Formic Acid Market trends – Industry Forecast till 2024

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Formic Acid Market size should show a significant increase due to rising application usage in agriculture, leather, and feed additive industries. It is also known as carboxylic or methanoic acid, can be produced synthetically and is found naturally in ant venom. It is a colorless liquid with a pungent odor and is known for its anti-microbial property which is the basis for most applications.
Increasing use of the product in preservatives, its eco-friendliness and high quality is likely to boost formic acid market size. Increasing standard of living has led to a rise in meat consumption, which in turn has stimulated the animal feed industry. Global processed meat market may exceed about USD 1.5 million by 2024 and is likely to boost formic acid market size.

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Increasing its application usage in leather & textiles, rubber, agriculture, and chemicals & pharmaceuticals sectors should drive industry growth. Formic acid market size should increase due to its common use as an agricultural pesticide, further boosted by increasing harvest due to rising animal feed demand.


Formic acid industry demand may rise due to its use in rubber manufacture for its strong coagulating property and leather manufacture for its pH-regulating and absorbing capacity. Global synthetic leather market worth may exceed over USD 80 billion by 2024, which can further accelerate product demand.

 The product is used in concentrations of 85%, 90%, 94%, and 99%, with 85% formic acid being the most popular owing to its low concentration which is less harmful to humans or the environment. Also, manufacturers are using customized concentrations depending on specific applications, may boost industry growth.
Europe driven by Italy, France, Spain and Germany formic acid market size has witnessed a spurt in product demand due to the abolition of antibiotics as growth promoters for livestock by the European Union in 2006. The regional market has matured, especially for silage preservation applications. Europe poultry feed market is likely to exceed about USD 2.5 billion in the forecast period at a rate exceeding around 5%, which may boost formic acid market size.

Key Insights in this Report
·         Global Formic Acid size & forecast by product & application
·         Growth drivers, pitfalls & industry challenges
·         Key Formic Acid growth opportunities & emerging business models
·         Competitive benchmarking with market share analysis and company profiles

 About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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