveals that the country exported around 1,435,330 kg of formic acid salts to the world, in 2022. Furthermore, the report by the Innovation, Science, and Economic Development Canada estimates that Agro-Bio Contrôle Inc., Brenntag Canada, Inc., ClearTech Industries, Inc., NOD Apiary Products Ltd, Quadra Chemicals Ltd, and Univar Solutions Ltd are major importers of formic acid in Canada and accounts for around cumulative 78.57% of imports.
Asia Pacific Market Statistics
Formic acid manufacturers are projected to grab high-earning opportunities in Asia Pacific due to the supportive government investments in advancing the chemical sector and the presence of labor and technologies at cost-effective prices. China and India are the most lucrative marketplaces followed by Japan and South Korea.
China has a strong presence of chemical producers, which have the potential to positively influence the sales of formic acid. For instance, according to the World Integrated Trade Solution, formic acid exports from China to the globe reached USD 168.340 billion in 2023. Formic acid companies focusing on investing in China are expected to earn high profits in the coming years.
In India, textile, homecare, agriculture, and cosmetics are major end users of formic acid. The rapid expansion of these markets is substantially influencing the consumption of formic acid. The India Brand Equity Foundation estimates that by 2025-end the country is expected to witness an investment of USD 107.38 billion in the chemicals and petrochemicals sector. Such investments are anticipated to positively influence formic acid sales in the country.
