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The Global Formic Acid Market was valued at USD 1.87 Billion in 2024 and is projected to reach USD 2.54 Billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 5.2% during the forecast period (2024-2030). This growth is driven by increasing demand from agriculture, leather tanning, pharmaceuticals, and textile industries, along with advancements in sustainable production technologies.
As industries worldwide seek eco-friendly chemical solutions, formic acid has emerged as a versatile compound with applications ranging from animal feed preservation to rubber production. This blog analyzes the Formic Acid Price Trend, Spot Prices, Historical and Forecast Price Movement Charts for 2025, while profiling the key producers shaping this evolving market.
🔟 1. BASF SE
Headquarters: Ludwigshafen, Germany
Capacity: 200,000 tons/year
Key Offering: High-purity formic acid for industrial applications
BASF dominates the global formic acid market through its vertically integrated production facilities. The company utilizes advanced carbonylation technology to maintain consistent quality across its product range.
Market Position:
- Europe’s largest formic acid producer
- Strategic price stabilization initiatives in Q1 2025
- Expanding Asian market presence through JVs
Download FREE Sample Report:
Formic Acid Price Trend, Spot Prices, Historical and Forecast Price Movement Charts, 2025 Edition – View in Detailed Research Report
9️⃣ 2. Luxi Chemical Group
Headquarters: Liaocheng, China
Capacity: 180,000 tons/year
Key Offering: 85% and 94% industrial-grade formic acid
China’s leading producer recently adjusted production rates to stabilize domestic prices, causing January 2025 prices to settle at 2,950 RMB/ton (up 0.85% MoM). The company maintains strategic inventory controls to mitigate methanol feedstock volatility.
Recent Developments:
- Temporary capacity reduction at Shandong facility
- New export contracts with Southeast Asian markets
- Implemented price discounts for bulk buyers
8️⃣ 3. Eastman Chemical Company
